SOURCE: Victory Energy

April 30, 2008 16:30 ET

Victory Energy Continues to Drill in Permian Basin

CARSON CITY, NV--(Marketwire - April 30, 2008) - Victory Energy Corporation (OTCBB: VYEY) announces that the Corporation has set surface pipe on its tenth well in the Canyon Sandstone gas play located in the Texas Permian Basin. This well is on schedule to reach total depth and final completion, and it is anticipated to be as productive as the other nine wells. The well is scheduled to reach total depth on or before May 7. When it meets its target milestones, production will begin by May 31. Revenue should flow into the Corporation by August 1.

The drilling contractor drilling well #166-7 has set surface casing at 1,040 feet to protect all shallow water zones as required by the Texas Railroad Commission. Surface casing was cemented into place and then allowed twenty-four hours to harden before drilling continued. The latest morning report indicates the rig is drilling at a depth of 2,815 feet.

Production tubing was run on wells #166-8 and #166-3, while swabbing continues to recover the stimulation fluid pumped into the wells to fracture the target zone enhancing gas production. Crews have laid the gas transmission line to the main gas gathering line, which allows gas to be delivered to market.

"We are pleased that we continue to meet our goal of drilling two wells per month. This well is consistent with our strategy of becoming a significant and viable source of natural gas for the Texas area," stated Jon Fullenkamp, President of Victory Energy Corporation.

This well, and each Canyon Sandstone gas well in this field, will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.

About Victory Energy Corporation:

Victory Energy Corporation (http://www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company's filings may be accessed at the SEC's EDGAR system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.

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