SOURCE: Victory Energy Corporation

March 07, 2011 09:00 ET

Victory Energy Corporation Announces 3-D Seismic Data Acquisition of an Additional Eighteen Square Miles in Jones County, Texas

NEWPORT BEACH, CA--(Marketwire - March 7, 2011) - Victory Energy Corporation (PINKSHEETS: VYEY), through its partnership with Aurora Energy Partners, has acquired 3-D seismic data of an additional eighteen (18) square miles of acreage at its Jones County oil and gas project. This new acquisition brings the total area of mutual interest to eighty-two (82) square miles and adds supplementary expansion opportunities for the company. The company's working interest in this new Brigham acreage is 1.5 percent.

Victory Energy's working interest in the Jones County oil trend was announced on February 22nd as part of a large multi-well, multi-year drilling program. The first wildcat well completed as part of that program was also announced. The Glenn Thomas Field, Young #1 well, is now producing oil and natural gas, delivering a 2.5 percent working interest and 1.875 percent net revenue interest.

The company also announced today that a second oil well in the Jones County trend is nearly complete and further details will be announced after production testing has been done.

About the Jones County Oil Trend

The Jones County oil trend is part of an agreement entered into with C.O. Energy, LLC and Marshall R. Young Oil Co. The prospective area covers Jones County, Texas. The operator, C.O. Energy, envisions drilling one to two wells per month until the targeted area is fully developed. Victory Energy maintains a thirty (30) day first right of refusal to participate in each development well.

About Victory Energy Corporation

Victory Energy Corporation is engaged in the exploration, acquisition, development, and exploitation of oil and gas properties. The company's current producing assets are located in the state of Texas. Victory Energy seeks to identify proven development prospects, conduct thorough geological and engineering evaluations and then target suitable farm-in partners for long term development of additional prospects.

For more information, please visit our website www.victoryenergyoilandgas.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

There are forward-looking statements contained in this news release. They use such words as "intend," "will," "may," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's strategic growth plan; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customer base or acts of war or terrorism; availability and cost of materials and labor; demand for natural gas; cost and availability of capital; competition; the Company's overall marketing, operational and financial performance; economic and political conditions; the continued service of the Company's executive officer; adverse developments in and increased or unforeseen legal costs related to the Company's litigation; the success of the Company's strategic partnerships and joint venture relationships; the Company's ability to pay certain debts; adoption of new, or changes in, accounting policies and practices; adverse court rulings; results of other litigation in which the company is involved; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission. Forward-looking information is provided by Victory Energy Corporation pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • CONTACT:
    Robert J. Miranda
    Chairman and Interim Chief Executive Officer
    714.480.0305

    Investor Relations
    714.227.0391