SOURCE: Victory Energy Corporation

February 27, 2007 17:52 ET

Victory Energy Corporation Announces Shallow Gas Prospect

LOS ANGELES, CA -- (MARKET WIRE) -- February 27, 2007 -- Victory Energy Corporation (OTCBB: VYEY) announced today that included with its Letter of Intent with Coastal Petroleum Company is a 34,000 acre shallow gas prospect in Valley County Montana leases.

Identified as the Starbuck's East Prospect it is believed to have similarities to two other major gas fields in Montana, the Tiger Ridge and the Bowdin Gas fields. This Prospect is located on the northeastern flank of the Bowdin Dome in Northeastern Montana. Recent drilling in the area confirms the presence of a large, untested relief structural closure. The Upper Cretaceous Eagle and Phillips sands may provide two shallow gas targets. Depth to the Eagle zone is approximately 1100 feet, while the depth to the Phillips zone is approximately 2300 feet. The combined reserve potential for both the Eagle and Phillips reservoirs is estimated to be 220 billion cubic feet of gas.

"Victory Energy has the opportunity to own 50% of this potential gas prospect. With a gas line relatively close to the acreage, coupled with the low cost to drill these wells, the prospect represents a significant opportunity for the Company and the Company is committed towards its success," stated Jon Fullenkamp, President of Victory Energy Corporation.

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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