SOURCE: Victory Energy Corporation

July 20, 2006 06:00 ET

Victory Energy Corporation: Establishes Subsidiary

LOS ANGELES, CA -- (MARKET WIRE) -- July 20, 2006 -- Victory Energy Corporation's (OTCBB: VTYE) Board of Directors announces today that the Company has formed a wholly owned subsidiary -- Victory Energy Resources, for property acquisitions.

Victory Energy Corporation will utilize this subsidiary, Victory Energy Resources, to acquire and develop future oil & gas leases.

"This is an initial step toward the execution of the companies business plan," said Jon Fullenkamp, Chief Executive Officer of Victory Energy. "Positioning future acquisitions in Victory Energy Resources will provide the initial structure required to efficiently develop potential prospects in today's competitive oil and gas industry. The company is committed to growth through acquisition of Low risk, High return oil and gas prospects."

About Victory Energy Corporation: Victory Energy Corporation (http://www.vtye.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 and 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.

Contact Information

  • Contact:

    Victory Energy Corporation
    Investor Relations
    Lynne Folks
    (949) 348-0213