SOURCE: Victory Energy

June 13, 2006 09:00 ET

Victory Energy Corporation Readies to Acquire Major Oil and Gas Lease Acreage

LOS ANGELES, CA -- (MARKET WIRE) -- June 13, 2006 -- Victory Energy Corporation (OTCBB: VTYE) announced today that it is actively looking to acquire major oil and gas lease properties in the 20,000 to 80,000-acre range. The company will initially focus on land lease opportunities in Texas.

"Texas leads many of the production categories for oil and gas, and has the largest amount of untapped raw acreage available for development. Victory Energy is now well poised to take advantage of these larger land lease opportunities," said Jon Fullenkamp, Chief Executive Officer of Victory Energy. "We are confident that our risk can be well managed both by studying the significant amount of research that is available on neighboring producing fields, and as a result of our own drilling team's experience in identifying fields with high-development potential."

Texas is the largest petroleum refiner in the U.S., and produces more than three times the natural gas than any other state. Texas is also the largest producer of crude oil in the U.S., according to the U.S. Department of Energy.

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 & 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