SOURCE: Victory Energy Corporation

May 07, 2007 09:00 ET

Victory Energy Corporation to Reduce Greenhouse Gas Emissions

Launches Victory Carbon Solutions

LOS ANGELES, CA -- (MARKET WIRE) -- May 7, 2007 -- Victory Energy Corporation (OTCBB: VYEY) today announced the formation of the wholly owned subsidiary, Victory Carbon Solutions, Inc. Its business purpose will be to provide the Corporation financial opportunities created by the Kyoto Protocol through the Chicago Climate Exchange (CCX).

The establishment of Victory Carbon Solutions Inc. provides an opportunity to positively address global warming and support the reduction of greenhouse gases. The subsidiary will function as the financial vehicle through which dollars can be invested with the Chicago Climate Exchange and support environmentally sound programs.

"The values of the subsidiary wholly reflect the ecological principles of Victory Energy. We are excited about the opportunity to become more involved in maintaining environmental balance and harmony," stated Jon Fullenkamp President, of Victory Energy Corporation. "The timing of this expansion allows us to be a positive partner in the environmental global community as well as maximize shareholder value. This action complements our core business of remaining focused on the development of oil and gas opportunities."

This operational model allows funds to be invested in two facets within the subsidiary. Funds may be used to purchase carbon credits for trading on the Chicago Climate Exchange, or they may be used to finance specific "eco-friendly" projects such as: wind farms, re-generation plants, solar systems, bio-fuels, flex fuel applications, and the development of renewable resources.

The Chicago Climate Exchange is the world's first and North America's only voluntary, legally binding greenhouse gas (GHC) reduction and trading system. The exchange trades in emissions of six gasses: Carbon Dioxide, Methane, Nitrous Oxide, Sulfur Hexafluoride, Perfluorocarbons, and Hydrofluorocarbons.

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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