SOURCE: Victory Energy Corporation

April 27, 2007 09:30 ET

Victory Energy Corrects Misinformation Regarding Settlement Agreement

LOS ANGELES, CA -- (MARKET WIRE) -- April 27, 2007 -- Victory Energy Corporation (OTCBB: VYEY) announced today it is taking this opportunity to correct misinformation submitted by Sharp through a press release yesterday.

"According to court records, Sharp submitted an unsigned agreement as alleged evidence of Victory's obligations in the case. The Court did not order any payment to be made at this time. Victory is evaluating its legal options against Sharp; such as appealing the judge's ruling and/or filing a new separate complaint for breach of the settlement agreement by Sharp," 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.

Contact Information

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    Victory Energy Corporation
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    1-866-369-4167