SOURCE: Victory Energy Corporation

March 03, 2008 08:00 ET

Victory Energy Drilling Contractor Takes Delivery of New Drilling Rig

CARSON CITY, NV--(Marketwire - March 3, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that a new drilling rig has been delivered to its drilling contractor for work in the Corporation's Canyon Sandstone Gas play located in Crockett County, Texas.

The contractor expects to have the rig completely tested and outfitted with the necessary auxiliary equipment by March 11, 2008. This new rig will be available for the next well the Corporation has targeted to drill.

Victory will register its petroleum holdings in the State of Texas, to correspond with its quarterly reports. Victory has a 15% Carried Interest of 74% Net Revenue Interest in each producing well the Corporation develops. Victory's interest increases to 25% Carried Interest of 74% Net Revenue Interest upon payback of the initial drilling investment costs of each well. The Corporation has established a financial facility with Institutional investors providing drilling funds to Victory for the further development of the Canyon Sandstone Gas field. This facility provides for direct participation by the investors in the production of the completed wells on a case-by-case basis.

"Victory will now have the option to have multiple wells being drilled and completed at the same time, this will increase the momentum the Corporation has already established in Crockett County, Texas," 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

  • For information, please contact:
    Corporate Communications
    1-702-989-9735