SOURCE: Victory Energy Corporation

April 16, 2008 08:00 ET

Victory Energy Drilling Update

CARSON CITY, NV--(Marketwire - April 16, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today a temporary drilling delay on well # 166-12 in the Corporation's Canyon Sandstone gas play located in the Texas Permian Basin.

The drilling contractor informed Victory that the drilling rig on well # 166-12 reached a depth of 1,040 feet and was prepared to set surface casing. The drill string was pulled out and set back to allow the surface casing to be run in the hole and hung with cement. Prior to reaching a depth of 1,040 feet, the surface casing broke lose and fell the last 200 feet to the bottom of the hole. A fishing crew, whose expertise is the retrieval of casing, has been called in to fish out the loose surface casing. It is anticipated this will extend the drilling effort for this well an additional seven days.

Wells #166-8 and #166-3 continue to be on schedule. A work-over rig has been moved onto wells #166-8 and #166-3 to run tubing in each well, allowing for production of natural gas from the Canyon Sandstone gas zone. Once tubing has been hung in each well, the work-over rig will begin swabbing to assist in the recovery of the stimulation fluid pumped into each well.

"With nine wells completed, we are fortunate that this is the first set-back incurred. We have an excellent crew in place to address the situation. This delay will not have a long-term implication on the well's production and is minor in the overall strategic plan for Victory's Canyon Sandstone gas play," stated Jon Fullenkamp, President of Victory Energy Corporation.

This well, and each Canyon Sandstone gas well in this field, will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.

About Victory Energy Corporation:

Victory Energy Corporation ( 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 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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