SOURCE: Victory Energy Corporation

September 15, 2008 08:00 ET

Victory Energy Engages Horizontal Drilling Technology for Gas Well

CARSON CITY, NV--(Marketwire - September 15, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that horizontal drilling technology is being used on the next well currently under development. Drilling began last week on well V115-7 targeting the Canyon Sandstone gas formation in the Corporation's gas play in the Texas Permian Basin.

The Canyon Sandstone formation is an excellent candidate for horizontal drilling due to the thickness and makeup of the formation. The benefits of horizontal drilling include an increase in gas recovery efficiency, lower development costs, and a reduction in drilling expenses, resulting in a potentially higher return on investment for the Corporation.

A 5,000-foot deep Canyon Sandstone gas well will have a gross pay zone of approximately 200 feet. Adding a horizontal drill of approximately 2,000 feet could increase the production from that zone significantly. Research has demonstrated that utilizing horizontal drilling can increase natural gas production 5 to 10 times over the life span of a well. Additionally, the time to produce the higher volume of gas can be drastically shortened.

"The initial vertical well will be drilled through the Canyon Sandstone formation, after which the well will be logged to provide the directional drilling engineer the optimum depth to kick the well off. This will allow the horizontal drill string to intersect and follow the most productive portion of the target formation. Although our goal is to drill a 2000 foot lateral, it is anticipated that we could increase this depending on hole conditions while the drilling operation is underway," stated Jon Fullenkamp, President of Victory Energy Corporation.

About Victory Energy Corporation:

Victory Energy Corporation (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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