SOURCE: Victory Energy Corporation

July 14, 2008 08:00 ET

Victory Energy Field Report and Update

CARSON CITY, NV--(Marketwire - July 14, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today it will have the test results of its shallow oil well by the end July.

The oil zone was treated with a large volume of acid, which was pumped into the formation. Weatherford Engineering is monitoring the results of the stimulation job and will collect the data for evaluation.

Production pipe was set on the latest Canyon Sandstone gas well drilled for the Corporation; it is scheduled for stimulation this week. Once the stimulation job is produced back, the well will be brought online into production.

Inclement weather delayed the deep rig moving onto location to finish drilling the first Strawn Limestone well for Victory. This well is currently drilled to 7,000 feet in-depth. Auxiliary equipment is being positioned and the rig should commence drilling by midweek.

Conductor pipe has been set on the second Strawn Limestone well being drilled by Victory. The drilling contractor will resume drilling after the 24-hour waiting period for the cement to dry.

"As a result of the unexpected weather delay, reaching total depth of our first Strawn Limestone gas well, has been pushed back by several weeks. Our drilling contractor expects to have this well back on track by mid-month," 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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