SOURCE: Victory Energy Corporation

May 12, 2008 08:00 ET

Victory Energy Initiates Deep Well Project

CARSON CITY, NV--(Marketwire - May 12, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today it will start drilling the first of three deep wells targeting the Strawn Limestone gas zone on Friday, May 16. This well is in Victory's gas play, located in the Texas Permian Basin.

The Strawn formation is found at an approximate depth of 9500 feet. Victory has between 30 and 40 deep Strawn leases available to drill in this Texas Permian Basin play. Strawn Limestone gas wells drilled in this area have a potential daily natural gas production ranging between 1.5 million to 2.5 million cubic feet of gas per well. The shallow wells Victory has drilled to date can initially average approximately 250,000 cubic feet of gas production per day, per well.

Currently, Victory has secured financing to drill this well and another two deep Strawn gas wells. Funds are on deposit to drill and complete all three wells. This is part of the overall strategic plan for growth and development of the Corporation. It is anticipated that the three wells will be drilled and completed by September 1st of this year.

"We are anticipating a Strawn Limestone well to produce approximately 6 to 10 times the daily natural gas volume as our Canyon Sandstone gas wells. This deep well will be twice as expensive to drill and carry a higher risk for success. However, we feel the rewards are significantly greater than the risk," 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.

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