SOURCE: Victory Energy Corporation

March 17, 2008 08:00 ET

Victory Energy Initiates Drilling 9th Gas Well

CARSON CITY, NV--(Marketwire - March 17, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that it has started drilling the 3rd gas well, bringing the total wells to 9 that the Corporation has in its gas play, located in the Texas Permian Basin.

The new drilling rig started drilling the 9th well for Victory on Friday, March 14. Victory's target zone for this well is the Canyon Sandstone gas zone. The Canyon Sandstone formation is found at a depth of 4,300 feet to 4,900 feet. Initial production for these gas wells is approximately 250,000 cubic feet of gas per day per well. The success rate for commercially producing gas wells in this area is over 97%.

Well 166-6 has decreased the amount of stimulation water it is flowing back during a 24-hour period; it is now dry enough to have the single point test conducted. Fesco has been scheduled to conduct the single point test on March 20; test results should be available by March 24.

Well 166-8 currently being drilled reached a total depth overnight of approximately 5,000 feet. The logging crew is on stand-by while the drilling crew conditions the hole for the logging tool. Logs will be available by March 18 for zone evaluation. Victory will evaluate the results of these logs to determine how deep to set casing and where to perforate the production zone.

"With the new drilling rig now in service, we are on track to drill a minimum of two wells each month. By maintaining a consistent program at this level with two drilling rigs running around the clock, we can evaluate an expansion of the drilling program and add additional rigs and the resources required to support them," 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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