SOURCE: Victory Energy

November 09, 2006 09:15 ET

Victory Energy: Mesa Prospect Underway

LOS ANGELES, CA -- (MARKET WIRE) -- November 9, 2006 -- Victory Energy Corporation (OTCBB: VTYE) announced today that drilling has begun on the Mesa prospect in Roosevelt County, New Mexico. The Company has a 2.5% working interest and is participating in the prospect in a Joint Venture with Eldorado Exploration.

This Mesa prospect will drill to approximately 7200 feet to test a potential Canyon Reef gas zone at a depth of 6000 feet and a Montoya Dolomite zone at 7200 feet that may contain both oil and gas.

The potential reef gas play was found using Passive Induced Polarization (PIP) and passive reflection seismology in combination with supportive subsurface geology. The Mesa prospect is currently 11,300 leased acres with a potential to recover 1 trillion cubic feet of gas (TCF).

"The development of the Mesa gas prospect represents the next building block in Victory Energy's business development strategy," said Jon Fullenkamp, Chief Executive Officer of Victory Energy. "Production expenses are expected to be in low single digits for this prospect, which could result in a potential yield of significant income for Victory Energy. We view the Mesa gas project as a very valuable prospect within the Victory Energy portfolio."

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.

Contact Information

  • Contact:
    Victory Energy Corporation
    Investor Relations
    Lynne Folks
    (949) 348-0213