SOURCE: Victory Energy

May 07, 2008 08:00 ET

Victory Energy Posts Third Month Revenues From Gas Production

CARSON CITY, NV--(Marketwire - May 7, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today receipt of its third revenue payment from natural gas sales related to wells producing in Victory's Canyon Sandstone Gas play, located in the Texas Permian Basin.

The revenue, of approximately $70,019 pre-distribution, represents the sale of natural gas production from Victory's interest in seven gas wells, all of which are producing from the Canyon Sandstone zone.

"The Corporation has contracted the rig to drill a deep Strawn Limestone gas well next. This deep well is an offset to a Strawn Limestone gas well whose logs provide excellent information regarding the potential for this well," stated Jon Fullenkamp, President of Victory Energy Corporation.

Victory is working to complete the registration and filing of all of its holdings with the State of Texas in this Permian Basin gas play. The goal is to have this completed before the filing of the second quarter report.

The drilling rig on well #166-7, the tenth well for the Corporation, has reached total depth and pulled the drill string out of the hole to make way for the logging equipment. Heavy rains have delayed movement of any equipment in and out of the location. This weather related delay is not anticipated to affect the timeline for completion of the well by more than three days.

Swabbing on wells #166-8 and #166-3 has been successful, recovering the majority of the stimulation fluid pumped into the production zone during the frac job. The wells are now flowing natural gas to surface and should be ready for single point testing by June 15, 2008.

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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