SOURCE: Victory Energy Corporation

November 28, 2006 12:09 ET

Victory Energy Progress on Mesa Prospect

LOS ANGELES, CA -- (MARKET WIRE) -- November 28, 2006 -- Victory Energy Corporation (OTCBB: VYEY) Intermediate casing has been set on the Mesa Prospect in New Mexico. Victory Energy has a 2.5 % working interest and is participating in the prospect in a Joint Venture with Eldorado Exploration.

The operator in charge of the Mesa Prospect informs Victory that a string of 8 5/8 inch intermediate casing was successfully set on November 21. After the casing was cemented into place and allowed to cure, drilling resumed and this mornings report places the drill bit depth at 4782 feet. The operator has now switched to a weighted mud to continue drilling into potential production zones.

Intermediate string of casing is placed down the hole inside of the surface casing to the current drilled depth of the hole and cemented into place. The intermediate string allows drilling to deeper depths as it prevents lost circulation in shallower zones as they are now sealed off behind the intermediate string of casing. Once the intermediate sting is cemented into place the drilling rig can begin to use heavier fluids referred to as "muds" to continue drilling to its target depth.

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).

About Victory Energy Corporation: Victory Energy Corporation (http://www.vtye.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.

Contact Information

  • Contact:
    Victory Energy Corporation
    Investor Relations
    Lynne Folks
    (702) 989-9735