SOURCE: Victory Energy Corporation

July 02, 2008 08:00 ET

Victory Energy Receives Permit Approval

CARSON CITY, NV--(Marketwire - July 2, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today it has received permit approval from the Texas Railroad Commission Oil and Gas Division to drill a second 12,500 foot well. This permit is in the Corporation's current gas play in the Texas Permian Basin.

The permit is for the Strawn Limestone formation, located at a depth of approximately 12,500 feet. The intent is to drill down to the Canyon Sandstone formation at approximately 9,500 feet in depth and conduct a drill stem test to determine the commercial potential of the formation before proceeding further.

The current deep well has been drilled to a depth of 7,000 feet using existing equipment. The decision was made to bring in a larger rig, one capable of handling heavier drill string weights due to the increased proposed depth. Weather conditions have slowed the movement of the larger rig onto location. However, it is anticipated total depth should be achieved by the end of July.

"The second deep well permit is an infield offset to where we feel the deeper gas trend is located. Historical information is being used to assist us with drill site selection. We are very encouraged with the ongoing results received in this gas play," stated Jon Fullenkamp, President of Victory Energy Corporation.

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.

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