SOURCE: Victory Energy

May 14, 2008 08:00 ET

Victory Energy Registers Gas Well Holdings in Texas

CARSON CITY, NV--(Marketwire - May 14, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today it successfully recorded, with the state of Texas, the ownership interest in a six term assignment having six producing gas wells, previously acquired in the Texas Permian Basin.

These interests are now recorded under the Corporations name in Crockett County, Texas. This recorded interest of each term assignment is 50% of the 100% working interest and 50% of the 74% net revenue interest. 26% of the interest is set aside for royalty interest owners of each lease.

Funds for the transaction were provided by a private institutional investment group in exchange for a portion of Victory's interest ownership in each term assignment. Currently Victory maintains 15% of the interest ownership until such time the revenues have paid back the original investment, then Victory's interest ownership will increase to 25%.

"Our delay in recording this interest was due to contractual obligations required to close this transaction. We are pleased to finally announce the interest recording of this term assignment to our shareholders as it demonstrates the Corporation is targeting the long-term goals of increasing shareholder value," 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.

Contact Information

  • For information, please contact:
    Corporate Communications