SOURCE: Victory Energy Corporation

April 17, 2007 08:30 ET

Victory Energy Request for Montana

LOS ANGELES, CA -- (MARKET WIRE) -- April 17, 2007 -- Victory Energy Corporation (OTCBB: VYEY) announced today that it had requested an extension to finalize its participation in the Valley County Montana Prospect until May 8, 2007, this request was deemed unacceptable.

"After our initial research and assessment due-diligence of the Valley County Montana Prospect, the Board of Directors determined that Victory should evaluate the results of the Wanner 27-1, a significant indicator of the Lodgepole Reef structure in Montana, currently scheduled to reach total drilling depth by April 30. Should the Wanner 27-1 well come in as projected by Victory's partners, its success would minimize the downside risk and validate the new technological process used in Lodgepole Reef site selection. This additional evaluation would have taken place within the timeframe requested and allow Victory to move forward with greater confidence for the Corporation and its shareholders," stated Jon Fullenkamp President, of Victory Energy Corporation.

Additionally the Corporation has been denied its ability to move forward with its option to purchase a carried interest in the Wanner 27-1 well announced in a press release on March 20, 2007.

Currently the Corporation is evaluating its options to continue to enhance shareholder value.

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.

Contact Information

  • Contact:
    Victory Energy Corporation
    Investor Relations
    MATRIX
    1-866-369-4167