SOURCE: Victory Energy Corporation

March 08, 2007 09:00 ET

Victory Energy Schedule for Palo Duro Basin

LOS ANGELES, CA -- (MARKET WIRE) -- March 8, 2007 -- Victory Energy Corporation (OTCBB: VYEY) announced today that Victory has set the schedule for work to begin in the Palo Duro Basin Prospect.

Victory Energy Corporation and its partners in the Palo Duro Basin are finalizing plans to establish the phases of preliminary work required before actual drilling begins on the first of three wells in the Palo Duro Prospect located in Briscoe and Floyd Counties, Texas.

Phase 1 will commence within four weeks; this will be preliminary site selection of drill site locations 1, 2, and 3. The preliminary selection will be established through interpretation of PIP.

Phase 2 will begin immediately after with 2D Seismic run on the preliminary identified target sites. Victory is currently in contract negotiations with Seismic Operators who are familiar with the Palo Duro Basin. The goal is to have multiple verifications for the initial drill sites selected.

Phase 3 should it be required, will be the utilization of Geochemistry on the identified drilling sites to give a broad check and balance where the first two technologies might not agree, and to provide confirmation of the overall site selection.

Victory is currently contracting with an engineering firm to conduct a reserve study on the property, primarily for verification and interpretation of neighboring production information available to the Company now.

"The service aspect of the Petroleum Industry, seismic, goechemistry, engineering, drilling rigs, and support staff is still in high demand. Advanced planning, on our part will allow us to adapt our schedules to the availability and schedules of the quality vendors we wish to work with on this Prospect," stated Jon Fullenkamp, President of Victory Energy Corporation.

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 http://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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