SOURCE: Victory Energy

March 18, 2008 17:00 ET

Victory Energy Schedules Deep Gas Well

CARSON CITY, NV--(Marketwire - March 18, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that it has scheduled to drill a deep gas well targeting the Strawn Limestone and the Ellenburger Dolomite natural gas zones in its gas play, located in the Texas Permian Basin.

Victory will drill a deep Strawn Ellenburger gas well following the drilling and completion of its tenth Canyon Sandstone gas well located in Texas Permian Basin. "With two rigs drilling around the clock, two Canyon Sandstone gas wells can be completed every thirty days. This should place the deep well test to start drilling mid to late July 2008," according to Jon Fullenkamp, President of Victory Energy Corporation.

Offset wells located in the same deep trend that Victory has targeted for its deeper wells are producing approximately 2.5 million cubic of gas per day. At today's price for natural gas, $9.20 per MCF, equates to $23,000 revenue per day per well.

The Strawn Limestone gas zone will produce approximately 1.5 BCF and the Ellenburger Dolomite gas zone will produce approximately 5.0 BCF, over an average life span of 30 years. The Strawn zone is usually found at 9,000 to 9,800 feet, while the depth of the Ellenburger zone is between 10,500 and 11,500 feet.

Assignment of Victory Energy Corporation's ownership in six (6) producing gas wells in the Texas Permian Basin, acquired at the end of 2007, is in process to be registered with the State of Texas. This assignment of ownership will include wells 166-6, 166-8, and 166-9, making nine (9) the total number of wells to be registered. All of the wells will be registered under Production Resources, Incorporated, a wholly owned subsidiary of Victory Energy Corporation. This registration process is anticipated to be completed during the second quarter of 2008 and reported in the Corporation's quarterly report for that period.

The single point test is scheduled for Well 166-6 on Thursday, March 20, and test results should be available by March 24, 2008.

Pending logging results on well 166-8, Victory will use the results to determine how deep to set casing and where to perforate the production zone.

Drilling on well 166-9 is proceeding normally and drilling operator is prepared to set surface casing by March 20.

"We are very encouraged by what we are seeing in the drilling of wells six through nine. Based upon production numbers, it is anticipated that the next 20 wells will produce in the same manner. This could mean substantial revenues to the Company and added shareholder value," 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 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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