SOURCE: Victory Energy Corporation

June 23, 2008 08:00 ET

Victory Energy Set Casing on Twelfth Gas Well, Drilling and Production Update

CARSON CITY, NV--(Marketwire - June 23, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today that the drilling contractor has set surface casing on Victory's twelfth well, a Canyon Sandstone gas well, and is now currently drilling at 3,050 feet. This well is located in the Corporation's Crockett County gas play in the Texas Permian Basin.

Progress on Victory's eleventh well, a deep Strawn Limestone gas well, is moving forward as scheduled. The decision was made to move a larger rig onto the location, one capable of handling the additional drill string weight required for deeper wells.

Weatherford engineering has recommended a stimulation treatment for the oil zone in Victory's ninth well. Initially, a testing unit will be moved on location this week to determine the economic potential of the zone. Once the testing is completed and the results analyzed, a decision will be made to move forward with the ideal stimulation treatment.

As crews have laid the collection lines for Victory's other nine wells, they are online and producing. The field operator for Victory reports that the production by these gas wells are inline with historical information for this field.

"A key indicator of the Corporation's long-term success and rapid growth is the ability to determine drilling sites and have, at its disposal, the equipment and resources to capitalize on the opportunities. To date, we are meeting our drilling and production targets," 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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