SOURCE: Victory Energy

March 23, 2008 12:48 ET

Victory Energy Settles Dispute With Former Executive

CARSON CITY, NV--(Marketwire - March 23, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today a resolution of all matters with former Victory Capital Holdings CEO George Sharp, who agreed to release all claims against the affiliated and surviving companies deem the judgment he held against the company, satisfied. Terms of the settlement are confidential.

"We are happy to have finally resolved this matter which began with prior management," said 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.

Contact Information

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