SOURCE: Victory Energy

May 19, 2008 08:00 ET

Victory Energy Starts Drilling Deep Strawn Limestone Gas Well

CARSON CITY, NV--(Marketwire - May 19, 2008) - Victory Energy Corporation (OTCBB: VYEY) announced today it will spud its first deep well targeting the Strawn Limestone gas zone. This well is in the Corporation's Crockett County gas play located in the Texas Permian Basin.

The drilling contractor has organized all of the necessary auxiliary equipment required to drill to the target depth of approximately 9,500 feet. Drilling is anticipated to start at noon today as the rig is in the final stages of setting up on location. The drilling rig should reach the target zone, the Strawn Limestone gas zone, by June 23, 2008.

Funds to drill this well were provided by a private institutional investment group in exchange for a portion of Victory's interest ownership. Currently, Victory maintains 15% of the interest ownership until such time the revenues have paid back the original drilling investment to the private institutional investment group, and then Victory's interest ownership will increase to 25%.

"The offset Strawn Limestone gas wells that we were able to evaluate have tested between 1.5 million cubic feet per day to a high of 2.5 million cubic feet per day. We anticipate this well to fall within this range once we have tested the Strawn Limestone zone for production," 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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