SOURCE: Victory Energy Corporation

May 05, 2008 08:00 ET

Victory Energy Tenth Well Progress Update

CARSON CITY, NV--(Marketwire - May 5, 2008) - Victory Energy Corporation (OTCBB: VYEY) announces that the Corporation has reached total depth on its tenth well in the Canyon Sandstone gas play located in the Texas Permian Basin.

The drilling contractor drilling well #166-7 drilled through the Canyon Sandstone gas zone on Sunday. The crew is now pulling the drill pipe out of the hole to allow the logging crew to run logs in the well bore. After logs have been evaluated on the production zone, Victory will determine at what depth to set casing.

Swabbing on wells #166-8 and #166-3 has been successful to recover enough of the stimulation fluid pumped into the production zone during the frac job. The wells are now flowing natural gas to surface and should be ready for single point testing by June 15, 2008.

"This project continues to exceed our expectations with each well drilled into the Canyon Sandstone gas zone. Our plans are to next drill a deeper well to test the Strawn Limestone zone for commercial gas production," stated Jon Fullenkamp, President of Victory Energy Corporation.

This well, and each Canyon Sandstone gas well in this field, will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day.

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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