SOURCE: Victory Energy

January 29, 2007 09:00 ET

Victory Provides Mesa #1 Update

LOS ANGELES, CA -- (MARKET WIRE) -- January 29, 2007 -- Victory Energy Corporation (OTCBB: VYEY) today announced that its participation in the joint venture in Roosevelt County New Mexico Mesa #1 well drilled this past December has probable shows for oil and gas in 3 medium to large zones which total 195 feet of potential production.

"We had shallow oil and gas shows in this well with drilling breaks; additionally, the cased hole logs indicate closely associated porosity, all strong indicators for potential production. These zones could yield possible high oil and gas reserves, as they are located in the San Andres formation, which is well known for excellent long-lived oil and gas. The deepest zone is where we feel the strong signal for the PIP process came from, this zone provides the most interest for the well at this time," stated Jon Fullenkamp, President of Victory Energy Corporation.

As a work-over unit becomes available to move onto the well site, the process for testing all 3 zones will commence. With 11,300 acres under lease in the Mesa Prospect and with the possibility of 160-acre spacing per well, this would yield over 50 wells in this particular field.

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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    Victory Energy Corporation
    Investor Relations
    Lynne Folks