May 29, 2008 -- Victory Energy Corporation (OTC BB:VYEY.OB - News) announced today receipt of its fourth revenue payment from natural gas sales related to wells producing in Victory's Canyon Sandstone Gas play, located in the Texas Permian Basin.
The revenue, of approximately $78,135 pre-distribution, represents the sale of approximately 26,000 MCF of natural gas production for the month of March, at a price of $8.57, from Victory's interest in gas wells, all of which are producing from the Canyon Sandstone zone. This represents an 11.5% increase in revenue over the previous month, and includes partial revenue from the eighth well that came on-line late in the revenue cycle.
"All the wells are producing as expected and on track with the historical data from the field. The revenue will continue its momentum as the Corporation expands production and the number of wells drilled. We anticipate that the rising cost in natural gas will contribute to the increase in revenues as well," 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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