CARSON CITY, NV Jul 28, 2008 -- Victory Energy Corporation (OTC BB:VYEY.OB - News) announced today drilling progress on the two deep Strawn Limestone gas wells. The wells are located in the Corporation's Crockett County gas play in the Texas Permian Basin.
Victory's drilling contractor reports the two Strawn Limestone gas wells are at 7,700 and 7,000 feet in depth. Both wells had a good show of gas as they were drilled through the Canyon Sandstone formation at approximately 5,000 feet.
The shallow oil test proved not to be commercial. That zone was subsequently cemented off and the natural gas well will be completed in the Canyon Sandstone formation as originally planned. The stimulation frac job on this well and on the latest Canyon Sandstone well will be completed by mid August.
All of Victory's other Canyon Sandstone gas wells are producing in accordance with historical information for this field according to Victory's contractor responsible for monitoring production on a daily basis.
"Results should be available within the next few weeks on both deep Strawn Limestone gas wells. As both wells have great commercial potential within Canyon Sandstone formation, the risk of drilling to deeper formations is greatly reduced," stated Jon Fullenkamp, President of Victory Energy Corporation.
About Victory Energy Corporation:
Victory Energy Corporation (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:
Investor Relations
1-702-953-0528
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