Victory Energy Reports Field Update on Texas Gas Wells

Victory Energy Corporation reported that the second gas well the Corporation is drilling in the Adams-Baggett Canyon Sandstone gas field in Crockett County, Texas has reached a depth of 4016 feet.

The drilling contractor reports that the drilling effort is proceeding normally and in a similar fashion as the most recent gas well the Corporation drilled. The contractor estimates the drilling rig should reach total depth on or before March 3.

The work-over unit on Victory's first completed well reports the swabbing unit was pulled off the well Sunday as the well started flowing gas to surface on its own. They also report that the well has a tubing pressure 25% higher than the average Canyon Sandstone gas well. An increased volume of gas production should result from this higher tubing pressure.

"This gas field is a tremendous opportunity and we will continue to ramp up our drilling activity. This is a strategic step in the growth and long-term development of shareholder value," stated Jon Fullenkamp, President of Victory Energy Corporation.