Victory Energy Gas Wells Continue on Target

Victory Energy Corporation announced that the drilling contractor has reached a depth of 1,040 feet and is ready to set surface casing on this next Canyon Sandstone gas well. This is Victory's twelfth well and is located in the Corporation's Crockett County gas play in the Texas Permian Basin.

Victory's eleventh well, a deep Strawn Limestone gas well, is currently drilling at a depth of 7,010 feet. After the drill bit is changed, drilling will continue down to approximately 9,500 feet where the Strawn Limestone zone is located.

With completion of Victory's tenth well a swabbing unit was brought onto the well site and has begun swabbing back the stimulation fluid. The well has been tied into the production transmission line and the single point test will be run on the well to determine its initial production.

The oil sample collected on Victory's ninth well was delivered to Weatherford's engineering division for testing. Results and their recommendation to determine a suitable stimulation treatment are expected soon.

Victory's other eight wells are online and producing. The field operator for Victory reports that these gas wells are inline with historical production information for this field.

"We are excited about the progress on our deep Strawn Limestone well, as there was a good show of natural gas in the Canyon Sandstone zone at 4,950 feet. This is important as it is protects our investment in this well as the Canyon Sandstone zone can always be produced," stated Jon Fullenkamp, President of Victory Energy Corporation.