Victory Energy Production Acquisition Moves Forward; Phase 2 Completed

CARSON CITY, NV announced today that the Corporation completed the purchase of phase 2 of a three-phase acquisition agreement.

This allows Victory Energy Corporation to take control of the producing petroleum properties. Revenues from these petroleum properties will flow into the Corporation during the first quarter of 2008. The reportable value of these reserve assets to the Corporation will be approximately $10,000,000.

"Acquiring this petroleum production is a strategic step in the growth for long-term development of the Corporation as an energy producer while building shareholder value," 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.

For information, please contact: Corporate Communications Falcon Financial Partners, LLC 1.866.210.4671 Steve Demeo

Victory Oilfield Tech (CE) (USOTC:VYEY)
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