Victory Energy Corporation will spud its first deep well targeting the Strawn Limestone gas zone. This well is in the Corporation's Crockett County gas play located in the Texas Permian Basin.

The drilling contractor has organized all of the necessary auxiliary equipment required to drill to the target depth of approximately 9,500 feet. Drilling is anticipated to start at noon today as the rig is in the final stages of setting up on location. The drilling rig should reach the target zone, the Strawn Limestone gas zone, by June 23, 2008.

Funds to drill this well were provided by a private institutional investment group in exchange for a portion of Victory's interest ownership. Currently, Victory maintains 15% of the interest ownership until such time the revenues have paid back the original drilling investment to the private institutional investment group, and then Victory's interest ownership will increase to 25%.

"The offset Strawn Limestone gas wells that we were able to evaluate have tested between 1.5 million cubic feet per day to a high of 2.5 million cubic feet per day. We anticipate this well to fall within this range once we have tested the Strawn Limestone zone for production," stated Jon Fullenkamp, President of Victory Energy Corporation.

Tags: Victory Energy Corporation