BOCA RATON, Fla., April 5, 2007 (PRIME NEWSWIRE) -- StockMarketNewsAlert.com issues New Trade Alert for Victory Energy Corporation (OTCBB:VYEY). According to M. D'Alonzo at First Equity Group Inc., recent news flow from the company has been very positive, "The company announced that the company's joint venture partners indicate a contract has been established for a work-over and completion rig to test 195 feet of porosity in the Mesa #1, a 7000 Ft. Roosevelt County, New Mexico well." It is anticipated that the rig will be on site on or about mid April, testing results and reserves estimates should be available thirty days after testing is completed. Drilling logs from the Mesa #1 found two zones of 90' and 80' of porosity and permeability with indications of gas and the expectation of gas with oil potential in the Granite Wash Zone at 7000' - 7025'.
The Mesa #1 is the first well in the Mesa play, which totals 11,300 acres under lease. The Mesa play is in the heart of a geological structure identified as a Pennsylvanian Carbonate Reef. This particular Reef could have possible reserves estimates of 1 trillion cubic feet of recoverable gas.
"With our participation level and the success of our joint venture partners, the Corporation is very interested in the results of the initial testing and estimates for reserve reports. The Mesa play represents a part of the initial foundation for the Corporation," 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.
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