Victory Energy Takes Stake In Wolfberry Shale

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Description

Purchased 75% WI in 320-acre Lightnin' prospect in Glasscock County, TX.

Victory Energy Corp. (OTCBB: VYEY) through its partnership with Aurora Energy Partners, announced the acquisition of a 75% working interest (56.25% net revenue interest) in the Lightnin' Prospect, a 320 acre position located in Glasscock County, Texas. The acreage is surrounded by production and is prospective in several oil and gas shale zones. Prospective targets include the Cline, Wolfberry (with Wolfcamp & Strawn), Fusselman and horizontal Wolfcamp.

Victory Energy paid $480,000 for the acquisition of the acreage, which is covered by 2D seismic data and is surrounded by existing production from the target formations. The project will be operated by Unitex Oil and Gas, L.L.C., out of Midland, Texas. Unitex plans to drill an initial vertical well to test the prospect targets, probably in the fourth quarter of 2012. 40 acre spacing provides adequate acreage for up to eight wells, if successful.

Kenny Hill, Victory Energy's CEO, stated, "We will be modeling our drilling program on the vertical and horizontal wells in the area that have demonstrated ultimate recovery values ranging from 120,000 and 535,000 barrels of oil equivalent."