Eldorado Exploration Inc (fka EDEP)

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Victory Energy Update on Mesa
Market Wire - February 14, 2007 4:31 PM ET

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Victory Energy Corporation (OTCBB: VYEY) announces that, upon further geological analysis, it has been determined the 7,000-ft. zone of the Mesa well drilled in Roosevelt County, New Mexico, has a structure similar to producing zones in wells drilled in southern Roosevelt County, New Mexico.

The initial output from wells producing in southern Roosevelt County from these zones has been reported at near four hundred barrels of oil per day. Its joint venture partners in the Mesa well inform the Corporation that a completion unit is expected to be on location within the next 45 days.

The Corporation also reports that management teams from both Victory Energy Corporation and Coastal Petroleum are currently meeting in Dickinson, North Dakota for their initial planning session. The goal of this planning session is to continue the process of drafting the formal documentation and agreements recently announced under the Letter of Intent. Another objective during this meeting is to begin the process of site selection for the first drilling targets.

Company President Mr. Jon Fullenkamp states, "The Corporation is increasingly encouraged with the Mesa well as additional information becomes available to the joint venture partners. With Coastal Petroleum we have the opportunity to review significant geological data compiled to determine the first potential drill sites which brings together some of the best minds in the business."

About Victory Energy Corporation: Victory Energy Corporation (http://www.vtye.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.

Contact:

Victory Energy Corporation
Investor Relations
MATRIX
877-995-8725



SOURCE: Victory Energy Corporation

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