Victory Energy Appoints Weaver and Tidwell as its Independent Registered Accounting Firm

AUSTIN, Texas, June 20, 2012 /PRNewswire/ -- Victory Energy Corporation (OTCQB: VYEY), today announced that its Board of Directors has approved a change in the Company's independent registered public accounting firm. Victory has opted to retain Weaver and Tidwell L.L.P. ("Weaver") for the 2012 audit.

The Company's previous auditor was WilsonMorgan L.L.P. ("WilsonMorgan"). There were no disagreements with WilsonMorgan regarding accounting principles or practices, financial statement disclosures, or audit scope or procedures. The change in auditor follows a recent move of the corporate office from Irvine, California to Austin, Texas.

Mark W Biggers, Chief Financial Officer, noted, "We are pleased to announce the engagement of Weaver as our new independent auditor. They are highly regarded for their expertise in oil and gas and are Texas-based. We look forward to a long-term relationship."

Please note that Victory Energy intends to use its website, www.vyey.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the Victory Energy website in the "Investor Relations" section. Accordingly, investors should monitor such portions of the Victory Energy website in addition to following press releases, SEC filings and public conference calls and webcasts.

To subscribe to our email news distribution service, please click the "E-News Sign-Up" link on our website.

About Victory Energy Corporation

Victory Energy Corporation is engaged in the exploration, acquisition, development, and production of domestic oil and gas properties. The Company now leverages both internal capabilities and strategic industry relationships to acquire working interest positions in low-to-moderate risk oil and gas prospects. Current assets are held in partnership with Aurora Energy Partners, in which Victory has a 50% ownership interest and is the managing partner.

Future investment will focus primarily on oil or liquid-rich gas projects within longer-life reservoirs that offer lower F&D costs / BOE.

The Company had nine wells on production entering FY 2011 and seventeen on production at the end of the calendar year. Acreage held as of March 2012 provides a potential pipeline of 31 additional gross wells that could be drilled. The capital budget for 2012 includes 15 of those 31 wells.  The Company also has line of sight to incremental projects beyond current acreage.

The Company's current producing oil and gas assets are located in the United States. Download the investor fact sheet for current summary of projects and activity.   Victory Energy is current with its SEC filings and is a full reporting Company.  The Company is traded under the ticker symbol VYEY on the OTCQB tier, operated by OTC Markets Group.

SOURCE Victory Energy Corporation

RELATED LINKS
http://www.vyey.com