CALGARY,
AB, Nov. 29, 2022 /CNW/ - Petro-Victory
Energy Corp. ("Petro-Victory" or the "Company") (TSX: VRY) is
pleased to announce that it has signed binding concession contracts
in connection with the previously announced nineteen (19) Block
acquisition in the Potiguar Basin, onshore Brazil.
Highlights
- The Company has closed the acquisition of nineteen (19) new
blocks in the onshore Potiguar Basin through its participation in
the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of
Brazil ("ANP") 3rd
Oferta Permanente ("Permanent Offer Round");
- Petro-Victory has a 100% working and operated interest in all
nineteen (19) new blocks;
- The acquisition of the blocks adds an additional 128,080 acres
(518 sq km) almost doubling (+99%) the Company's existing portfolio
of 19 blocks covering 129,524 acres (524 sq km);
- The Company holds a combined acreage position of 257,604 acres
(1,042 sq km) with 100% working and operated interest, making it
one of the largest portfolios in Brazil's most oil prolific onshore basin;
- The Company has placed cash deposits for work program
guarantees of US$1,578,988 and paid
total Signing Bonuses of US$218,982;
As previously announced on April
14th 2022, the Company successfully
participated in the ANP Permanent Offer Round held in Rio de Janeiro, Brazil on April 13, 2022. Petro-Victory was awarded
nineteen (19) new oil and gas blocks in the Potiguar Basin,
Brazil which increased the
Petro-Victory Brazil portfolio to thirty-eight (38) blocks
(thirty-seven (37) of those blocks in the Potiguar Basin) and
represented a 99% increase in the Company's total acreage. The
nineteen (19) new blocks cover 128,080 acres (518 sq km) and are
located adjacent to Petro-Victory's operating infrastructure at the
Andorinha, Alto Alegre, and Trapia oil fields allowing for low-cost
organic expansion.
In addition, the new acquisitions are adjacent to some of the
largest oil producing fields in the Potiguar Basin. The Potiguar
Basin covers an area of approximately 60,000 sq km with over 1
billion barrels of oil produced onshore from greater than seventy
(70) onshore oil fields in the basin. Onshore Potiguar has almost
exclusively been held by Petrobras until the recent divestiture
processes and permanent offer rounds allowing new entrants to enter
this highly oil prolific Basin. The current oil production from the
Potiguar Basin is approximately 32,000 bopd.
All required payments (signature bonus, work program guarantees)
have been made by the Company, with the signing of the final
binding concession contracts occurring on the 21st
November, 2022 at a signing ceremony in Rio de Janeiro, Brazil.
The nineteen (19) new blocks have 3D seismic coverage, which the
Company had already successfully sourced from ANP, allowing the
Company to target specific blocks in its bidding strategy and to
fast-track its future work program. The new concession contracts
allow for a 5-year work program, and the Company expects to start
drilling operations on the new acreage from 2023 onwards.
Richard F.
Gonzalez, Petro-Victory CEO commented:
"We now have one of the largest portfolios in Brazil's most prolific oil producing onshore
Basin, materially increasing our drilling inventory, reserves and
future production for many years to come. Our technical team
have been working diligently identifying, quantifying and
qualifying drilling targets on our new nineteen (19) blocks and are
planning to start drilling operations on these assets in 2023."
About Petro-Victory Energy
Corp.
Petro-Victory Energy Corp. is engaged in the acquisition,
development, and production of crude oil and natural gas resources
in Brazil. The company holds 100%
operating and working interests in thirty-eight (38) licenses
totaling 257,604 acres in two (2) different producing basins in
Brazil. Petro-Victory generates
accretive shareholder value through disciplined investments in high
impact, low risk assets. The Company's Common Shares trade on the
TSX Venture Exchange ("TSXV") under the ticker symbol VRY.
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy
or accuracy of this release.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States unless an exemption from such registration is
available.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and
potential investors with information regarding Petro-Victory's
future plans and operations, certain statements in this press
release are "forward-looking statements" within
the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable
Canadian securities legislation (collectively,
"forward-looking statements"). In some cases, forward-looking
statements can be identified by terminology such as "anticipate",
"believe", "continue", "could",
"estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan",
"should", "target", "would", "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release
speak only as of the
date thereof and are expressly
qualified by this cautionary statement.
Specifically, this press release
contains forward-looking statements relating to but not limited to: our
business strategies, plans and objectives, and drilling, testing
and exploration expectations. These forward-looking statements
are based on certain key assumptions regarding, among other
things: our ability to add production and reserves through our
exploration activities; the receipt, in a timely manner, of
regulatory and other required approvals for our operating
activities; the availability and cost of labor and other
industry services; the continuance of existing and, in
certain circumstances, proposed tax and royalty regimes; and
current industry conditions, laws and regulations continuing
in effect (or, where changes are proposed, such changes
being adopted as anticipated). Readers are cautioned that
such assumptions, although considered reasonable by
Petro-Victory at the time of preparation, may
prove to be incorrect.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
The above summary of assumptions and risks related to
forward-looking statements in this
press release has been provided in order to provide
shareholders and potential
investors with a more complete perspective on
Petro-Victory's current and future operations and such information
may not be appropriate for other purposes. There is no
representation by Petro-Victory that actual results achieved will
be the same in whole or in part as those referenced in the
forward-looking statements and Petro-Victory does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities law.
SOURCE Petro-Victory Energy Corp.