CALGARY,
AB, Dec. 17, 2024 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
announce the signature of an exclusivity agreement with Brava
Energia S.A. ("Brava") for the potential acquisition of 13
oil-producing fields in Rio Grande do Norte, Potiguar Basin.
Petro-Victory together with Azevedo e Travassos Petróleo S.A.
("ATP") informs the market that, on December
17, 2024, the Company has jointly signed an exclusivity
agreement with Brava for the potential acquisition of two producing
assets – Porto Carão Cluster and Barrinha Cluster.
The Porto Carão Cluster is located in the Potiguar onshore
basin, in the state of Rio Grande do Norte, near the municipality
of Guamaré, and comprises 4 concession contracts, covering 4
oil-producing fields.
The Barrinha Cluster is also located in the Potiguar onshore
basin, in Rio Grande do Norte, near the municipality of Mossoró,
and comprises 7 concession contracts, covering 9 oil-producing
fields.
The agreement grants the Company exclusivity for the negotiation
of the acquisition of these assets for an initial period of 30
days, starting from the date of its signing, which may be extended
for a similar period, provided there is mutual and formal agreement
between the parties.
Additional information, such as values, terms, and payment
methods, will be communicated to the market in due course as
negotiations progress.
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
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.
There is no assurance the transaction will
progress to the definitive agreement stage or will be completed at
all. The Company cautions readers that it has not entered
into any agreements or understandings to effect a possible
transaction with Brava, and there can be no assurance that any
discussions that have taken place will result in any such
agreements or understandings. The Company is continuing its
evaluation of other opportunities available to the Company. Given
the nature of the process, the Company does not intend on
commenting further unless otherwise required pursuant to applicable
securities laws and regulations.
Specifically, this press release contains
forward-looking statements relating to but not limited to: our
business strategies, plans and objectives, and advancing the Brava
transaction. These forward-looking statements are based on certain
key assumptions regarding, among other things: regulatory and other
required approvals; entering into a definitive agreement with Brava
and the financing of same, the approval by the TSXV; 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.
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SOURCE Petro-Victory Energy Corp.