CALGARY,
AB, April 26, 2022 /CNW/ - Petro-Victory
Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is
delighted to announce a 98% increase of its before tax value
discounted at 10% ("PV10 Valuation") net 2P reserves from
USD$90.4 million in year-end 2020 to
USD$178.7 million in year-end
2021.
As of December 31, 2021, total
proved plus probable ("2P") reserves of 4.5 million barrels of oil
and a PV10 Valuation of CAD$223.4
million (USD$178.7 million)
has been assigned to the company for the Andorinha, Sao Joao, Alto
Alegre, and Trapia fields in Brazil. This represents a 2P Net Asset Value
of CAD$12.46/share on an undiluted
basis (17,929,139 shares in issue today). The reserves data set
forth herein is based on an independent reserve assessment and
evaluation prepared by GLJ, Ltd. dated April
21, 2022 with an effective date of December 31, 2021 ("The Reserve Report").
Reserve Report
Highlights:
- Proved Reserves ("1P"), Proved Plus Probable Reserves ("2P"),
and Proved Plus Probable Plus Possible Reserves ("3P") were
calculated for four (4) of the Company's thirty-eight (38) oil
blocks.
- Net 1P Reserves of 2,212,000 Barrels of Oil with a PV10
Valuation of CAD$105,997,500
(USD$84,798,000) or CAD$5.91/share. A value increase of 144% compared
to the previous year.
- Net 2P Reserves of 4,518,000 Barrels of Oil with a PV10
Valuation of CAD$223,412,500
(USD$178,730,000) or CAD$12.46/share. A value increase of 98% compared
to the previous year.
- Net 3P Reserves of 6,414,000 Barrels of Oil with a PV10
Valuation of CAD$310,080,000
(USD$248,064,000) or CAD$17.29/share. A value increase of 95% compared
to the previous year.
Richard F. Gonzalez, Chief
Executive Officer of Petro-Victory commented,
"The new Reserve Report, covering only four (4) of our
thirty-eight (38) oil blocks in Brazil, continues to affirm Petro-Victory's
strategy of building consistent shareholder value by applying our
focused technical and operational discipline in the identification
of additional reserves for development and production across our
portfolio of high-impact / low-risk onshore oil blocks.
Our operations are generating ongoing positive cash flow as we
are executing the 2022 drilling and work-over program to notably
increase our oil production, cash flow and profitability. I
look forward to updating the market as operations 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) oil blocks
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.