CALGARY,
AB, May 4, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
provide the market with an update on the status of its drilling
permits for its 2022 work program on its 100% owned and operated
Andorinha oil field.
The Company is delighted to have received the drilling permit
from Brazil's State Environmental
Agency, Instituto de Desenvolvimento Sustentável Meio Ambiente
(IDEMA) for the GALP-06 well.
On March 22nd, 2022,
the Company announced it secured drilling permits for a total of
six (6) development wells with one additional drilling permit, the
GALP-06 well, pending final approval. The securing of the drilling
permit for GALP-6 allows the previously announced work program for
the drilling and testing of four (4) new wells at Andorinha:
PVE-01, PVE-02, PVE-03 and GALP-06 to commence as planned with
current estimated start date within 60 days.
The drilling program of four (4) development wells on the
Andorinha oil field targets proved plus probable reserves of
485,000 barrels of oil and US$19
million in NPV10 value, as stated in the Company's
December 31, 2021 Reserve Report.
Richard F. Gonzalez, Chief
Executive Officer of Petro-Victory commented,
"We have applied our consistent disciplined expertise
identifying, quantifying, and certifying the reserves at our
Andorinha Field as demonstrated in our recently announced Reserve
Report. We are now focused on preparation to commence the
drilling, testing, and work-over program to convert these reserves
into producing barrels of oil. Upon delivery, the work program will
materially increase our production in the Potiguar basin,
generating significant cash flow and continuing to grow the
profitability of our Company. We 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) 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.