CALGARY,
AB, July 29, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) announces the
results of the first well of its 2022 drilling program in
Brazil.
The Company commenced operations at the GALP-06 well within the
100% working interest Andorinha production concession in the
Potiguar Basin, Northeast Brazil,
on 20th June 2022, using
the MAPEEN-01 drilling rig. The GALP-06 well is located
approximately 3km SW from the producing oil wells at Andorinha and
targeted a separate structural closure from the accumulations found
at the main Andorinha field.
The well was successfully drilled and cased down to 1272m. Conventional wireline logging tools
identified 13m of potential net pay
across seven Cretaceous aged sandstone reservoirs from depths of
1130m to 1230m. Five of the seven zones were isolated for
individual testing and reservoir fluid identification. While two
reservoir intervals recovered oil to surface, and one reservoir
recovered gas to surface, none of the five individual tests yielded
a commercial discovery of hydrocarbons.
The GALP-06 well is now in the process of being suspended,
allowing for the potential to re-enter and resume testing at a
later date should Petro-Victory management decide to return to the
well in the future.
While final costs for the well are being calculated, the Company
estimates that the well was drilled for 25% less than the original
well AFE. These cost savings, achieved through operational
efficiency, are very encouraging and have a positive read through
for the remainder of the 2022 drilling campaign.
On completion of the GALP-06 well suspension, the MAPEEN-01
drilling rig will undergo an estimated two weeks of maintenance
before mobilizing to the PVE-01 development well in the Andorinha
oil field.
Richard F. Gonzalez,
Petro-Victory CEO commented:
"Despite recovering hydrocarbons to surface, Galp-06 testing did
not produce commercial results. While disappointing, the Company
was able to achieve significant cost savings and deliver an
under-budget well based on the AFE. Successfully and safely
drilling, casing, and testing our first well in Brazil is a great accomplishment for our team
and establishes a concrete operating platform to execute the
remaining three wells in our 2022 drilling program.
The Company is now moving to the development drilling
opportunities at our Andorinha field, starting with the PVE-01
well. We are excited about the production potential of our
Andorinha field and look forward to updating the market following
the commencement of operations at PVE-01. The aim of the campaign
is to significantly increase the oil production and revenue
generation of the Company at a time where higher oil prices will
drive higher profitability."
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.