CALGARY,
AB, Aug. 9, 2022 /CNW/ - Petro-Victory
Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is
pleased to provide the following update on operations on its second
well in its 2022 program – PVE-01.
Development Well Drilling
PVE-01
The Company has commenced preparation for the drilling of the
PVE-01 well, the second of its four-well 2022 program.
PVE-01 marks the first development well to be drilled on the
Company's 100%-owned Andorinha Field. The Company is currently
working with its rig provider to conduct a short maintenance
regimen on the MAPEEN-01drilling rig ahead of its mobilization to
the well location. It is estimated that the maintenance work will
be complete in approximately one week with an expected spud date in
the second half of August.
The PVE-01 well will be drilled 260 meters NE of the GALP-01
discovery well positioning it 45 meters higher up the Andorinha
field structure. As communicated in earlier announcements, the
Company has batch drilled the top-hole section of the well to
capture operational and cost efficiencies. Once on location,
the MAPEEN-01 rig will commence drilling at 280 meters where the
Company has already cased with 9 5/8" casing and begin drilling an
8.5" hole section for 970 meters to a target depth of 1,250
meters. Drilling and testing of the PVE-01 well is expected to take
30 days.
The PVE-01 well accounts for proved reserves of 118,000 barrels
of oil and is projected to add 150 BOPD for the first 12-months
average production and US$5.483
million in NPV10 value according to the Company's
December 31, 2021 GLJ reserve
report.
Richard
Gonzalez, Petro-Victory CEO commented:
"The Company is now in full operational mode in Brazil as we prepare to drill PVE-01 and
continue our 2022 multi-well drilling program. The well represents
another exciting step towards accomplishing our growth plans
in the Potiguar Basin, as it is our first development well on our
producing Andorinha field. PVE-01 will be followed closely by the
drilling of additional development wells: PVE-02 and PVE-03 which
will complete our current campaign and springboard the company to
continued production.
Our team on the ground in Brazil has worked diligently to ensure that we
are drilling cost effective wells that will payback quickly and
deliver tangible value for our shareholders. The Company will
update the market in due course with progress on PVE-01."
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.