CALGARY,
AB, Aug. 11, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
provide an update on its previously announced Andorinha Solar
Project to provide electrical power for its facilities at the
Andorinha oil field, onshore Potiguar Basin.
Andorinha Solar Project Update
As previously announced in April
2022, the Company entered into a contract with a local
renewable energy infrastructure provider to install a solar array
at its Andorinha oil field (the "Andorinha Solar Project" or the
"Project").
Civil works are completed and the solar panels are now installed
at the previously identified site consisting of 2,200m2 (0.54 acres) at the Andorinha
field. The electrical installation phase has been completed on
schedule with the cabling, interconnection of the solar panels and
installation of the inverters now completed.
The Project is on track to finalize installation by the end of
August within the previously contracted cost of US$270,000. Following a period of commissioning
with the local utility company, the Project will start generating
clean energy in September 2022.
Petro-Victory estimates that the Andorinha Solar Project will
reduce Scope 2 emissions by approximately 60 tons of CO2
per year, lowering the carbon intensity of the Company's produced
barrels of oil. The Project will eliminate electricity expenses,
the major operating cost of the Andorinha field, increasing the
netback (profit margin per barrel of oil) for the Company. The
Project will provide 40MWh/month, saving the company approximately
US$8,000 per month.
Additionally, the Project has been designed so that it can
expand energy generation via a modular system allowing for future
development phases.
Richard F. Gonzalez,
Petro-Victory CEO commented:
"The installation and commissioning of our solar project in
Brazil demonstrates our material
commitment to ESG. The Andorinha Solar Project will reduce the
Company's carbon footprint from its field operations. As the
Company expands oil production at the Andorinha field, through its
multi-well 2022 drilling program, we will continue to ensure that
the Company minimizes its carbon emissions from operations.
Executing the Project in a timely manner, in tandem with our
ongoing drilling operations in the field, will allow us to harness
its benefits with immediate positive effect on the environment and
our operations."
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) 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.