CALGARY,
AB, Aug. 17, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
provide the following update on its acquisition of the São João
Field in Northeast Brazil and
corporate update.
São João Field
Acquisition
Following the announcement on August
2nd, 2021, that Petro-Victory was acquiring the
remaining 50% working and operated interest in the São João Field
in the Barreirinhas basin, the Company is pleased to announce that
the acquisition has been approved by Agência Nacional do Petróleo
(ANP). Petro-Victory now holds 100% working interest and
operatorship in the São João Field.
Through the first half of 2022, the São João Field averaged 17
BOPD from 3 wells and has been producing as expected throughout the
year. The acquisition results in an increase of 8.5 BOPD to the
Petro-Victory production portfolio.
Additionally, an updated development plan for the São João Field
has been submitted to ANP that is expected to achieve greater than
500 BOPD by re-entering and perforating multiple pay zones over 9
existing wells. This work is scheduled to commence in early 2023,
subject to sourcing of a suitable workover rig.
Corporate Update
At the Annual General Meeting of shareholders on June 29, 2022, the Company's stock option plan
was approved. Subsequently, the board of directors approved the
grant of stock options (the "Options") for a total of 1,100,000
common shares ("Common Shares") to its directors, officers,
employees and consultants. All Options were granted pursuant to the
Company's stock option plan and are subject to the terms of the
applicable grant agreements and the requirements of the TSX Venture
Exchange.
The Options were granted at an exercise price of CAD$3.00. The Options shall vest over periods
ranging from one to three years. The Company has determined
that exemptions from the various requirements of TSX Venture
Exchange Policy 5.9 are available for the grant of these
Options. The Options are subject to TSX Venture Exchange
acceptance.
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.