CALGARY, Sept. 8, 2014 /CNW/ - Petro-Victory Energy Corp.
("Petro-Victory" or the "Company") (TSX-V: VRY)
Petro-Victory Energy spuds target #2 at Lapacho
President Energy PLC, the Operator of our exploration drilling
campaign ongoing in Paraguay
announced that the Lapacho well had spud ahead of schedule, on
September 2nd.
The approximately 4600 meter well is expected to take 70 days to
drill, targeting a 400 meter section predicted to contain Santa
Rosa Formation reservoir sandstone, immediately underlying the
Devonian source rock.
The Lapacho prospect has been upgraded by the Operator and
significantly de-risked, based on evaluation of the recent
Jacaranda well results (drilled 15km to the NE). This potentially
proves the existence of the "live" Middle and Lower Devonian source
rock and sealing shale, that seismic indicates, overlies the Santa
Rosa reservoir targeted by the Lapacho well.
Richard Gonzalez, CEO of
Petro-Victory commented:
"The technical knowledge the Operator has gained from
the Jacaranda well analysis and subsequently shared with us, proves
the existence of live Devonian source rock in the Pirity Basin and
improves the risk profile of the Lapacho prospect considerably.
After all, the Santa Rosa sandstone target, which both we and the
Operator predict lies directly below a live Devonian source rock
section at the Lapacho well site, is one of the most prolific
gas-condensate reservoirs in neighboring Bolivia where such wells produce in excess of
100MMCFPD with very high associated condensate and NGLs. While we
would have preferred to find commercial hydrocarbons by our target
depth at Jacaranda, we are very pleased with the geological and
petro-physical findings that now add significant confidence to our
Lapacho prospect and additional wells, and may give us cause to
deepen Jacaranda. We are highly encouraged."
An independent prospective resource audit of the Lower Devonian
structure found in the greater Lapacho prospect area, conducted by
RPS Group PLC (www.RPSGroup.com) and dated June 1, 2014 (prior to benefit from the Jacaranda
results), estimated substantial prospective resources of 1.126 Tcf
of natural gas and 34MM bbls of condensate attributable to
Petro-Victory's working interest share, in the mean case, unrisked
scenario. Once proven, it is anticipated that more than one well
will be required to exploit the full potential of the Lapacho
prospect area (the RPS report referenced was disclosed by the
Company on August 14, 2014, see:
Results of Audit of Significant Additional Prospective Resources
for the Lapacho Prospect).
For further information about the Lapacho prospect and the
Operator's analysis of drilling results thus far, please see
President Energy's Press Release published, September 4th entitled: Lapacho
Well Spuds, Jacaranda well evaluation shows major shale
associated resource potential estimated in excess of 20Tcf gas in
place, and the associated slide presentation (available at
www.presidentenergyplc.com).
Company management believes it is important to clarify that no
insiders have sold, transferred or hypothecated in any way, their
stock in the Company to date.
Petro-Victory Energy Corp. is a publicly held British Virgin Islands company with
headquarters based in Fort Worth,
Texas, United States. Petro-Victory is an exploration
and development company that has spent more than six years and
invested more than USD $50 million to
develop prospects in Paraguay's
highly prospective Pirity Basin. In parallel with efforts in
Paraguay, the Company intends to
develop or acquire additional highly-prospective or producing
assets elsewhere worldwide.
Cautionary Note
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Advisory Regarding Forward-Looking Statements and Resource
Disclosure
In the interest of providing Petro-Victory's shareholders and
potential investors with information regarding Petro-Victory,
including management's assessment of 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, drilling and exploration expectations, future
well operations, the anticipated benefits of the recently drilled
well, and future operations on the recently drilled well. These
forward-looking statements are based on certain key assumptions
regarding, among other things: 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. The resource
information contained in the news release incorporated into this
release is that of President Energy PLC and not the
Company's. The resource disclosure for the Company is
contained in our Final Prospectus dated July
11, 2014 , and our other disclosure as filed with Canadian
securities regulatory authorities at www.sedar.com.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors. These and additional risk factors
are contained in our Final Prospectus dated July 11, 2014 , as filed with Canadian securities
regulatory authorities at www.sedar.com.
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.