/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED
FOR DISTRIBUTION WITHIN THE UNITED
STATES/
CALGARY, Oct. 20, 2014
/CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the
"Company") (TSX-V: VRY)
Petro-Victory Energy Corp.
("Petro-Victory" or the
"Company") (TSXV:VRY) is pleased to announce that the
Lapacho well, located on the Pirity Block in Paraguay, has encountered hydrocarbons within
the Icla Formation at a depth of 3,926 meters. Based on open hole
logs run across the interval, these sandstones display average
porosity of 6% and are heavily fractured. A series of side
wall cores recovered from the interval displayed good light oil or
condensate shows.
"I am delighted with our accomplishments on both
wells. The joint venture has demonstrated
the ability to drill these high impact wells both on time and on
budget. Furthermore, we are very pleased to have encountered
hydrocarbons in this secondary target at Lapacho and we
look forward to resuming drilling to
the primary target, the Santa Rosa Formation."
(Richard Gonzalez,
Petro-Victory Energy CEO/Chairman)
The Icla Formation is not the primary target of this well.
Once casing is set at a depth of 4,128 meters the operator plans to
continue drilling in order to test the primary target within the
underlying Devonian Santa Rosa Formation. As originally announced
on September 4, 2014, this well is
targeting a discrete, well-defined fault block trap within the
greater prospect area. Drilling of the Lapacho well remains on time
and on budget with TD projected in mid-November 2014. The
operator and Petro-Victory plan to flow test the potential oil or
condensate bearing sandstones in the Icla Formation, as well as any
other hydrocarbon bearing sandstones that may be encountered in the
Santa Rosa after the drilling operations are completed.
The Operator, President Energy, PLC, and Petro-Victory plan to
drill an additional exploration well contingent on the results of
the first two wells.
Petro-Victory Energy Corp. is a publicly held British Virgin
Islands Company that trades publicly on the TSX Venture Exchange
under the symbol "VRY." Petro-Victory is an exploration and
development company focused on the Pirity Basin in
Paraguay.
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
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
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.