/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
BRITISH VIRGIN ISLANDS,
Dec. 10, 2014 /CNW/ - Petro-Victory
Energy Corp./ ("Petro-Victory" or the "Company") (TSX-V: VRY)
The Lapacho x-1 well has reached TD at 4,543m in the Santa Rosa
Formation, the primary pre-drill target, with 418m of the 600m
target interval drilled. Hydrocarbon shows have been encountered
throughout the gross formation thickness extending right to TD,
with background gas of up to 20% and trip gas of up to 48% (C1-C5
gas present).
The full logging program was restricted due to difficult
downhole conditions. However, from the logs obtained, Lapacho x-1
penetrated 54m of clean sandstones with individual sand bed
thicknesses up to 10m, most of which appear to be hydrocarbon
bearing. Additional sandstone, estimated from seismic to be
approximately 30m+, may exist in the undrilled target interval
section below current TD, which would result in a total thickness
of more than 80m of Santa Rosa reservoir sandstone at this
location.
This outcome is in line with pre-drill estimates under which the
well was targeting a discreet fault block.
The rig is now progressing to open hole well testing operations
and a multi-rate test is planned to commence in the next few days
to determine fluid type, flow rates, pressures and permeability.
Upon completion of the Santa Rosa test, the separate, shallow
discovery in the upper Icla formation will be tested. An
update with the initial results of the first test is planned in
approximately 10 days.
The 2014 drilling campaign has drilled two wells which have
demonstrated the presence of a new Paleozoic hydrocarbon province
in the Pirity Basin of the Paraguayan Chaco. The Company is a
non-operating partner in the two million acre Pirity Block.
"We are delighted to announce very positive indications from the
Lapacho well, and in particular, the hydrocarbon shows from the
target Santa Rosa formation. We look forward in the immediate term
to flow testing the hydrocarbon bearing zones in the Santa Rosa
formation as well as the shallower Icla formation and sharing
results in the near future. Both liquid and gas are extremely
valuable commodities in Paraguay
which imports all its own energy requirements." (Richard F. Gonzalez, Petro-Victory Energy Corp.,
CEO and Chairman)
Petro-Victory Energy Corp. is a publicly held British Virgin Islands oil and gas exploration
company focused on Latin America
with administrative headquarters based in Fort Worth, Texas, United States.
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.
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, 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 labour 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. These and additional risk factors
are discussed 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.