/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./
CALGARY, July 16, 2015 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY) announces
that, further to the Company's press release dated May 12, 2015, the acquisition of certain assets
in Guyana (the "Guyana
Acquisition") did not consummate prior to May 22, 2015, nor did the Company and the vendors
agree to terms of extension thereof, and, as such, the Guyana
Acquisition is deemed to have automatically terminated and the
15,600,000 common shares that the Company had issued to the vendor
thereof as consideration for the Guyana Acquisition (and which were
being held in escrow pending the successful completion of the
Guyana Acquisition) will be cancelled and returned to the Company's
treasury.
As noted in the Company's press release dated May 12, 2015, 15,600,000 common shares that were
issued regarding the acquisition of certain assets in Brazil (and which were being held in escrow
pending the successful completion of such acquisition) are also
being cancelled and returned to the Company's treasury.
Richard Gonzalez, CEO, made the
following observations: "We are very pleased to be able to
return to treasury over 31 million shares from these two contingent
acquisitions. This allows us to focus on our core
Paraguay asset, and the reduced
number of shares outstanding lets each shareholder more fully
recognize the value thereof. The Company continues to work to
enhance the value of the Paraguay
asset while constantly seeking other Latin American producing
opportunities."
Additional information on the Company is available on SEDAR at
www.sedar.com
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", "shall" 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: the Guyana Acquisition,
the acquisition of assets in Brazil, the cancellation of common shares, our
business strategies, plans and objectives, the injunction matters,
and drilling 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.