/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, Oct. 7, 2015 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY) is pleased to
announce the closing of its previously announced sale of its entire
36% interest in its Pirity Concession in Paraguay to President Energy, PLC
("President").
The consideration payable by President to Petro-Victory and the
wholly-owned subsidiary through which Petro-Victory had held the
Pirity Concession, being Pirity Hidrocarburos S.R.L. ("PH"),
consists of:
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(a)
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US$500,000 in cash
payable in installments, the first being US$200,000 followed by
three of US$100,000 each;
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(b)
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All claims, debts and
obligations between the parties previously accrued have been
released, including the forgiveness of certain conditional debt in
the amount of US$2.85 million agreed to by the parties in their
prior Settlement and Forbearance Agreement;
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(c)
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In the event of a
farm-out taking place in relation to the Pirity Concession and back
costs being paid, a sum limited to the first US$2.7million of back
costs received by President to be paid to the Petro-Victory group;
and
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(d)
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A Net Profits
Interest of 3% of net income generated from successful commercial
production of hydrocarbons in the Pirity Concession to be paid to
PH.
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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 sale of the Pirity
Concession and the consideration therefore, our business
strategies, plans and objectives, and drilling and exploration
expectations. These forward-looking statements are based on certain
key assumptions regarding, among other things: our ability to
eventually add production and reserves through our exploration and
acquisition 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. 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.