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CALGARY, Aug. 1, 2017 /CNW/ - Petro-Victory Energy Corp.
(TSX-V: VRY), ("Petro-Victory" or the "Company"), is pleased to
announce important additions to the Company's management team as
the Company sharpens its focus on acquiring producing assets
in Brazil.
The Board of Directors of Petro-Victory Energy Corp. are very
pleased to announce that Mr. Patrick
Yeghnazar, former Portfolio Manager at Highbridge Capital
Management and former investment banker at Goldman Sachs, has
assumed the role of Petro-Victory's Chief Executive Officer and has
joined the Company's Board of Directors.
The Board of Directors of the Company are also very pleased to
announce that Mr. Richard Lane,
former Glencore subsurface and operations geologist, has assumed
the role of Chief Operating Officer.
Richard Gonzalez, the founder and
Chairman of Petro-Victory, will continue to serve the Company in
the newly created role of Executive Chairman of the Board,
remaining involved in all aspects of leadership and
operations.
"With our extensive relationships, the team's decades of
practical experience in the region, and with the current economic
climate in South America and
especially Brazil, we are finding
tremendously attractive opportunities. We are targeting
acquisitions of deeply discounted producing assets with
significant, low-cost potential to increase production that will
create a growing, recurring revenue stream for the Company and
significant value for our shareholders" said Gonzalez.
He continued "We are fortunate that executives of the caliber of
Patrick and Richard share our enthusiasm for the compelling
opportunity in Brazil. Each brings experience, strengths and
relationships that will enable our Company to grow and operate in a
way not typical of a Company of our current size. We are all
on board because we believe the Company will grow substantially
beyond our current size."
Patrick Yeghnazar added "We share
a vision of becoming a large, profitable and high growth oil and
gas producer in Brazil. That's the goal. 2017 marks an important year of transition for
Petro-Victory. We are launching the Company with a focus on
the tremendous opportunities in Brazil. Each asset we
evaluate for our portfolio, including the recently announced
production interests from ENGEPET, represents substantial value for
shareholders. We are working to deploy capital in a smart way
to capture this opportunity. I look forward to working with
the Board of Directors and alongside Richard Gonzalez and the rest of the executive
team to capture the opportunity we see ahead of us."
Patrick Yeghnazar
Before spending a decade as an active oil and gas investor, Mr.
Yeghnazar helped to build and manage a multi-billion dollar global
portfolio of Energy, Industrial and Materials assets for Highbridge
Capital Management (a premier hedge fund headquartered in
New York City and owned by
JPMorgan Chase). Prior to that, Patrick honed his industry
and investment skills in the Investment Banking Division of
Goldman, Sachs & Co in Los
Angeles and New York. He holds a B.A. in Economics and
a B.S. in Business Administration from the University of California, Berkeley. He
continues to manage the investment assets of a private family
foundation.
Richard Lane
A geologist by training, Mr. Lane played a pivotal role in building
Glencore's Exploration & Production's global asset
base. With particular expertise in managing all aspects of
subsurface evaluation and oil field operations, Richard will lead
the technical evaluations of our opportunities. Richard's
operational track record of profitably increasing production from
existing fields in our target geography is a perfect fit. Mr.
Lane's experience includes assignments with both large independents
and more focused oil & gas consultancies (Fugro Robertson
Limited, RLS Limited). He earned his Bachelor of Science in
Geology from the University of Portsmouth and his Master of Science
in Petroleum Geoscience from Royal
Holloway, University of London.
Incentive Plan Awards
The Company has also approved the grant of an aggregate
4,500,000 options subject to the terms of the Stock Option
Plan. The options have an exercise price of $0.05 per Common Share. The Company has
determined that exemptions from the various requirements of the TSX
Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are
available for the issuance of the options to the directors and
officers of the Company.
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,
management team, oil and gas production, plans and objectives, and
drilling, testing and exploration expectations. These
forward-looking statements are based on certain key assumptions
regarding, among other things: the completion of our offerings; our
ability to add production and reserves through purchases and our
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.
Actual results achieved will vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
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.
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.
SOURCE Petro-Victory Energy Corp.