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Fifteen Talents Invests and appoints Board
Representation
CALGARY, Sept. 28, 2018 /CNW/ - Petro-Victory Energy Corp.
(TSX-V: VRY), ("Petro-Victory" or the "Company"), an acquirer and
developer of oil and gas assets, is pleased to announce that
Fifteen Talents LP ("Fifteen Talents"), a private equity firm that
invests in successful leadership teams executing on outsized
opportunities in well-vetted emerging markets, has accumulated
14.8% of the issued and outstanding shares of Petro-Victory
(28,910,000 common shares) through open market purchases and two
private block sale agreements with the Company's CEO, Richard F
Gonzalez.
Fifteen Talents LP is a private equity firm that invests in
successful leadership teams executing on outsized opportunities in
well-vetted emerging markets, Charles H.
Cotter, General Partner of Fifteen Talents, will join the
Petro-Victory Board of Directors effective October 1, 2018.
Mr. Cotter commented, "Having invested eighteen months of due
diligence in the Petro-Victory leadership team and its extended
ecosystem of international partners, Fifteen Talents is delighted
to join the Petro-Victory team lead by its Chairman and CEO
Richard Gonzalez. The business
plan, the Brazilian market cycle, and the pragmatic leadership
approach fit perfectly with Fifteen Talents investment
strategy. We are excited about the foundational blocks that
are in place today and the bench of identified opportunities which
will propel Petro-Victory's success in years to come."
In the most recent private block sale transaction, Fifteen
Talents agreed to purchase 10,000,000 common shares of the Company
from Richard F. Gonzalez, CEO for
aggregate cash consideration of Cdn. $200,000.
Richard Gonzalez commented: "I'm
investing my life in this enterprise and there are very few people
to whom I'd sell my stock. Chuck is a brilliant businessman
whose experience in international energy and complex commercial
structures provides a new element of expertise on the Petro-Victory
board. Chuck does his homework and he has a real passion for
the Brazilian pure-play niche we've developed. If selling a
portion of my holdings is what it takes to have his brand of
expertise and business acumen at hand, then I'll do it for the
shareholders of Petro-Victory. I am looking forward to
working closely with Chuck on the board of directors as we
accelerate the growth of the company. "
Immediately after the transaction, Richard F. Gonzalez will own 21,159,837 common
shares and 57,135,746 restricted voting shares of the Company,
representing approximately 26.89% of the issued and outstanding
securities of the Company, assuming conversion of the restricted
shares. The restricted voting shares are convertible on a 1:1 ratio
into common shares at the holder's option.
International Oil and Gas Veteran joins the Board of
Directors
George E. Burch will join the
Petro-Victory Board of Directors effective October 1, 2018.
Mr. Burch's career in the international oil and gas industry
spans 50 years. George began his oil and gas career in 1968 with
the Marine Construction Division of Sedco, Inc. Rising
through the ranks, George quickly became the company's
Administrative Manager for the Middle
East, based in Bahrain.
Later, as a Vice-President within Sedco's construction division,
George managed all company projects in Africa through1979. Ultimately, as Vice
President of Sedco's Energy Division, Mr. Burch was involved with
all of the company's oil and gas projects worldwide.
Thereafter, as a founder and principal of his own smaller
enterprises, George has built successful international logistics,
materials management, procurement and other enterprises
domestically and internationally, primarily serving the energy
industry.
George commented: "I'm not interested in many board seats at
this point in my career, but we've known Richard for years.
We've seen what he can accomplish, and it just makes sense
interpersonally and financially to bring our resources to bear in
this endeavor."
Richard Gonzalez commented:
"George brings to Petro-Victory a career full of successful
worldwide project management and the relationships needed to
execute. We are very fortunate to have him."
Mr. Burch earned his undergraduate degree at Tulane University and an MBA from Loyola University, New Orleans. Mr. Burch is
a resident of Dallas, Texas.
Annual General Meeting
The Company is pleased to announce that it will hold its Annual
General Meeting on November 15, 2018,
in Calgary, Alberta. Further
details will be provided shortly.
Transactional Details
Fifteen Talents LP is relying on the private agreement exemption
as set out in section 4.2 of National Instrument 62-104 "Takeover
Bids and Issuer Bids" to purchase Purchased Shares. An early
warning report has been electronically filed with the applicable
securities commission in each jurisdiction where Petro-Victory is
reporting and 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" 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,
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 the offering; 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 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.
SOURCE Petro-Victory Energy Corp.