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CALGARY, Sept. 11, 2019 /CNW/ - Petro-Victory Energy
Corp. (TSX-V: VRY) ("Petro-Victory" or "Company") is delighted to
announce that following successful participation and bidding in the
Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of
Brazil ("ANP") Oferta Permanente 1
("Permanent Offer Round 1") held in Rio
de Janeiro, Brazil on September
10 2019, Petro-Victory has been awarded 16 new oil
concessions in the oil prolific Potiguar Basin of Brazil.
This new acquisition will increase the Petro-Victory Brazil
portfolio to 25 oil concessions and represents a 250% increase in
acreage. The 16 new oil concessions represent 116,904 acres and are
located adjacent to Petro-Victory's operating infrastructure at the
Andorinha and Alto Alegre oil fields. The closure and signing date
for the 16 oil concessions is expected in Q1 2020, with the initial
signature bonus payable on completion estimated to be $0.909 million.
15 of the 16 oil concessions have a 5-year evaluation phase that
will be converted into a long-term production license after
declaring commerciality, and 1 of the oil concessions has a 3-year
evaluation phase. 28 wells have been drilled across the 16
concessions, with 60% of the drilled wells finding oil shows and/or
produced oil and gas at commercial rates. The concessions have 3D
seismic coverage, and the immediate work program consists of a
re-evaluation of the drilled wells, reprocessing and mapping of
seismic data, followed by ranking the numerous oil and gas targets
across the portfolio to solidify the drilling and workover
program.
Richard F. Gonzalez, Chief
Executive Officer of Petro-Victory commented, "We are extremely
pleased to have been awarded 16 oil concessions in ANP's first
permanent offer round. These acquisitions build upon our onshore
high-quality production and development assets in Brazil".
About Petro-Victory Energy Corp.
Petro-Victory
Energy Corp. is engaged in the acquisition, development, and
production of crude oil and natural gas resources in Brazil. The company holds operating and
working interests in twenty-five licenses totaling 164,366 acres in
4 different producing basins in Brazil, and net revenue interests ("NRI") in a
2-million-acre concession in Paraguay. Petro-Victory creates accretive
shareholder value through disciplined investments in high impact,
low risk assets. The Company's Common Shares trade on the Toronto
Stock Exchange under the ticker symbol VRY.v.
Cautionary Note
Neither the TSXV nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) 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'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: the Company
offerings, 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 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.