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CALGARY, AB, July 15, 2021 /CNW/ - Petro-Victory
Energy Corp. (TSXV: VRY) ("Petro-Victory"
or "Company") is delighted to announce that the
Company has closed US $700,000 of
additional secured financing from an existing lender, 579 Max Ltd.
("579 Max") and will appoint Mr. T. Lynn
Bryant, Principal of 579 Max, to the Board of Directors of
the Company effective on or about July 15,
2021.
![Petro-Victory Energy Corp. Logo (CNW Group/Petro-Victory Energy Corp.) Petro-Victory Energy Corp. Logo (CNW Group/Petro-Victory Energy Corp.)](https://mma.prnewswire.com/media/1574471/Petro_Victory_Energy_Corp__Petro_Victory_Energy_Corp_Announces__.jpg)
The financing will be on the same terms as the Company's
existing US$2,000,000 debentures with
579 Max, which bear interest at the rate of 9% per annum, payable
quarterly. This additional note is due on the earlier of
November 18, 2022, or upon the
Company obtaining additional financing from another lender. It is
not subject to an early repayment premium. In addition, subject to
the final approval of the TSXV, 579 Max shall receive 230,125
warrants to purchase a like number of Common Shares over the term
of the loan at an exercise price equal to a market value price per
share as determined by the closing price on July 14, 2021.
With the accelerated growth of the assets accumulated to date
and associated work program development, the Company's Board of
Directors reassessed its capabilities and will appoint Mr. Bryant
as an additional non-executive director concurrent to closing of
the loan increase. He has over three decades of mature and
exploratory oil field development experience which is expected to
be invaluable in the coming activity for the Company. In addition
to his involvement in the financing via 579 Max, Mr. Bryant is a
significant equity investor in Petro-Victory, with a holding of
approximately 6.9% of the equity.
Currently, Mr. Bryant is also the CEO of Ridge Petroleum, Inc.
which he founded in 1987 as an independent operator of more than
200 wells in the United States and
Canada. Prior to founding Ridge
Petroleum, Mr. Bryant was production operations engineer with
Carless Resources subsequent to serving as a district engineer at
J-W Operating Company. Mr. Bryant is a graduate of
Texas Tech University with a Bachelor
of Science in Mechanical Engineering.
Upon joining the Petro-Victory board Mr. Bryant commented:
"I am thrilled to join Petro-Victory and to contribute to their
success as a high-growth E&P company within the dynamic
Brazilian market."
Richard F. Gonzalez, Chief
Executive Officer of Petro-Victory commented:
"Mr. Bryant's decades of experience in oil & gas exploration
and development add considerable depth and strength to the
Petro-Victory leadership team as we enter a phase of rapid
growth. Further, we are very pleased to close this second
financing with 579 Max. This incremental financing allows us
flexibility to participate in business development opportunities
that are currently available to the company, to further develop and
grow our Brazil onshore portfolio
and continue to create value for our shareholders."
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 licenses totaling 129,771
acres in three different producing basins in Brazil. Petro-Victory generates accretive
shareholder value through disciplined investments in high impact,
low risk assets.
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.