CALGARY,
AB, April 11, 2022 /CNW/ - Petro-Victory
Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is
pleased to announce the signing of a contract for the provision of
solar power facilities at its Andorinha oil field, onshore Potiguar
Basin.
Highlights
- The Company has signed a contract with local renewable energy
provider Taldi Engenharia for the installation of a solar array at
its Andorinha oil field;
- The Andorinha Solar Project will reduce the Company's Scope 2
emissions by an estimated 60 tons of CO2 per year;
- The capacity of the project is 0.3MWp producing on average
40MWh/month;
- The Andorinha Solar Project has been sized to provide all the
electrical requirements of the Andorinha oil field through the next
phase of development and can be upsized further for future
development phases;
- Operational within 4 months and with a total contract cost of
US$270,000, the Company expects
payback on invested capital within 3 years.
Andorinha Solar Project
The Company has entered into a contract with a local renewable
energy infrastructure provider to install a solar array at its
Andorinha oil field (the "Andorinha Solar Project" or the
"Project"). A suitable area of 2,200m2 (0.54 acres) at the field has
been identified and inspected.
As the Company increases oil production from the Andorinha
field, through its multi-well 2022 drilling program, this
innovative solution will continue to ensure that the Company
minimizes its carbon footprint from operations. The Company has
estimated that the Andorinha Solar Project will reduce Scope 2
emissions by approximately 60 tons of CO2 per year,
lowering the carbon intensity of its produced barrels.
Furthermore, the Project will eliminate electricity expenses,
the major operating cost of the field, increasing the netback
(profit margin per barrel of oil) for the Company. The solar
project will provide over 40MWh/month covering the energy
requirements for the Andorinha operations.
Additionally, the project has been designed so that it can
expand energy generation via a modular system allowing for future
development phases.
Richard F Gonzalez, Petro-Victory CEO commented:
"I am delighted to announce that we have signed a contract to
build our first Solar Project, providing renewable energy to our
Andorinha operations in the Potiguar Basin.
The Solar Project, located directly on the Andorinha field where
we are currently producing and about to commence drilling,
demonstrates Petro-Victory's firm commitment to a sustainable and
expandable ESG program that significantly decreases our carbon
footprint as we increase and maximize shareholder value."
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 100%
operating and working interests in nineteen (19) licenses totaling
129,524 acres in two (2) different producing basins in Brazil. Petro-Victory generates accretive
shareholder value through disciplined investments in high impact,
low risk assets. The Company's Common Shares trade on the TSX
Venture Exchange ("TSXV") under the ticker symbol VRY.
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.
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.
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: 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.
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.