CALGARY,
AB, Oct. 18, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
announce that it has reached Total Depth of 1,196m and completed the Wireline Logging program
at the first of its development wells to be drilled on the
Company's 100%-owned Andorinha Field in the Potiguar Basin, onshore
Brazil.
PVE-01 well is located approximately 250m from producing oil wells at Andorinha and
targeted a separate geological compartment from the accumulations
found at the main Andorinha field. The well was successfully
drilled to 1,196m, encountering oil
shows from 525m to the base of the
well where basement formation was encountered.
Following a program of evaluation using conventional wireline
logging tools, 3.85m of net oil pay
has been identified across 3 Cretaceous aged sandstone reservoirs
from depths of 1110m to 1170m. A summary of the well evaluation results
are included below:
Zone 1 – 2.35m of
Net Pay in a sandstone reservoir from 1,110-1,112.5m with an average porosity of 21.5% and an
average hydrocarbon saturation of 88.8% using a Sw and Vcl cutoff
of <50%.
Zone 2 – 0.75m of
Net Pay in a sandstone reservoir from 1,153-1,154.8m with an average porosity of 20.4% and an
average hydrocarbon saturation of 56.1% using a Sw and Vcl cutoff
of <50%.
Zone 3 – 0.75m of
Net Pay in a sandstone reservoir from 1,168.8-1,169.8m with an average porosity of 12.6% and an
average hydrocarbon saturation of 78.7% using a Sw and Vcl cutoff
of <50%.
Based on the drilling and logging results, the well has been
cased and cemented, and a testing program has been constructed to
fully evaluate the PVE-01 production potential. This testing will
assess the extent, if any, of commercial hydrocarbons associated
with the well.
The PVE-01 well also encountered an additional 13m-thick section in the Alagamar Formation, with
oil shows throughout, and 10m of
logged sands. Caliper logs indicate that a significant amount of
the wellbore in this interval contains washouts from drilling,
making open-hole log analysis challenging. The oil potential in
this Alagamar section will be validated through production
testing.
Production testing on PVE-01 is expected to commence within the
next 30 days. After testing, the PVE-01 well will be tied into the
existing production facilities at Andorinha. Production performance
updates for PVE-01 will be communicated to the market shortly.
Richard F.
Gonzalez, Petro-Victory CEO commented:
"I am delighted with the initial results of the PVE-01 well and
the successful drilling and identification of oil in our first
development well in Brazil. The
result is a fantastic achievement for Petro-Victory and is a
significant milestone as we unlock value across our portfolio. We
are excited about the production potential of the PVE-01 well and
look forward to updating the market following a period of sustained
production testing."
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 thirty-eight (38) licenses
totaling 257,604 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.