CALGARY,
AB, Oct. 20, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSX-Venture Symbol: VRY)
is pleased to provide an operational update on the Company's
100%-owned Andorinha Field in the Potiguar Basin, onshore
Brazil.
Operations and Facilities
update
Andorinha Field Facilities Expansion
The Company has commenced work on the expansion of production
facilities and oil storage capacity at the 100% operated Andorinha
field with an expected completion during Q4 2022. The project has
been undertaken to expand the capacity of the current facilities on
the Andorinha field and to provide the Company with the necessary
storage and water handling as production increases from the current
and future planned drilling campaigns.
Current facilities at Andorinha have oil storage capacity of
60m3. Under the new
project, storage capacity will triple to 180m3.
Andorinha Solar Project
As announced on August 11, 2022,
the Company 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").
Installation is now complete and the start of clean energy
generation is expected within 2 weeks.
Petro-Victory estimates that the Andorinha Solar Project will
reduce Scope 2 emissions by approximately 60 tons of CO2
per year, lowering the carbon intensity of the Company's produced
barrels of oil.
The Project will eliminate electricity expenses, the major
operating cost of the Andorinha field, increasing the netback
(profit margin per barrel of oil) for the Company.
Production & Drilling
update
Current Production
The Andorinha field is averaging production of 30 BOPD in 2022
(January to August) from 4 wells (AND-01, GALP-01, GALP-30, and
GALP-38). The field has produced more than130,000 barrels of oil
since discovery, and the field remains in the early stages of
primary recovery with a total of 1.958MMBO of 2P oil reserves to
recover over the life of the field according to the Company's
independent reserve auditor, GLJ.
PVE-01 Well
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.
Upcoming PVE-02 and PVE-03 Wells
The Company is currently sourcing an alternative drilling rig
for the upcoming PVE-02 and PVE-03 wells at Andorinha. The PVE-02
and PVE-03 wells are already drilled and cased to ~280m and each
require 1,000m of drilling with an
8.5" hole section. In addition, all PVE-02 and PVE-03 long lead
items and materials have already been delivered and are stored at
the Company's storage facilities at Andorinha.
Richard F. Gonzalez,
Petro-Victory CEO commented:
"The expansion of the facilities at Andorinha is a strategic
decision placing the company in a position of strength, maintaining
our discipline and focus on investment in high potential, low-risk
assets, which in this case, unlock value from our portfolio in the
Andorinha field. I am very proud of all of our team-members who
work collaboratively to create value for our stakeholders."
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.