Business
Petro‑Victory to Contribute Selected Brazilian Assets in Exchange for 10.25% Ownership Stake in Azevedo & Travassos Energia
Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or the "Company") announces that it has entered into a definitive association agreement on March 26, 2026 (the "Agreement") with Azevedo & Travassos Energia S.A. ("ATE") (B3: AZTE3), a Brazilian publicly listed oil and gas company, pursuant to which Petro‑Victory will contribute certain Brazilian assets in the Potiguar Basin to a newly formed subsidiary that will be incorporated into ATE (the "Transaction").
About this update from Azevedo & Travassos Sa
[{"type":"text","content":"DALLAS, March 27, 2026 /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or the "Company") announces that it has entered into a definitive association agreement on March 26, 2026 (the "Agreement") with Azevedo & Travassos Energia S.A. ("ATE") (B3: AZTE3), a Brazilian publicly listed oil and gas company, pursuant to which Petro‑Victory will contribute certain Brazilian assets in the Potiguar Basin to a newly formed subsidiary that will be incorporated into ATE (the "Transaction").","length":552,"tagName":"p"},{"type":"image","alt":"Petro-Victory Energy Corp. logo (CNW Group/Petro-Victory Energy Corp.)","displaySize":"","headline":null,"caption":"Petro-Victory Energy Corp. logo (CNW Group/Petro-Victory Energy Corp.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":328,"url":"https://media.zenfs.com/en/prnewswire.com/2859fc4b65a071f7192a4825427b107b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/ABesbNvJN9EiWkYR9XLmzQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU3OA--/https://media.zenfs.com/en/prnewswire.com/2859fc4b65a071f7192a4825427b107b","width":400,"height":328}},"href":"https://mma.prnewswire.com/media/2944254/Petro_Victory_Energy_Corp__Petro_Victory_to_Contribute_Selected.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Transaction Highlights","length":22,"tagName":"p"},{"type":"text","content":"Consideration: 10.25% ownership stake in ATE, a publicly traded Brazilian energy company, and ATE assumes certain liabilities and obligations (total implied value of approximately USD $5.6 million, based on current estimates)","length":225,"tagName":"p","attribs":{}},{"type":"text","content":"PVE Assets Contributed: Andorinha field concession, six exploration concessions, and 50% Brava Option (defined below)","length":117,"tagName":"p","attribs":{}},{"type":"text","content":"Structure: Completed in stages—shares are issued at the initial closing, with asset transfers completed as regulatory approvals are received","length":140,"tagName":"p","attribs":{}},{"type":"text","content":"Approval: Standard regulatory, corporate, and stock‑exchange approvals in Brazil and Canada","length":91,"tagName":"p","attribs":{}},{"type":"text","content":"Expected timing: Targeted for Q2 2026, subject to approvals","length":59,"ta...