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Acquisition of Non-Operated Onshore Production Assets in Brazil and CAD$4MM Private Placement of 80MM Shares at CAD$0.05
Acquisition of Non-Operated Onshore Production Assets in Brazil and CAD$4MM Private Placem...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nAcquisition of Non-Operated Onshore Production Assets in Brazil and CAD$4MM Private Placement of 80MM Shares at CAD$0.05\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 12, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\n\nCALGARY, July 12, 2017 /CNW/ - Petro-Victory Energy (TSX-V: VRY), (\"Petro-Victory\" or the \"Company\"), is pleased to announce the proposed acquisition of a portfolio of non-operated production interests in Brazil from Empresa de Engenharia de Petróleo Ltda. (\"ENGEPET\") for an aggregate of US$1.9 million (the \"Acquisition\") to complement the current royalty interests in Paraguay.\n\n\n \n \n\n \nSubject to approval from Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil (\"ANP\") and the TSX Venture Exchange Inc. (\"TSX Venture\"), Petro-Victory will acquire certain working interests in Brazil comprising 12,850 gross acres across 3 basins with 2017 year end production estimated to be between 70-90 bopd net to Petro-Victory including: (a) a 50% equity in the Carapitanga onshore producing oil field in the Sergipe Basin; (b) a 30% equity in the Andorinha onshore producing oil field in the Potiguar Basin; (c) a 50% equity in the São João onshore oil field in the Barreirinhas Basin; and (d) a 30% equity in the Alto Alegre onshore oil field in the Potiguar Basin.\n\nThe consideration, US$0.9 million, includes all associated acquisition costs and US$1 million contribution to the upcoming capital expenditure program for the four concessions.\n\nLocal Brazilian Partner\n\nUpon completion of the acquisition, Petro-Victory will enter into a partnership with ENGEPET (who will retain the remaining equity in all 4 concessions) where the two companies will work closely together to achieve the production goals set by both parties. ENGEPET is a Brazilian operating company with oil fields and servic...