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Jacaranda Well Update
Proof of Concept Achieved; Major Source Rock Discovery /NOT FOR DISTRIBUTION TO U.S. N...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\nProof of Concept Achieved; Major Source Rock Discovery\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, Aug. 13, 2014 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\")(TSX-V:VRY)\n\nPetro-Victory Energy Corp announces that the PE-PY-J x1 well has been successfully drilled and has confirmed the prolific Devonian petroleum system of SE Bolivia and NW Argentina extends into the Pirity Basin of Paraguay. The Jacaranda well has proven the first live source rock to be discovered in the Pirity Basin, and significantly derisks the remaining two wells in the drilling campaign.\n\nHighlights\n\n\nFirst of three well program has encountered over 800m of live Devonian source rock in oil and gas- condensate window \nInflows of gas into the wellbore, with background gas of 5%, trip gas of 50% recorded, hydrocarbon shows C1 (methane) to C5 (pentane) indicating liquid generation \nNo seal at primary target at this location, high quality (20% porosity) reservoir sands encountered above source rock \nFirst time the Paleozoic play system has ever been proven to exist in Pirity Basin, Paraguay \nSource rock derisks the next well and multiple targets across Petro-Victory's Concession \nPotential gas condensate reservoir identified below target depth, well suspended for future re-entry \nWell drilled ahead of schedule and under budget \nJacaranda results support Lapacho and Tapir prospects \nDue to positive results, Lapacho elected as next prospect in sequence\nRichard F. Gonzalez, President and CEO, comments:\n\n\"Since our inception in 2006, we have invested and worked diligently towards our ultimate goal of discovering and producing commercial quantities of hydrocarbons in the Pirity Basin of Paraguay.  The successful, on time, under budget, drilling and discovery of a live generative source rock in our first (Jacaranda) of a three well program is a major milestone.  We look forward to spudding our second well, Lapacho, in the first half of September. \"\n\nJacaranda Well\n\nHaving drilled the PE-PY-J x-1 (Jacaranda) well to a depth of 4500m, it has been suspended for re-entry at a later date. The drilling operation was extremely efficient and the well wa...