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Petro-Victory announces the acquisition of 13 oil fields located in the Potiguar Basin, Rio Grande do Norte, Brazil
Petro-Victory announces the acquisition of 13 oil fields located in the Potiguar Basin, Rio Grand...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\n Petro-Victory announces the acquisition of 13 oil fields located in the Potiguar Basin, Rio Grande do Norte, Brazil\n \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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Feb. 10, 2025\n \n\n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY), pursuant to the press release dated\n \n December 17\n \n\n th\n \n , 2024, is pleased to announce the signing of a sale purchase agreement (\"SPA\"), in a 50/50 partnership with Azevedo & Travassos Petroleo (\"ATP\"), for the acquisition of 13 oil fields denominated as Polo Porto Carão and Polo Barrinha from 3R RNCE S.A. and 3R Potiguar S.A., subsidiaries of  Brava Energia S.A. (\"Brava\",\n \n BVMF:BRAV3\n \n )\n \n\n\n Key Highlights of the Acquisition\n \n\n\n\n\n Oil Fields:\n \n 13 oil fields with fully operational production facilities comprising 38,301 acres\n \n\n\n Location:\n \n Onshore\n \n Brazil\n \n , Potiguar Basin, strategically located adjacent to Petro-Victory's existing assets\n \n (See Figure 1)\n \n\n\n\n Production:\n \n Current production of 250 barrels of oil per day with a high-impact work program to significantly increase oil production.\n \n\n\n Reported Statistics:\n \n National Agency of Petroleum has reported volume of oil in place 125 million barrels, recovery factor 13.3%\n \n\n\n Total Acquisition Value:\n \n\n USD$15 million\n \n (net USD\n \n $7.5 million\n \n for Petro-Victory)\n \n\n\n Payment Structure:\n \n The payment will be made in four tranches plus a gross overriding royalty, of which Petro-Victory's contribution will be pro-rated at its 50% working interest.\n \n\n\n USD$600 thousand\n \n paid at signing\n \n\n\n USD$2.9 million\n \n to be paid at closing\n \n\n\n USD$3.5 million\n \n to be paid one year after closing\n \n\n\n USD$4.5 million\n \n to be paid two years after closing\n \n\n\n USD$3.5 million\n \n to be paid with a 7% gross overriding royalty\n \n\n\n\n\n Participation:\n \n Petro-Victory 50% working interest and ATP 50% working interest.\n \n\n\n S...