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Petro-Victory Energy Corp Announces 98% increase in Independently Certified 2P Reserves of 4.518 Million Barrels of Oil and PV10 Valuation of CAD$223,432,500 (USD$178,730,000)
Petro-Victory Energy Corp Announces 98% increase in Independently Certified 2P Reserves o...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces 98% increase in Independently Certified 2P Reserves of 4.518 Million Barrels of Oil and PV10 Valuation of CAD$223,432,500 (USD$178,730,000)\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 April 26, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) is delighted to announce a 98% increase of its before tax value discounted at 10% (\"PV10 Valuation\") net 2P reserves from\n \n USD$90.4 million\n \n in year-end 2020 to\n \n USD$178.7 million\n \n in year-end 2021.\n \n \n \n \n \n \n \n \n \n As of\n \n December 31, 2021\n \n , total proved plus probable (\"2P\") reserves of 4.5 million barrels of oil and a PV10 Valuation of\n \n CAD$223.4 million\n \n (\n \n USD$178.7 million\n \n ) has been assigned to the company for the Andorinha, Sao Joao, Alto Alegre, and Trapia fields in\n \n Brazil\n \n . This represents a 2P Net Asset Value of\n \n CAD$12.46\n \n /share on an undiluted basis (17,929,139 shares in issue today). The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ, Ltd. dated\n \n April 21, 2022\n \n with an effective date of\n \n December 31, 2021\n \n (\"The Reserve Report\").\n \n \n \n Reserve Report Highlights:\n \n \n \n \n Proved Reserves (\"1P\"), Proved Plus Probable Reserves (\"2P\"), and Proved Plus Probable Plus Possible Reserves (\"3P\") were calculated for four (4) of the Company's thirty-eight (38) oil blocks.\n \n \n \n \n Net 1P Reserves of 2,212,000 Barrels of Oil with a PV10 Valuation of\n \n CAD$105,997,500\n \n \n (USD$84,798,000)\n \n or\n \n CAD$5.91\n \n /share. A value increase of 144% compared to the previous year.\n \n \n \n \n Net 2P Reserves of 4,518,000 Barrels of Oil with a PV10 Valuation of\n \n CAD$223,412,500\n \n \n (USD$178,730,000)\n \n or\n \n CAD$12.46\n \n /share. A value increase of 98% compared to the previous year.\n \n \n \n \n Net 3P Reserves of 6,414,000 Barrels of Oil with a PV10 Valuation of...