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Petro-Victory Energy Corp Announces Acquisition and Closure of 9 Onshore Assets
Petro-Victory Energy Corp Announces Acquisition and Closure of 9 Onshore Assets ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces Acquisition and Closure of 9 Onshore Assets\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 /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/\n \n \n \n \n CALGARY, AB\n \n ,\n \n May 5, 2021\n \n /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) (\"Petro-Victory\" or \"Company\") is pleased to update the market on the acquisition and closure of nine (9) onshore oil concessions in\n \n Brazil\n \n . This acquisition adds 63,583 acres to the Company's Potiguar Basin portfolio and will offer significant oil development to materially increase its substantial reserves, production and profitability.\n \n \n \n \n \n \n \n \n \n \n Expansion of Portfolio\n \n \n \n Petro-Victory has completed the previously-announced purchase of a 100% working interest in nine (9) onshore concessions in the prolific, mature oil-producing, Potiguar Basin in North East Brazil. The POT-T-432, POT-T-434, POT-T-477, POT-T-519, POT-521, POT-T-564, POT-T-566, POT-T-650, and Trapiá concessions, were originally owned by Petrobras.  While not in production today, they add a diversified mix of oil and gas field development, appraisal, and exploration opportunities to the Petro-Victory portfolio in\n \n Brazil\n \n .\n \n \n This acquisition has been approved by the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of\n \n Brazil\n \n (\"ANP\") and the concession contracts for POT-T-519, POT-521, POT-T-564, POT-T-566, POT-T-650, and Trapiá were executed on\n \n March 2\n \n \n nd\n \n , 2021. The signing ceremony for POT-T-432, POT-T-434, and POT-T-477 is scheduled for\n \n June 7\n \n \n th\n \n 2021. Petro-Victory was provisionally awarded these concessions for a cost of\n \n R$2,135,802\n \n \n (~US$393,000)\n \n in the Oferta Permanente, which was the first ANP bid round in its history that did not includ...