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Petro-Victory Energy Corp Announces Acquisition of 3 Oil Fields in the Espírito Santo Basin, Brazil
Petro-Victory Energy Corp Announces Acquisition of 3 Oil Fields in the Espírito Santo...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Energy Corp Announces Acquisition of 3 Oil Fields in the Espírito Santo Basin, Brazil\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\nCanada NewsWire\nCALGARY, Nov. 25, 2019\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 CALGARY, Nov. 25, 2019 /CNW/ - Petro-Victory Energy Corp. (TSX-V: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce that the Company has acquired a 50% working interest in 3 onshore oil fields in the Espírito Santo Basin, Brazil for total consideration of USD 4,686,223. Petro-Victory has paid a 7.5% deposit of USD 702,933. The remaining balance of USD 3,983,290 is due upon approval by the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil (\"ANP\") which is expected by the close of H1 2020. \n\n \n \n\n \nPetro-Victory completed the transaction in a partnership with Imetame Energia (\"Imetame,\" a subsidiary of Imetame Group) as a result of the successful contract negotiations within the ongoing Petrobras divestment process. Upon assignment and final approval from the ANP, Imetame will be the operator of the Lagoa Parda fields.\nThe acquisition includes the Lagoa Parda, the Lagoa Parda Norte, and the Lagoa Piabanha onshore production concessions (collectively referred to as \"Lagoa Parda Fields\") in the State of Espírito Santo, Brazil.  The Lagoa Parda Fields were discovered by Petrobras in 1978, 139 wells have been drilled and produced a total of 19 million barrels of oil (\"BO\") to date.  Production in 2019 is expected to average 200 barrels of oil per day (\"BOPD\") from 4 wells.\nPetro-Victory and Imetame will execute a work program to increase production to 580 BOPD in the first year of operations.  The initial work program includes bringing online existing 29 wells which were suspended for mechanical reasons and no new drilling is required to achieve the 580 BOPD in the first year...