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Petro-Victory Energy Corp Announces Acquisition of Remaining 50% Working Interest in the São João Oil Field and Portfolio Expansion with 47% Increase in 1P Reserves and 26% Increase in 2P Reserves
Petro-Victory Energy Corp Announces Acquisition of Remaining 50% Working Interest in the ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces Acquisition of Remaining 50% Working Interest in the São João Oil Field and Portfolio Expansion with 47% Increase in 1P Reserves and 26% Increase in 2P Reserves\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.prntac{\nTEXT-ALIGN: CENTER\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 Aug. 2, 2021\n \n /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce a significant expansion of its portfolio and certified reserves through the acquisition of the remaining 50% working interest in the São João oil field in the Barreirinhas Basin.\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n Increases the Company's pre-tax 2P Reserves PV10 value by\n \n US$23,296,000\n \n \n \n Cash consideration\n \n US$865,000\n \n paid over 14 months\n \n \n Company total 2P Reserves now 3,561,000 BO with a PV10 valuation of\n \n US$113,682,000\n \n (\n \n CAD$15.42\n \n /share)\n \n \n Builds upon the initial 3-well work program at São João which delivered 170% ROI on its initial investment over fourteen months\n \n \n An updated development plan has been submitted to ANP that is expected to achieve >500 BOPD by re-entering and perforating multiple pay zones over 9 existing wells\n \n \n \n \n Acquisition Terms\n \n \n \n Petro-Victory has executed binding purchase agreements and made an initial payment to increase its working and operating interest in the São João field, in the Barreirinhas Basin onshore\n \n Brazil\n \n , to 100% for cash consideration of\n \n US$865,000\n \n , to be paid over 14 months.  In addition to cash consideration, Petro-Victory will transfer its 50% working interest in the non-strategic Carapitanga oil field (247-acres, 1 well, 2.25 BOPD production) to the current operator EPG. 
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