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Petro-Victory Energy Corp announces Alto Alegre Field Update
Petro-Victory Energy Corp announces Alto Alegre Field Update Canada NewsWire ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp announces Alto Alegre Field Update\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 Oct. 24, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSX-Venture Symbol: VRY) is pleased to provide an operational update on the Company's 100%-owned Alto Alegre Field in the Potiguar Basin, onshore\n \n Brazil\n \n .\n \n \n \n \n \n \n \n \n \n Highlights:\n \n \n \n Petro-Victory completed the purchase of the Alto Alegre oil field concession for\n \n US$50,000\n \n and assumed 100% operated interest in Q4 2020. At the time of purchase, there was one abandoned oil well inside the concession (ALG-01), the field was not in production, and there were no facilities in place.\n \n \n In Q4 2021, the Company recovered the abandoned ALG-01 well and re-entered the well for production testing. Two successful oil tests were carried out at reservoirs at depths of\n \n 2,274m\n \n and\n \n 2,360m\n \n . The ALG-01 well was then suspended in preparation for commercial production and the installation of production facilities, oil storage, road access, and base construction.\n \n \n Following the intervention, the Company conducted a full subsurface review consisting of reprocessing the available seismic data and integrating the existing well and reservoir data into the updated subsurface model, which concluded with a revised full field development program for the Alto Alegre field. This development plan was then sent to our independent reserve auditors, GLJ, for assessment.\n \n \n The independent auditors assigned a total of 493,000 barrels of 2P oil reserves at a PV10 value of US$18MM. Providing the Company with a 360x return on initial purchase price.\n \n \n The Alto Alegre field has historically produced 11,000 barrels of oil (1993-1997) from one (1) well, and remains in early stages of primary recovery with 493,000 barrels of 2P oil reserves to recover over the life of the field. A drilling program will commence in 2023 to achieve greater...