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Petro-Victory Energy Corp Announces ANP Approval for the Acquisition of Four Oil Fields in Brazil
Petro-Victory Energy Corp Announces ANP Approval for the Acquisition of Four Oil Fields in...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\n\nPetro-Victory Energy Corp Announces ANP Approval for the Acquisition of Four Oil Fields in 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.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Oct. 16, 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, Oct. 16, 2019 /CNW/ - Petro-Victory Energy Corp. (TSX-V: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce that Petro-Victory has received final approval from the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil (\"ANP\") for Petro-Victory to acquire its initial working interests in Brazil.\n\n \n \n\n \nAs previously announced, the Company executed a contract for the $1.6 million acquisition of production and working interests in four (4) oil field concessions and stated its commitment of capital to materially expand production. The four fields are comprised of 12,850 gross acres located within three developed onshore basins in Brazil.\nThe acquisition consists of the following:\n100% working interest in the Andorinha onshore producing oil field in the Potiguar Basin100% working interest in the Alto Alegre onshore oil field in the Potiguar Basin50% working interest in the Carapitanga producing onshore oil field in the Sergipe-Alagoas Basin50% working interest in the São João onshore oil field in the Barreirinhas Basin\nThe acquired assets include existing infrastructure consisting of 21 drilled wells, pipelines, power generation and electrical lines, pumping units, paved roads, storage tanks, and extensive 3D and 2D seismic. Existing seismic and well data have been used to develop a 24-month work program. The total (Q2 2019) average production of 24 barrels of oil per day is from four mature wells in the two producing fields of Andorinha and Carapitanga. With the completion of the acquisition, Petro-Victory immediately recognizes production revenue, initiates its 2019 work program, an...