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Petro-Victory Energy Corp Announces Commercial Oil Production at the São João Oil Field, Brazil
Petro-Victory Energy Corp Announces Commercial Oil Production at the São João O...
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[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces Commercial Oil Production at the São João Oil Field, Brazil\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 CALGARY, AB, Nov. 19, 2020\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 , Nov. 19, 2020 /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce that it has commenced commercial production at the São João oil field in the State of Maranhão,\n \n Brazil\n \n .\n \n \n \n \n \n \n \n \n \n \n São João oil field (Petro-Victory 50% Working Interest)\n \n \n \n As previously announced, Petro-Victory acquired a 50% working interest in the São João oil field in Q4 2019 for a total cost of\n \n R$500,000\n \n (approximately\n \n US$93,000\n \n at current exchange rate). The São João field produced 87,500 BO cumulative intermittently between 1984-1988 from 4 wells and has been abandoned in excess of 30 years.\n \n \n In Q4 2019 and Q1 2020 the Company, with its operating partner Oeste de Canoas Petróleo e Gás Ltda, installed production facilities at the field area, including storage tanks, flow lines, road access, and general civil and mechanical work. A workover rig was mobilized in Q2 2020 to commence production testing. In November, the field is currently averaging production of  70 BOPD (35 BOPD net to Petro-Victory) from 3 wells (SJ-01, SJ-06, and SJ-11), and production is expected to increase in the short-term following the installation of artificial lift systems at the SJ-01 and SJ-11 wells.\n \n \n \n Successful Workovers\n \n \n \n The Company has re-entered 3 suspended oil wells (SJ-01, SJ-06, and SJ-11) and completed oil production testing in line with its work program commitments with the Agencia Nacional do Petroleo Gas Natu...