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Petro-Victory Energy Corp Announces Independently Certified 2P Reserves of 2.8 Million BO and PV10 Valuation of US$90,386,000
Petro-Victory Energy Corp Announces Independently Certified 2P Reserves of 2.8 Million BO...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces Independently Certified 2P Reserves of 2.8 Million BO and PV10 Valuation of US$90,386,000\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 THE UNITED STATES. 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 May 3, 2021\n \n /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce independently certified reserves for the first time in the Company's history.\n \n \n As of\n \n December 31, 2020\n \n , total proved plus probable (\"2P\") reserves of 2.827 MMBO and a before-tax value discounted at 10% of\n \n US$90.386 million\n \n has been assigned to the company for the Andorinha, Carapitanga, and Sao Joao oil fields in\n \n Brazil\n \n . This represents a 2P Net Asset Value of\n \n CAD$12.18\n \n /share on an undiluted basis (9,214,020 shares outstanding). The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ, Ltd. dated\n \n April 13, 2021\n \n with an effective date of\n \n December 31, 2020\n \n .\n \n \n \n Reserve Report Highlights\n \n :\n \n \n \n Proved Reserves (\"1P\"), Proved Plus Probable Reserves (\"2P\"), and Proved Plus Probable Plus Possible Reserves (\"3P\") only calculated for 3 of the Company's 20 assets.\n \n \n Net 1P Reserves of 1,103,000 BO with a PV10 valuation of\n \n US$34,802,000\n \n or\n \n CAD$4.69\n \n /share\n \n \n Net 2P Reserves of 2,827,000 BO with a PV10 valuation of\n \n US$90,386,000\n \n or\n \n CAD$12.18\n \n /share\n \n \n Net 3P Reserves of 4,011,000 BO with a PV10 valuation of\n \n US$127,332,000\n \n or\n \n CAD$17.16\n \n /share.\n \n \n \n \n Richard F. Gonzalez\n \n , Chief E...