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Petro-Victory Energy Corp. Announces Results of Audit of Significant Additional Prospective Resources for the Lapacho Prospect
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About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\n\n/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION WITHIN THE UNITED STATES/\n\n\n\nCALGARY, Aug. 14, 2014 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\")(TSX-V:VRY)\n\nPetro-Victory Energy Corp. (\"Petro-Victory\") is pleased to announce the results of an independent audit of its Prospective Resources over the \"Lapacho\" prospect, Pirity Block located in Paraguay, which was carried out by the international consultancy firm RPS Energy and dated July 28, 2014, with an effective date and preparation date of June 1, 2014.  This Audit Report was an update of the previous RPS Audit Report dated May 19, 2014, which audited two of three selected prospective areas in the Pirity Block. \n\nThe \"Lapacho\" prospect, which is located mostly in the Pirity Block, but does extend into the Demattei Block which is not held by the Company (the percentage of on-block volumes varies with the range of potential mapped closures), is estimated to contain mean Prospective Resources of 5.2 Tscf gas and 157 million barrels of condensate on a full-field (100% working interest) basis, of which 3.8 trillion standard cubic feet (\"Tscf\") (gas) and 114 million barrels (condensate) are within the Pirity Block. The mean unrisked Prospective Resources Net Attributable to Petro-Victory are 1.13 Tscf gas and 34 million barrels of condensate (the Net Attributable represents Petro-Victory's 36% working interest entitlement after deduction of government royalty and overriding royalty interest). RPS Energy estimates the Geologic Probability of Success (\"GPoS\", or chance of discovery) of the Lapacho prospect at 11.7%. (see Notes and Cautionary Statements) as follows:\n\n\n\n\n\n\n\n\n\nProspective Gas Resources Summary for Lapacho Prospect\n\n\n\n\n\n\n\n\n\nProspect -License\n\n\nGross1\n\n\n\nNet Attributable1\n\n\n\n\nPrimaryGas (Bscf)\n\n\nLowEstimate\n\n\nBestEstimate\n\n\nHighEstimate\n\n\nMeanEstimate\n\n\n\nLowEstimate\n\n\nBestEstimate\n\n\nHighEstimate\n\n\nMeanEstimate\n\n\nGPoS%\n\n\n\nPaleozoicReservoir\n\n\n\n\nPirity2\n\n\n532\n\n\n1118\n\n\n2596\n\n\n1356\n\n\n\n442\n\n\n928\n\n\n2155\n\n\n1126\n\n\n11.7\n\n\n\nNotes: \n\n\n\n1\n\n\nGross represents Petro-Victory's ultimate 36% WI after President's earning obligations have been met; Net ...