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Petro-Victory Energy Corp Announces Sale of Non-Operated Assets and Board Changes
Petro-Victory Energy Corp Announces Sale of Non-Operated Assets and Board Changes ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces Sale of Non-Operated Assets and Board Changes\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. 11, 2020\n \n \n \n \n \n \n \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 CALGARY, AB, Nov. 11, 2020 /CNW/ - Petro-Victory Energy Corp. (TSX-V: VRY) (\"Petro-Victory\" or \"Company\") is pleased to announce that it has entered into a binding Purchase and Sale agreement with EnP Ecossistemas Energéticos Holdings S.A (\"EnP\") for the sale of non-operated assets held by the Company for a consideration of\n \n US$3,326,644\n \n .\n \n \n The sale is comprised of:\n \n \n \n A 50% non-operated working interest in 5 onshore exploration concessions, as previously announced on\n \n October 26, 2018\n \n , in the State of Espírito Santo,\n \n Brazil\n \n . Included in the 5 exploration concessions is Block ES-T-487, where the company and its operating partner, IMETAME Energia Ltda., successfully drilled the 1-VID-ES (Vida) exploration well, as announced on\n \n April 7, 2020\n \n ;\n \n \n \n \n Option to purchase a 50% operating interest in three onshore oil fields (Lagoa Parda, Lagoa Parda Norte and Lagoa Piabanha) in the Espírito Santo Basin, as previously announced on\n \n November 25, 2019\n \n , for the same proportional amount paid to Petrobras. The consideration is the refund of 7.5% deposit paid, in the amount of US\n \n $702,933\n \n and the assumption of all existing debts and liabilities associated with the working interests being sold in the Brazilian exploration concessions and oilfields.\n \n \n \n A 10% down payment\n \n (US$332,664)\n \n has been received from EnP and the payment of the remaining 90%\n \n (US$2,993,980)\n \n is contingent upon approval of Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of\n \n Brazi...