Business
Petro-Victory Energy Corp announces the Closing of the Acquisition of 19 Blocks in the Potiguar Basin
Petro-Victory Energy Corp announces the Closing of the Acquisition of 19 Blocks in the Potiguar B...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp announces the Closing of the Acquisition of 19 Blocks in the Potiguar Basin\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 \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Nov. 29, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSX: VRY) is pleased to announce that it has signed binding concession contracts in connection with the previously announced nineteen (19) Block acquisition in the Potiguar Basin, onshore\n \n Brazil\n \n .\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n The Company has closed the acquisition of nineteen (19) new blocks in the onshore Potiguar Basin through its participation in the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of\n \n Brazil\n \n (\"ANP\") 3\n \n rd\n \n Oferta Permanente (\"Permanent Offer Round\");\n \n \n Petro-Victory has a 100% working and operated interest in all nineteen (19) new blocks;\n \n \n The acquisition of the blocks adds an additional 128,080 acres (518 sq km) almost doubling (+99%) the Company's existing portfolio of 19 blocks covering 129,524 acres (524 sq km);\n \n \n The Company holds a combined acreage position of 257,604 acres (1,042 sq km) with 100% working and operated interest, making it one of the largest portfolios in\n \n Brazil's\n \n most oil prolific onshore basin;\n \n \n The Company has placed cash deposits for work program guarantees of\n \n US$1,578,988\n \n and paid total Signing Bonuses of\n \n US$218,982\n \n ;\n \n \n \n As previously announced on\n \n April 14\n \n \n th\n \n 2022, the Company  successfully participated in the ANP Permanent Offer Round held in\n \n Rio de Janeiro, Brazil\n \n on\n \n April 13, 2022\n \n . Petro-Victory was awarded nineteen (19) new oil and gas blocks in the Potiguar Basin,\n \n Brazil\n \n which increased the Petro-Victory Brazil portfolio to thirty-eight (38) blocks (thirty-seven (37) of those blocks in the Potiguar Basin) and represented a 99% increase in the Company's total acreage. The nineteen (19) new blocks cover...