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Petro-Victory Energy Corp Completes Acquisition of Producing Oil Assets in Brazil
Petro-Victory Energy Corp Completes Acquisition of Producing Oil Assets in Brazil ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Energy Corp Completes Acquisition of Producing Oil Assets in Brazil\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\nCanada NewsWire\nCALGARY, Sept. 4, 2018\n\n\n\nCompany Acquires Working Interest In 12,850 Gross Acres in 4 Oil Fields in Three Proven Basins and Commits Capital to Materially Expand Production \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\nCALGARY, Sept. 4, 2018 /CNW/ - Petro-Victory Energy Corp. (TSX-V: VRY), (\"Petro-Victory\" or the \"Company\"), an acquirer and developer of oil and gas assets, is pleased to announce a US $1.6 million acquisition of production and working interests in 4 oil fields, comprised of 12,850 gross acres, located within three developed onshore basins in Brazil, and commits capital to materially expand production. The acquisition was financed using the company's existing US $10.0 million credit facility. \n\n\n \n \n\n \nHighlights \n\n\nUS $1.6 million acquisition cost (US $125 per acre). US $0.375 million paid at signing, US $1.225 million paid upon Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil (\"ANP\") approval.\nAcquisition consists of:\n\n100% operating interest in the Andorinha onshore producing oil field in the Potiguar Basin\n100% operating interest in the Alto Alegre onshore oil field in the Potiguar Basin\n50% non-operating interest in the Carapitanga producing onshore oil field in the Sergipe-Alagoas Basin\n50% non-operating interest in the São João onshore oil field in the Barreirinhas Basin\nExisting infrastructure acquired includes 21 drilled wells, pipelines, power generation and electrical lines, pumping units, paved roads, storage tanks, 3D and 2D seismic with a combined estimated cost of >US $50 million\nSeismic and well data will be used to construct a new development plan. Initial work has indicated significant upside opportunities.\nPotential for new wells to m...