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Petro-Victory Energy Corp. - Lapacho Well Update - Confirmation of Hydrocarbons Present in the Santa Rosa and Icla Formations
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About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\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\nCALGARY, Dec. 29, 2014 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSX-V: VRY) \n\n Highlights\n\n\nTest of Santa Rosa Formation confirms presence of hydrocarbon accumulation plus associated condensate in the greater Lapacho area \nLight oil/condensate encounter confirmed at the shallower Icla Formation at Lapacho by logs and cores. However, a valid flow test was not possible due to suspected bore hole annulus communications with overlying Pirgua formation \nSummary \n\nAs previously announced on the Press Release dated Dec. 10, 2014, the Lapacho well reached TD at 4,543m in the Santa Rosa Formation, the primary pre-drill target, with 418m of the 600m target interval drilled. Hydrocarbon shows have been encountered throughout the gross formation thickness extending right to TD, with background gas of up to 20% and trip gas of up to 48% (C1-C5 gas present). The full logging program was restricted due to difficult downhole conditions. However, from the logs obtained, Lapacho x-1 penetrated 54m of clean sandstones with individual sand bed thicknesses up to 10m, most of which appear to be hydrocarbon bearing. Additional sandstone, estimated from seismic to be approximately 30m+, may exist in the undrilled target interval section below current TD, which would result in a total thickness of more than 80m of Santa Rosa reservoir sandstone at this location. \n\nNow, Petro-Victory's 2014 drilling campaign comes to an end marking a major achievement, having demonstrated the presence of previously unknown Paleozoic hydrocarbon bearing formations in the Pirity Basin of the Paraguayan Chaco. This is a critical first step in value creation for Petro-Victory's shareholders, for the government of Paraguay and other stakeholders.\n\nPetro-Victory considers it has encountered hydrocarbons in two separate reservoirs (Santa Rosa and Icla) which, when combined with the source rock evidence at Jacaranda well, substantially de-risks its Pirity Block asset. \n\nThe Icla hydrocarbon encounter, as defined by logs at Lapacho, needs a definitive flow test to establish commerciality and potential flow rates. However, the...