Business
Petro-Victory Energy Corp. Operational and Corporate Update
Petro-Victory Energy Corp. Operational and Corporate Update Canada NewsWire ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp. Operational and Corporate Update\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. 10, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) provides an operational update regarding its upcoming workover program on the Sao Joao Field, the testing program at PVE-01 on the Andorinha field, and a corporate update regarding conversion of shares from common shares (\"Common Shares\") into restricted voting shares of the Company (\"Restricted Voting Shares\").\n \n \n \n \n \n \n \n \n \n \n Testing and Workover Rig\n \n \n \n The Company has signed a contract with BRASERV PETRÓLEO LTDA (\"Braserv\") for the provision of the SPT-144 transportable and mechanical service rig. Braserv is a Brazilian company highly specialized in completion and workover services. The SPT-144 is a modern built rig which was renovated in 2020 and provides a completion capacity to\n \n 3,600m\n \n .\n \n \n As part of the Company's ongoing operational planning, management has made the decision to release the MAPEEN-01 drilling rig and progresses discussions with alternative drilling rig operators regarding sourcing a drilling rig for its PVE-02 and PVE-03 wells.\n \n \n In order to maximize efficiency during the period of demobilization of the MAPEEN-01 drilling rig, the SPT-144 rig is currently in route to the Company's São João field to install artificial lift on 3 existing oil wells. Following the completion of the work at the São João field the rig will be mobilized to the PVE-01well location at the Andorinha field to commence the testing program.\n \n \n \n Corporate Update\n \n \n \n In order to comply with Foreign Private Issuer (\"FPI\") status, certain insiders of the Company have elected to convert 2,746,786 Common Shares to Restricted Voting Shares. The Restricted Voting Shares are convertible on a 1:1 ratio into Common Shares, at the holder's option.\n \n \n As a result of the conversion, Fifteen ...