PETRO-VICTORY ENERGY CORP. PROVIDES OPERATIONS UPDATE

About this update from Petro-victory Energy Corp Class A

[{"type":"text","content":"\n\n\n\n PETRO-VICTORY ENERGY CORP. PROVIDES OPERATIONS 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 Sept. 5, 2024\n \n\n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\" or \"PVE\") (TSXV: VRY) provides an operations update to the shareholders.\n \n\n\n 2024 Advancement Highlights:\n \n\n\n\n São João Field, 3-well, workover campaign was completed in\n \n April 2024\n \n , total oil sales volumes for the three months ended\n \n June 30, 2024\n \n was 5,814 bbls up 99% from prior quarter.\n \n\n\n\n Best Estimate - Development Pending Risked Contingent Gas Resources located at the São João Field added 50.1 billion cubic feet (1.4 billion cubic meters) of gas or 8.4 million barrels of oil equivalent (\"MMboe\") and NPV\n \n 10\n \n USD\n \n $97.3 million\n \n .\n \n\n\n\n The Company updated its reserve report with 6.9 MMboe and NPV\n \n 10\n \n USD\n \n $257.7 million\n \n (\n \n $40.05\n \n /boe) 2P reserves.\n \n\n\n\n The Company announced a partnership with Azevedo Travassos Petróleo S/A (\"ATP\") to develop the Andorinha field and Block 281.\n \n\n\n\n Partnership with Azevedo Travassos Petróleo\n \n\n\n\n Block 281:\n \n Petro-Victory will re-enter and perform a workover on the CR-2 well in Block 281. The workover will commence in October as part of the ATP Partnership. ATP will pay 100% of the workover program and recover the cost through the net income generated by the production of the CR-2 well: 75 percent ATP and 25 percent PVE, after which, the two companies will split the net income generated by the production 50/50.\n \n\n\n Andorinha Field:\n \n Petro-Victory will drill two additional in-field wells at the Andorinha field beginning in December through the ATP Partnership, ATP will pay 100% of the drilling work program and recover cost through the net income generated by the production of the two wells: 75 percent ATP and 25 percent PVE, after which, the two companies will split the net income generated by the production 50/50.\n ...

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