CALGARY,
AB, Dec. 19, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is delighted
to provide an operational update regarding its workover program on
the Sao Joao Field, with the SJ-11 oil well coming online at rates
of 640 barrels of oil per day ("BOPD").
Highlights
- Petro Victory has safely and
successfully completed its initial 3-well workover program on its
100% owned Sao Joao field, located in the Northeast Brazil in the Barreirinhas
Basin
- Flow rates from the SJ-11 workover suggest an initial
production rate of 640 BOPD
- Production storage expansion is underway to facilitate
increased oil production
São João Field Workover Success
The Company successfully re-entered the SJ-11, SJ-06, and SJ-01
oil wells and completed them for production using pumpjacks to
provide artificial lift.
Petro-Victory re-entered the SJ-11 well, removed the failed
progressive cavity pump system and equipped the well for production
using a pumpjack. In addition, two additional reservoirs were
penetrated at depths of 1,297m and
1,467m to provide potential oil
production gains to the existing open and proven oil zone at
1,490m. An additional nine reservoirs
have been identified at SJ-11 for future oil testing and
production.
The SJ-11 well was brought back online on December 15th, with production from
SJ-06 and SJ-01 expected to recommence shortly. The completed
workover has had a significant positive impact on the oil
production at SJ-11. The SJ-11 well was brought online for a total
of 23 hours during the 15th – 17th of
December and produced a total of 613 barrels of oil – providing an
extrapolated daily average rate of 640 BOPD (in 2021 the SJ-11 well
averaged 7 BOPD).
Given materially higher than anticipated oil production rates,
Petro-Victory has begun implementing a production
facilities/storage expansion project to increase oil storage
capacity at the field.
Richard F. Gonzalez,
Petro-Victory CEO commented:
"I am incredibly happy with the result of the workover at SJ-11.
The initial rate of 640 barrels of oil per day is outstanding! The
team has worked very hard to make this workover program a success.
SJ-11 demonstrates the significant upside that our Company
continues to unlock through low cost well interventions. This is
our first step, since assuming operatorship a couple of months ago,
to extract value from our São João field. We look forward to
bringing SJ-06 and SJ-01 oil production online shortly."
Amendment to Bonus Warrants
Pursuant to the Company's press release dated December 15, 2022 announcing the closing of
secured financing of US$1.0 million
from existing shareholders (the "Financing"), the Corporation
wishes to clarify the exercise price of the warrants issued in
connection with the Financing.
The exercise price of the warrants issued in connection with the
Financing is equal to CAD$3.05 per
share.
About Petro-Victory Energy
Corp.
Petro-Victory Energy Corp. is engaged in the acquisition,
development, and production of crude oil and natural gas resources
in Brazil. The company holds 100%
operating and working interests in thirty-eight (38) licenses
totaling 257,604 acres in two (2) different producing basins in
Brazil. Petro-Victory generates
accretive shareholder value through disciplined investments in high
impact, low risk assets. The Company's Common Shares trade on the
TSX Venture Exchange ("TSXV") under the ticker symbol VRY.
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States unless an exemption from such registration is
available.
Advisory Regarding
Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and
potential investors with information regarding Petro-Victory's
future plans and operations, certain statements in this press
release are "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation (collectively, "forward-looking
statements"). In some cases, forward-looking statements can be
identified by terminology such as "anticipate", "believe",
"continue", "could", "estimate", "expect", "forecast", "intend",
"may", "objective", "ongoing", "outlook", "potential", "project",
"plan", "should", "target", "would", "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release speak
only as of the date thereof and are expressly qualified by this
cautionary statement.
Specifically, this press release contains forward-looking
statements relating to but not limited to: our business strategies,
plans and objectives, and drilling, testing and exploration
expectations. These forward-looking statements are based on certain
key assumptions regarding, among other things: our ability to add
production and reserves through our exploration activities; the
receipt, in a timely manner, of regulatory and other required
approvals for our operating activities; the availability and cost
of labor and other industry services; the continuance of existing
and, in certain circumstances, proposed tax and royalty regimes;
and current industry conditions, laws and regulations continuing in
effect (or, where changes are proposed, such changes being adopted
as anticipated). Readers are cautioned that such assumptions,
although considered reasonable by Petro-Victory at the time of
preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
The above summary of assumptions and risks related to
forward-looking statements in this press release has been provided
in order to provide shareholders and potential investors with a
more complete perspective on Petro-Victory's current and future
operations and such information may not be appropriate for other
purposes. There is no representation by Petro-Victory that actual
results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and Petro-Victory does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
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SOURCE Petro-Victory Energy Corp.