VRY Petro Victory Energy Corp

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CALGARY, AB, May 13, 2024 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) announces that Fifteen Talents LP has acquired ownership of 1,460,172 common shares in the capital of the Company ("Common Shares") via conversion of all of their restricted shares in the capital of the Company ("Restricted Shares"). A copy of the early warning report for Fifteen Talents LP will be available under Petro-Victory's profile on ‎SEDAR+.‎

Immediately prior to this purchase, Fifteen Talents LP owned and exercised control over an ‎aggregate of ‎‎121,022 Common Shares, 1,460,172 Restricted Shares, and 375,000 Options of the Company, ‎representing an interest of ‎approximately 0.94% of the issued and outstanding voting ‎securities of the Company on a non-diluted basis and ‎13.26% of the issued and outstanding voting ‎securities of the Company assuming conversion of the Restricted ‎Shares and Options.‎

As a result of the purchase, Fifteen Talents LP will own and exercise control over an aggregate ‎of 1,581,194 ‎Common Shares, 0 Restricted Shares, and 375,000 Options of the Company ‎representing approximately 11.00% of the ‎issued and outstanding voting securities of the ‎Company on a non-diluted basis and 13.26% of the issued and ‎outstanding voting securities of the ‎Company, assuming conversion of the Options.‎

The Restricted Shares are convertible on a 1:1 ratio into Common Shares, at the holder's option.‎

Fifteen Talents LP acquired the Common Shares for personal reasons and hold its ‎Common Shares of the Company for investment purposes. Fifteen Talents LP may in the ‎future take such actions in respect of its holdings as it deems appropriate in light of the ‎circumstances then existing, including the purchase of additional shares or other ‎securities of the Company through open market purchases or privately negotiated ‎transactions, or the sale of all or a portion of its holdings in the open market or in ‎privately negotiated transactions to one or more purchasers.‎

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 forty-one (41) licenses totaling 272,912 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 TSXV under the ticker symbol VRY.

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.

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.

SOURCE Petro-Victory Energy Corp.