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CALGARY,
AB, Feb. 26, 2024 /CNW/ - Petro-Victory Energy
Corp. ("Petro Victory" or the "Company") (TSXV: VRY) is pleased to
announce that it has retained Integral Wealth Securities Limited
("Integral") to provide Market-Making services in accordance
with TSX Venture Exchange ("TSXV") policies. Integral will
trade securities of Petro Victory on
the TSXV for the purposes of maintaining an orderly market of
Petro Victory's securities.
Integral assist in maintaining active and orderly trading in the
market for the Company's securities and improve the liquidity of
the Company's shares. In consideration of the services provided by
Integral, Petro Victory will pay
Integral a monthly cash fee of CAD $7,000. Integral will not receive any shares or
options as compensation. The agreement has an initial minimum term
of 90 days and thereafter the Company has the right to terminate
the agreement on 30 days prior written notice. Integral and its
clients may have or may acquire a direct interest in the securities
of the Company. Petro Victory and
Integral are unrelated and unaffiliated entities. Integral is a
member of the Canadian Investment Regulatory Organization
("CIRO") and can access all Canadian Stock Exchanges and
Alternative Trading Systems. The capital and securities required
for any trade undertaken by Integral as principal will be provided
by Integral. The Market Maker Agreement is subject to the approval
of the TSXV.
Integral Wealth Securities
Limited
Integral Wealth Securities Limited is an independent
CIRO-licensed investment dealer engaged in market making,
investment banking and wealth management. Headquartered in
Toronto, the firm operates from
nine offices across Canada. The firm's FINRA-licensed US
broker dealer affiliate, Integral Wealth Securities LLC, is based
in Malvern, PA and provides
investment banking as well as private placement services.
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 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.
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 approval
by the TSXV of the Market Maker Agreement; 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.
Oil and Natural Gas
Reserves
The disclosure in this news release summarizes certain
information contained in the GLJ Reserves and Resources Report but
represents only a portion of the disclosure required under
National Instrument 51-101 ("NI 51-101"). Full
disclosure with respect to the Company's reserves as at
December 31, 2022 is contained in
the Company's Form 51-101F1 for the year ended December 31, 2022 which has been filed on SEDAR
(www.sedar.com). All net present values in this press release are
based on estimates of future operating and capital costs and GLJ's
forecast prices as of December 31,
2022 and have been made assuming the development of each
property in respect of which the estimate is made will occur,
without regard to the likely availability to the reporting issuer
of funding required for that development. The reserves definitions
used in this evaluation are the standards defined by the Canadian
Oil and Gas Evaluation Handbook (COGEH) reserve definitions, are
consistent with NI 51-101 and are used by GLJ. The net present
values of future net revenue attributable to the Petro Victory's
reserves estimated by GLJ do not represent the fair market value
of those reserves. Other assumptions and qualifications relating to
costs, prices for future production, and other matters are
summarized herein. The recovery and reserve estimates of the
Company's reserves provided herein are estimates only, and there
is no guarantee that the estimated reserves will be recovered.
Actual reserves may be greater than or less than the estimates
provided herein. Possible reserves are those additional reserves
that are less certain to be recovered than probable reserves.
There is a 10% probability that the quantities actually recovered
will equal or exceed the sum of proved plus probable plus possible
reserves.
BOE Disclosure
The term BARRELS OF OIL EQUIVALENT ("boe") may be misleading,
particularly if used in isolation. A boe conversion ratio of six
thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to
barrels of oil equivalence is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. All boe
conversions in this news release are derived from converting gas
to oil in the ratio mix of six thousand cubic feet of gas to one
barrel of oil.
SOURCE Petro-Victory Energy Corp.