CALGARY,
AB, April 4, 2024 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
provide an update on the workover campaign to increase oil
production in the 100% owned São João field in the Barreirinhas
Basin in Maranhão, Brazil.
Highlights
- SJ-06 well successfully completed adding additional 8.3 meters
of oil pay in the Tutoia formation.
- SJ-06 well tested at rate of 228 barrels of oil per day
("bopd") during initial 35-hour test.
SJ-06 Well
On February
27th, 2024, the SPT-129 workover rig mobilized
from the SJ-01 well to the SJ-06 well with a workover program
designed to open an additional 12.4 meters across 3 zones in the
Tutoia formation.
Petro-Victory successfully re-entered the well to a depth of
1,731 meters, logged the well, and subsequently perforated 8.3
meters in 2 planned zones between 1,263 meters and 1,516 meters
depth with oil and associated gas shows confirming expectations
that this is a gas driven, oil prolific, formation.
The well was successfully completed on April 1, 2024, with 1 ¾ " insert pump, gas anchor
and API-228 pump-jack, being installed over the well. The SJ-06
well now has 15.2 meters of oil pay zones open in the Tutoia
formation. The open zones are clean sandstones exhibiting 19%
average porosity.
Specific data for the initial production from the SJ-06 well is
as follows:
- During the initial 35-hour test period, the well surged to a
rate of up to 930 barrels of oil per day for a 3-hour period.
- The SJ-06 well averaged 228 barrels of oil per day during the
initial 35-hour test period.
- Oil from the Tutoia formation is a light crude oil with an API
gravity of 40.9°.
The SJ-06 well has total proved ("1P") reserves of 69 thousand
barrels of oil and total proved plus probable ("2P") reserves of
134 thousand barrels of oil.
The team continues to monitor well pressure, recovery of the
completion fluid, and associated gas levels.
Initial production results are not necessarily indicative of
long-term performance or ultimate recovery.
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 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.
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SOURCE Petro-Victory Energy Corp.