The workover program targets new oil production from fourteen (14) additional zones in three (3) producing wells (SJ-11, SJ-01, SJ-06). The Company holds 100% working and operating interest in the Field.
Highlights
The Field has total proved plus probable ('2P') oil reserves of 1.9 million barrels of oil with a NPV10 valuation of USD
Three (3) well workover program (SJ-11, SJ-01, SJ-06) targeting fourteen (14) new zones of additional oil production
Petro-Victory mobilizes workover rig with leading rig services provider, Braserv
As of the
The workover program will test new zones as follows:
SJ-11 Well: 21.8m across 6 zones
SJ-01 Well: 32.2m across 5 zones
SJ-06 Well: 12.4m across 3 zones
Throughout the year, the Company has expanded the production facilities and storage capacity to ensure the Company is well prepared for the increased production which will come from the workover program.
Braserv is a Brazilian company highly specialized in onshore completion and workover services and has been in operation since 2009 with more than one thousand (1,000) employees, twenty-five (25) rigs in
Richard F Gonzalez, Petro-Victory CEO, commented
'I am very pleased with the work of all of our team members and partners and specifically the latest continuation of our partnership with Braserv to bring the untapped oil resources at the Sao Joao field to surface and generate cash flow. We are writing the next chapter of Petro-Victory's success story, fueled by dedication, focus, and commitment to proven methods that continue to drive sustainable shareholder value and energy security.'
About
and natural gas resources in
Cautionary Note
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 '
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
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.
Contact:
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