Petro-Victory Energy Corp. announces that, further to the Company's press release dated May 12, 2015 , the acquisition of certain assets in Guyana did not consummate prior to May 22, 2015 , nor did the Company and the vendors agree to terms of extension thereof, and, as such, the Guyana Acquisition is deemed to have automatically terminated and the 15,600,000 common shares that the Company had issued to the vendor thereof as consideration for the Guyana Acquisition (and which were being held in escrow pending the successful completion of the Guyana Acquisition) will be cancelled and returned to the Company's treasury.
As noted in the Company's press release dated May 12, 2015 , 15,600,000 common shares that were issued regarding the acquisition of certain assets in Brazil (and which were being held in escrow pending the successful completion of such acquisition) are also being cancelled and returned to the Company's treasury.
Richard Gonzalez , CEO, made the following observations: "We are very pleased to be able to return to treasury over 31 million shares from these two contingent acquisitions. This allows us to focus on our core Paraguay asset, and the reduced number of shares outstanding lets each shareholder more fully recognize the value thereof. The Company continues to work to enhance the value of the Paraguay asset while constantly seeking other Latin American producing opportunities."