Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") is pleased to provide the following update on its acquisition of the São João Field in Northeast Brazil and corporate update.
São João Field Acquisition
Following the announcement on August 2nd, 2021, that Petro-Victory was acquiring the remaining 50% working and operated interest in the São João Field in the Barreirinhas basin, the Company is pleased to announce that the acquisition has been approved by Agência Nacional do Petróleo (ANP). Petro-Victory now holds 100% working interest and operatorship in the São João Field.
Through the first half of 2022, the São João Field averaged 17 BOPD from 3 wells and has been producing as expected throughout the year. The acquisition results in an increase of 8.5 BOPD to the Petro-Victory production portfolio.
Additionally, an updated development plan for the São João Field has been submitted to ANP that is expected to achieve greater than 500 BOPD by re-entering and perforating multiple pay zones over 9 existing wells. This work is scheduled to commence in early 2023, subject to sourcing of a suitable workover rig.
Corporate Update
At the Annual General Meeting of shareholders on June 29, 2022, the Company's stock option plan was approved. Subsequently, the board of directors approved the grant of stock options (the "Options") for a total of 1,100,000 common shares ("Common Shares") to its directors, officers, employees and consultants. All Options were granted pursuant to the Company's stock option plan and are subject to the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange.
The Options were granted at an exercise price of CAD$3.00. The Options shall vest over periods ranging from one to three years. ??The Company has determined that exemptions from the various requirements of TSX Venture Exchange ??Policy 5.9 are available for ??the grant of these Options. The Options are subject to ?TSX Venture ?Exchange acceptance.?
