Petro-Victory Energy Corp adquire cinco concessões de petróleo no Brasil

Petro-Victory Energy Corp Acquires Five Oil Concessions in Brazil

Written by Paulo Nogueira

Published on 26/10/2018 at 14:41

Updated on 26/10/2018 at 14:42

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Company Acquires 50% Operational Interest in 34,600 Gross Acres in Five Oil Concessions in Onshore Brazil Espírito Santo Basin

Petro-Victory Energy Corp, an acquirer and developer of oil and gas assets, has just announced the acquisition of a 50% stake in five (5) exploration concessions located in the Espírito Santo Basin, onshore Brazil. The acquisition of Imetame Energia (“Imetame,” a subsidiary of the Imetame Group) is subject to approval by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (“ANP”).

The five concessions are the Company’s first assets in the mature and producing Espírito Santo Basin and represent a substantial increase in the Brazilian concession area participation. Petro-Victory’s assignment costs are estimated at US$ 440,000 and will be funded from the company’s US$ 10 million line. Imetame will remain the operator in this joint venture.

Each concession is highly prospective, low risk, and oil-prone. In certain concession areas, oil has been discovered and flowed to the surface. Further details on work programs, breakdown of mapped resources in each concession, and other relevant E&P data will be provided pending ANP approval.

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Imetame is an energy company with experience in operating and producing mature and frontier onshore basins in Brazil, with assets in the Potiguar, Recôncavo, Sergipe-Alagoas, and São Francisco basins. Today, Imetame produces 1,200 BOEPD daily and also generates 28Mw/h from its Prosperidade 1 plant. The Imetame Group employs over 3,500 people and operates throughout Brazil.

Richard F. Gonzalez, CEO of Petro-Victory, commented: “We are extremely pleased to be partnering with Imetame Energia in Brazil. They are a renowned operator with an impressive technical team and a successful track record in discovering, developing, and producing onshore oil in Brazil. These assets position us very well in the Espírito Santo producing basin and represent a significant advancement as we build Petro-Victory’s portfolio. We are currently finalizing our work programs with Imetame and will update our investors and the market upon conclusion.”

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Petro-Victory Energy Corp Acquires Five Oil Concessions in Brazil

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