Company acquires 50% operating interest in 34.600 Gross Acres in Five Oil Concessions in Onshore Brazil Espírito Santo Basin
Petro-Victory Energy Corp, 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 onshore Espírito Santo Basin in Brazil. The acquisition of Imetame Energia (“Imetame”, a subsidiary of the Imetame Group) is subject to the approval of the National Agency of Petroleum, Natural Gas and Biofuel of Brazil (the “ANP”).
The five concessions are the Company's first assets in the producing and mature Espírito Santo Basin, and represent a substantial increase in the share of the Brazilian concession area. Petro-Victory's award costs are estimated at $440.000 and will be funded under the company's $10 million line. Imetame will remain as operator in this joint venture.
Each concession is highly prospective, low risk and oil prone. In certain concession areas, oil was discovered and flowed to the surface. Further details on work programs, breakdown of resources mapped in each concession and other relevant E&P data will be provided until ANP approval.
Imetame is an energy company with experience in the operation and production of mature onshore and frontier basins in Brazil, with assets in the Potiguar, Recôncavo, Sergipe-Alagoas and São Francisco basins. Today, Imetame produces 1.200 BOEPD daily and also produces 28Mw / ha from its Prosperidade 1 plant. The Imetame Group employs more than 3.500 people and operates throughout Brazil.
Richard F. Gonzalez, CEO of Petro-Victory, commented: “We are extremely pleased to partner with Imetame Energia in Brazil. They are renowned operators with an impressive technical team and a successful track record in discovering, developing and Producing oil onshore in Brazil, these assets position us very well in the producing Espírito Santo basin and represent a significant step forward as we build the portfolio of Petro-Victory, we are currently finalizing our work programs with Imetame and will update our investors and the market. conclusion. ”
