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BRITISH VIRGIN ISLANDS, Dec. 10, 2014 /CNW/ - Petro-Victory Energy Corp./ ("Petro-Victory" or the "Company") (TSX-V: VRY)
The Lapacho x-1 well has reached TD at 4,543m in the Santa Rosa Formation, the primary pre-drill target, with 418m of the 600m target interval drilled. Hydrocarbon shows have been encountered throughout the gross formation thickness extending right to TD, with background gas of up to 20% and trip gas of up to 48% (C1-C5 gas present).
The full logging program was restricted due to difficult downhole conditions. However, from the logs obtained, Lapacho x-1 penetrated 54m of clean sandstones with individual sand bed thicknesses up to 10m, most of which appear to be hydrocarbon bearing. Additional sandstone, estimated from seismic to be approximately 30m+, may exist in the undrilled target interval section below current TD, which would result in a total thickness of more than 80m of Santa Rosa reservoir sandstone at this location.
This outcome is in line with pre-drill estimates under which the well was targeting a discreet fault block.
The rig is now progressing to open hole well testing operations and a multi-rate test is planned to commence in the next few days to determine fluid type, flow rates, pressures and permeability. Upon completion of the Santa Rosa test, the separate, shallow discovery in the upper Icla formation will be tested. An update with the initial results of the first test is planned in approximately 10 days.
The 2014 drilling campaign has drilled two wells which have demonstrated the presence of a new Paleozoic hydrocarbon province in the Pirity Basin of the Paraguayan Chaco. The Company is a non-operating partner in the two million acre Pirity Block.
"We are delighted to announce very positive indications from the Lapacho well, and in particular, the hydrocarbon shows from the target Santa Rosa formation. We look forward in the immediate term to flow testing the hydrocarbon bearing zones in the Santa Rosa formation as well as the shallower Icla formation and sharing results in the near future. Both liquid and gas are extremely valuable commodities in Paraguay which imports all its own energy requirements." (Richard F. Gonzalez, Petro-Victory Energy Corp., CEO and Chairman)
Petro-Victory Energy Corp. is a publicly held British Virgin Islands oil and gas exploration company focused on Latin America with administrative headquarters based in Fort Worth, Texas, United States.
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 "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and potential investors with information regarding Petro-Victory, including management's assessment of 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 labour 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. These and additional risk factors are discussed in our Final Prospectus dated July 11, 2014, as filed with Canadian securities regulatory authorities at www.sedar.com.
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.
Image with caption: "Petro-Victory Energy Corp. (CNW Group/Petro-Victory Energy Corp.)". Image available at: http://photos.newswire.ca/images/download/20141210_C5806_PHOTO_EN_9276.jpg
SOURCE: Petro-Victory Energy Corp.
For further information: Petro-Victory Energy Corp., Richard F. Gonzalez, CEO - 972-239-3084; Petro-Victory Energy Corp., Mark Bronson, CFO and Corporate Secretary - 817-838-4744; Brisco Capital Partners Corp., Scott Koyich, - 403-619-2200