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CALGARY, Nov. 17, 2014 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY)
Petro-Victory Energy Corp. is pleased to provide an operational and drilling update at the Lapacho prospect, Pirity block, located in Paraguay.
Petro-Victory had previously announced that it had encountered Hydrocarbons higher up in the well in the Icla Formation and that drilling would continue to penetrate the main Santa Rosa target.
The well has been currently drilled to 4,490m since setting casing at 4,125m. The drilling has continued to penetrate the main Santa Rosa target. Petro-Victory has now drilled the upper section of the Santa Rosa Formation and considers it is drilling a series of gas or gas/condensate sands.
Drilling operations have provided evidence and encouraging data including constant background gas ranging from 3% to over 12% in the circulated drilling mud to surface throughout the drilling of the hole, an operation which is currently continuing. Accordingly and due to the above information, Petro-Victory is fully intending to drill to the base of the Santa Rosa Formation to a depth of 4,600m to fully evaluate the target section.
Due to the extended drilling period a further progress announcement will be made towards early December.
Petro-Victory Energy Corp. is a publicly held British Virgin Islands oil and gas exploration company focused on Latin America with headquarters based in Fort Worth, Texas, United States.
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.
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.
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 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. Logo (CNW Group/Petro-Victory Energy Corp.)". Image available at: http://photos.newswire.ca/images/download/20141117_C6933_PHOTO_EN_8116.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