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CALGARY, Feb. 23, 2015 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY)
The Board of Directors of Petro-Victory Energy is very pleased to announce that Dr. Richard Hubbard has joined the Company's executive management team effective today. In his new role as President of Petro-Victory, Dr. Hubbard will lead all facets of the Company's exploration and production efforts in Paraguay and elsewhere, globally. Simultaneously, Dr. Hubbard has joined the Company's Board of Directors. Richard Gonzalez will remain Chairman and Chief Executive Officer.
Dr. Hubbard has previously served in a wide range of senior leadership positions at BP, Statoil, Orion California and most recently President Energy. Dr. Hubbard is a Stanford graduate with 40 years worldwide experience and has held leadership positions throughout the international E&P business.
As a graduate recruit during the 1970's, Dr. Hubbard began work as a rig geologist in BP's rapidly emerging North Sea business before progressing to become worldwide Chief Geologist. He then worked directly with Lord Browne in corporate planning at a time that the company completely refocused its worldwide portfolio and performance measures during the early 1990's. This led to very significant exploration success in the deep-water Gulf of Mexico, West Africa, Caspian Sea, Russia and elsewhere which remain the core areas for BP today. Dr. Hubbard then accepted a position to lead Statoil's worldwide E&P growth outside the North Sea as Executive VP International at a time when the company entered into JV partnerships with key National Oil Companies providing exposure to all the major oil producing regions of the Middle East, Africa, Latin America and Asia. In more recent times, Dr. Hubbard has raised significant funds and founded several private equity vehicles having pursued projects in California and elsewhere. Most recently, Dr. Hubbard led President Energy into Paraguay and has unlocked exploration plays with potential to develop into the largest new hydrocarbon province to be discovered onshore South America in the past 20 years. PetroVictory's Pirity Concession is a key piece of acreage in this exciting new play.
Richard F. Gonzalez, CEO
"The addition of Dr. Hubbard to our Executive Management team is an absolute game changer for our company and would be for a company 50 or 100 times our size. Dr. Hubbard's brilliance and impeccable reputation as one of the world's foremost geologist oil finders now sets us apart with wisdom and expertise rarely found in a company of our size. On top of that, Dr. Hubbard is the world's foremost authority on our highly prospective assets in Paraguay. I look forward to working with and learning from Dr. Hubbard while we execute our strategic business plan to unlock exceptional shareholder value and energy independence for the people of Paraguay."
Petro-Victory Energy Corp. is a publicly held British Virgin Islands exploration company focused on Latin America with headquarters based in Fort Worth, Texas, United States. Petro-Victory pursues its growth by applying a combination of technical knowledge (its own and third parties' knowledge and expertise) with its current primary focus in the Pirity Block Concession located in Paraguay.
Petro-Victory continues to apply a variety of strategies and procedures to create and add value to its assets and deliver earnings, reasonable profits, and business success to its shareholders.
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.
SOURCE Petro-Victory Energy Corp.
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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