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CALGARY, Oct. 20, 2014 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY)
Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSXV:VRY) is pleased to announce that the Lapacho well, located on the Pirity Block in Paraguay, has encountered hydrocarbons within the Icla Formation at a depth of 3,926 meters. Based on open hole logs run across the interval, these sandstones display average porosity of 6% and are heavily fractured. A series of side wall cores recovered from the interval displayed good light oil or condensate shows.
"I am delighted with our accomplishments on both wells. The joint venture has demonstrated the ability to drill these high impact wells both on time and on budget. Furthermore, we are very pleased to have encountered hydrocarbons in this secondary target at Lapacho and we look forward to resuming drilling to the primary target, the Santa Rosa Formation." (Richard Gonzalez, Petro-Victory Energy CEO/Chairman)
The Icla Formation is not the primary target of this well. Once casing is set at a depth of 4,128 meters the operator plans to continue drilling in order to test the primary target within the underlying Devonian Santa Rosa Formation. As originally announced on September 4, 2014, this well is targeting a discrete, well-defined fault block trap within the greater prospect area. Drilling of the Lapacho well remains on time and on budget with TD projected in mid-November 2014. The operator and Petro-Victory plan to flow test the potential oil or condensate bearing sandstones in the Icla Formation, as well as any other hydrocarbon bearing sandstones that may be encountered in the Santa Rosa after the drilling operations are completed.
The Operator, President Energy, PLC, and Petro-Victory plan to drill an additional exploration well contingent on the results of the first two wells.
Petro-Victory Energy Corp. is a publicly held British Virgin Islands Company that trades publicly on the TSX Venture Exchange under the symbol "VRY." Petro-Victory is an exploration and development company focused on the Pirity Basin in Paraguay.
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, drilling and exploration expectations, future well operations, the anticipated benefits of the recently drilled well, and future operations on the recently drilled well. These forward-looking statements are based on certain key assumptions regarding, among other things: exploration activities; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labor 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. The resource disclosure for the Company is contained in our Final Prospectus dated July 11, 2014 , and our other disclosure as filed with Canadian securities regulatory authorities at www.sedar.com. 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 contained 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.
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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