News listings

energy-pedia general news

Brazil flagBrazil

South America / GoM >>> Brazil

Brazil: Petro-Victory Energy announces independently certified 2P reserves of 2.8 million BO and PV10 valuation of USD90,386,000


04 May 2021

Photo - see caption

Petro-Victory Energy has announce independently certified reserves for the first time in the Company’s history.

As of December 31, 2020, total proved plus probable ('2P') reserves of 2.827 MMBO and a before tax value discounted at 10% of US$90.386 million has been assigned to the company for the Andorinha, Carapitanga, and Sao Joao oil fields in Brazil. This represents a 2P Net Asset Value of CAD$12.18/share on an undiluted basis (9,214,020 shares outstanding). The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ, Ltd. dated April 13, 2021 with an effective date of December 31, 2020.

Reserve Report Highlights:

  • Proved Reserves ('1P'), Proved Plus Probable Reserves ('2P'), and Proved Plus Probable Plus Possible Reserves ('3P') only calculated for 3 of the Company’s 20 assets.
  • Net 1P Reserves of 1,103,000 BO with a PV10 valuation of US$34,802,000 or CAD$4.69/share
  • Net 2P Reserves of 2,827,000 BO with a PV10 valuation of US$90,386,000 or CAD$12.18/share
  • Net 3P Reserves of 4,011,000 BO with a PV10 valuation of US$127,332,000 or CAD$17.16/share.

Richard F. Gonzalez, Chief Executive Officer of Petro-Victory commented:

'The certified Reserve Report reflects the material shareholder value increase that our team has been building since our arrival in Brazil. Our current focus is on executing the 2021 drilling and work-over program to significantly increase our oil production, cash flow and profitability. We remain diligent and active in our pursuit to acquire and increase our portfolio of low risk high impact onshore oil fields. We are also very pleased that our Brazilian operations are generating positive cash flow. We thank our shareholders and stakeholders for their continued support and trust.'

Original article link

Source: Petro-Victory Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 364

Completed Deals

Completed Upstream Deals: 6093

Company Profiles

Current Company Profiles: 2774

Corporate Activity

Current Corporate Activity articles: 3666

Companies Looking

Current number of articles: 447

Company Sales

Current Company Sales articles:1477

Geostudies

Current Geostudies articles: 794

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

energy365
Government of South Australia
KL Publishing
OPC
Union Jack Oil 149
SLR Consulting logo
Bayphase
Rose & Assocs 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com