Highlights
- SJ-06 well successfully completed adding additional 8.3 meters of oil pay in the Tutoia formation.
- SJ-06 well tested at rate of 228 barrels of oil per day ("bopd") during initial 35-hour test.
SJ-06 Well
On
Petro-Victory successfully re-entered the well to a depth of 1,731 meters, logged the well, and subsequently perforated 8.3 meters in 2 planned zones between 1,263 meters and 1,516 meters depth with oil and associated gas shows confirming expectations that this is a gas driven, oil prolific, formation.
The well was successfully completed on
Specific data for the initial production from the SJ-06 well is as follows:
- During the initial 35-hour test period, the well surged to a rate of up to 930 barrels of oil per day for a 3-hour period.
- The SJ-06 well averaged 228 barrels of oil per day during the initial 35-hour test period.
- Oil from the Tutoia formation is a light crude oil with an API gravity of 40.9 °.
The SJ-06 well has total proved ("1P") reserves of 69 thousand barrels of oil and total proved plus probable ("2P") reserves of 134 thousand barrels of oil.
The team continues to monitor well pressure, recovery of the completion fluid, and associated gas levels.
Initial production results are not necessarily indicative of long-term performance or ultimate recovery.
Petro Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in
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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 "
In the interest of providing Petro Victory's shareholders and potential investors with information regarding 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; Žthe 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.
Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
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.
The disclosure in this news release summarizes certain information contained in the GLJ Reserves and Resources Report but Žrepresents only a portion of the disclosure required under National Instrument 51-101 ("NI 51-101"). Full disclosure with respect to the Company's reserves as at
The term BARRELS OF OIL EQUIVALENT ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six Žthousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency Žconversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe Žconversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to Žone barrel of oil.Ž