Petro-Victory Energy acquires 19 Brazilian oil blocks
This acquisition cements Petro-Victory's status as one of the largest landholders in the highly petroliferous basin.
Petro-Victory secured the blocks by participating in the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil (ANP) third Permanent Offer Round held in Rio de Janeiro, Brazil, on April 13.
The new acquisition will increase the Petro-Victory Brazil portfolio to 38 blocks (37 in the Potiguar Basin) and represents a 99% increase in the Company's total acreage.
The 19 new blocks cover 128,080 acres (518 sq km) and are located adjacent to Petro-Victory's operating infrastructure at the Andorinha, Alto Alegre, and Trapia oil fields allowing for low-cost organic expansion.
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