PETRO-VICTORY ENERGY CORP. 
As of
1 Refer to the section entitled "Oil and Natural Gas Advisories" for additional disclosures regarding oil and natural gas reserves, contingent resources and prospective resources. In addition refer to "Oil and – Natural Gas Advisories - Other Metrics" for additional disclosures and assumptions used in calculating net asset value and net asset value per share. |
Proved Reserves ("1P"), Proved Plus Probable Reserves ("2P"), and Proved Plus Probable Plus Possible Reserves ("3P") were calculated for six (6) of the Company's thirty-eight (38) oil blocks.
Net 1P Reserves of 3.547 million barrels of oil equivalent with a PV10 Valuation of
Net 2P Reserves of 6.939 million barrels of oil equivalent with a PV10 Valuation of
Net 3P Reserves of 10.282 million barrels of oil equivalent with a PV10 Valuation of
"The new Reserve Report, covering only six (6) of our thirty-eight (38) oil blocks in
Our operations are generating ongoing positive cash flow as we look to increase our oil production, cash flow, profitability, and reserves in 2023. I look forward to updating the market as operations progress."
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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 "
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; 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.
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 represents 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
This press release contains metrics commonly used in the oil and natural gas industry, which have been prepared by management, including "net asset value" and "net asset value per share". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.
"Net asset value" is based on the before-tax net present value of the Company's reserves as of
"Net asset value per share" is based on the computation of net asset value divided by 20,429,849 basic shares (common shares and restricted voting combined) outstanding adjusted to Canadian dollars based on the foreign exchange rate on
The term BARRELS OF OIL EQUIVALENT ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
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