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Petro-Victory Energy Says SJ-12 Well Encounters Hydrocarbon

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-- Petro-Victory Energy's (VRY.V) SJ-12 well Sao Joao (SJ) field in Brazil encountered ~280 meters of gross interval containing hydrocarbon-bearing sections, the company said on Tuesday.

The well encountered 72 net meters of hydrocarbon pay (gas). An additional 45 meters (147 feet) of hydrocarbon (oil) shows were identified, a statement added.

Petro-Victory is planning an additional testing program to further evaluate the SJ-12 well, with results to be announced separately.

"The SJ-12 well significantly exceeds our expectations and marks a major milestone in the development of the Sao Joao Field. We have confirmed a robust and active petroleum system, with clear stacked pay potential. These results validate our subsurface model and reinforce our confidence in the field's scale and long-term value creation," said chief executive Richard Gonzalez.

Petro-Victory last traded on April 15, closing at $0.73, on the TSX Venture Exchange.

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