$VRY.V

Petro-Victory Energy Says SJ-12 Well Encounters Hydrocarbon

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.

Petro-Victory Energy Corp Has Amended Its Prior Announced Shares For Debt Transaction

Petro-Victory Energy Increases a Shares for Debt Transaction

Petro-Victory Energy (VRY.V) on Thursday said it revised terms to the debt settlement transaction of US$500,000 announced on March 22.The company said it now plans to enter into a debt settlement agreement with 579 Max Ltd to settle outstanding debts of US$1 million owing to the lender by issuing 2.04-million shares of the company at a deemed price of C$0.68 each.The company said the closing of the shares-for-debt transaction is subject to customary closing conditions, including the exchange approval.The company plans to close the shares-for-debt transaction as soon as practicable.The company's shares last traded April 8, closing at $0.65 on the TSX Venture Exchange.