Petro-Victory Energy Corp Achieves Major Milestone at São João as CEO updates on Future Growth Plans

Proactive - Interviews for investors

Petro-Victory Energy Corp CEO Richard Gonzalez joined Steve Darling from Proactive to provide an operational update on the company's progress. Gonzalez revealed that the company successfully completed its three-well workover program at the São João Field, achieving total oil sales volumes of 5,814 barrels (bbls) for Q2 2024—representing a 99% increase over Q1 2024. Prior to Petro-Victory's entry in April 2020, the São João Field had no production or infrastructure. Since then, the field has produced over 50,000 barrels of oil and holds 1.9 million barrels of oil equivalent (MMboe) in 2P Reserves, with Best Estimate Risked Contingent Gas Resources of 8.4 MMboe. Gonzalez emphasized that the company's production growth remains a key priority, with expectations that future output will increase at a higher rate than production costs as they continue their development plan through the second half of 2024 and beyond. This strategy is expected to reduce production costs per barrel and improve operating netback margins. Petro-Victory has also identified 16 development opportunities across 12 of its other blocks, with seven representing economically viable prospects. A prospective resources report for the first four prospects is expected in the coming weeks. Additionally, the company is exploring opportunities to acquire mature fields in Brazil and Latin America, which would complement its existing high-growth portfolio. #proactiveinvestros #prto-victoryenergycorp #tsxv #vry #OilProduction #BrazilEnergy #EnergySector #CEOInterview #LatinAmericaBusiness #OilandGas #BrazilianEconomy #ESGInitiatives #SustainableEnergy #OilIndustryInsights #InvestmentOpportunities #BrazilianOperations #CorporateStrategy #EnergyNews #OilMarketTrends #EnvironmentalResponsibility #CommunityEngagement #EnergyInnovation #LatinAmericanMarkets #StrategicAcquisitions #BusinessGrowth #OilandGasExploration #CEOInsights #2024Outlook #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews