Pursuing and developing exploration project opportunities in Latin America

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Pirity Concession Petroleum Potential and Updates

Petro-Victory Energy Corp. (PVE) is a publicly held (TSX.VRY) international oil and gas exploration company focused on Latin America. The Company has a 36% working interest in the Pirity Block located in the Republic of Paraguay.

Paraguay Petroleum Potential

Paraguay is surrounded by petroleum production. Argentina produces light sweet crude from the Olmedo Basin, which extends into Paraguay. Brazilian oil is produced in the Parana Basin, which also extends naturally into Paraguay from the east. Finally, Bolivia produces light oil and liquids rich natural gas right across the Paraguayan border to the north. Only a few hydrocarbon exploration ventures have been undertaken in Paraguay, which by contrast with its neighbors remains largely unexplored to date.

The Pirity Project Timeline

2006 – Private company formation by founders and management team of current public company
2008 – Concession perfected into law 3479
2012 – Farm out to President Energy, PLC (AIM.PPC.L) for $50mm to earn 59% and operatorship
2013 – 791sq km 3D and 460 km 2D seismic acquisition ($16mm), evaluation, and interpretation
2014 – IPO successfully completed on July 22
2014 - Drilling Campaign:
                 Jacaranda X-1 drilled in June/July to TD 4,500 meters and suspended for further evaluation.
                 Lapacho well spudded on September 3 (TD expected approximately 70 days after spudding).

Current Operations

The Company has successfully completed the first stage of drilling on the Lapacho well and has cased the well to a depth of 3,200 meters, approximately 1,100 meters above the target reservoir. The timing of the well remains on track with TD expected to be reached approximately 70 days after spudding on September 3, 2014. The Lapacho well is targeting a discrete, well-defined fault block trap within the greater Lapacho prospect with mean, unrisked prospective resources (pre-drill) net to the Company of 1.13 Tscf gas and 34 mmstb of associated condensate*. The target reservoir is the Devonian Santa Rosa Fm at a depth of 4,300 meters; however, sandstones within the overlying Icla Fm encountered hydrocarbons. Although the zone has yet to be production tested, log pay is confirmed by light oil and condensate shows from a set of sidewall cores.

 

* There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources.