#Brazil #Petro-Victory Energy #SJ-12 Well #São João Field #Maranhão

Petro-Victory Energy Corp Initiates Drilling at SJ-12 Well in São João Field, Brazil

Petro-Victory Energy Corp., trading under the ticker VRY on the TSXV, has officially begun drilling the SJ-12 well in the São João Field at the Barreirinhas Basin in Maranhão, Brazil. This operation marks an important milestone for the company as it further commits to its agreed strategic plan under a previously announced Memorandum of Understanding (MOU).

Key Highlights of the SJ-12 Initiative

The SJ-12 well represents the single non-associated gas well commitment outlined in the MOU.

• - According to a GLJ reserve and resource report, dated December 31, 2024, the São João Field is estimated to contain 50.1 billion cubic feet of non-associated gas, which equates to 1.4 billion cubic meters.
• - The field is fully owned and operated by Petro-Victory, which ensures complete control over its operations and advancements.

The completion of drilling activities at SJ-12 is anticipated to confirm the gas deliverability needed to propel initial commercialization efforts in the region. These initiatives include supply arrangements tailored for local industrial and power demand, alongside other market-based strategies appropriate for such substantial non-associated gas developments.

Future Implications for the São João Field

The São João Field's non-associated gas resources were first identified by a previous operator and later validated in the GLJ report. Most of these resources are classified as Best Estimate Development Pending Contingent Resources, demonstrating a clear pathway for future development.

Petro-Victory’s initiatives are subject to the requisite regulatory approvals, ensuring that all activities comply with local laws and regulations. As they progress, the company is carefully navigating these complexities to achieve successful outcomes.

About Petro-Victory Energy Corp

Petro-Victory Energy Corp is dedicated to the exploration and development of crude oil and natural gas resources in Brazil. As of this report, the company's portfolio includes 49 concession contracts spanning an impressive 276,755 acres. Moreover, Petro-Victory co-owns an additional six concessions encompassing 19,074 acres through a partnership with BlueOak in Capixaba Energia.

Employing a strategy that prioritizes investments in high-impact and low-risk assets, Petro-Victory strives to deliver sustainable value to its shareholders. The company’s common shares are actively traded on Canada’s TSX Venture Exchange, providing ownership opportunities for interested investors.

Conclusion

The commencement of drilling at the SJ-12 well signifies a vital step for Petro-Victory Energy Corp as it aims to establish a strong foothold in Brazil’s energy sector. This effort not only underlines the company’s commitment to exploring the vast potential of the São João Field but also paves the way for future advancements in the region’s gas commercialization.

As drilling progresses, stakeholders will be keenly watching for results that could further signal the company's upward trajectory within the oil and gas industry.