It’s a time-worn aphorism that businesses have to spend money to make money. It’s a philosophy that Calgary-based Petro-Victory Energy Corp. (TSX-Venture:VRY) is applying with relish.
Following successful bidding in Brazil Tuesday, Petro-Victory was awarded 16 new oil concessions in Brazil’s oil prolific Potiguar Basin.
This new acquisition will increase the Petro-Victory Brazil portfolio to 25 oil concessions and represents a 250% increase in acreage. The 16 new oil concessions represent 116,904 acres and are located adjacent to Petro-Victory's operating infrastructure at the Andorinha and Alto Alegre oil fields.
The closure and signing date for the 16 oil concessions is expected in Q1 2020, with the initial signature bonus payable on completion estimated to be $0.909 million.
Petro-Victory CEO Richard Gonzalez commented, "These acquisitions build upon our onshore high-quality production and development assets in Brazil."
Shares of VRY… well… gushed half a cent, or 20%, by midday Wednesday, to three cents, on volume of 105,000