The Canadian oil and gas company Petro-Victory Energy Corp. Signed an agreement to acquire 13 Polo Porto Carão and Polo Barrinha oil fields in partnership with Azevedo&Travassos Petroleo (ATP) from 3R RNCE S. A. and 3R Potiguar S. A., subsidiaries of Brazilian Brava Energia S. A. This is reported in a press release from Petro-Victory.
The deal includes 13 oil fields with production facilities with a capacity of 250 barrels of oil per day in the Potiguar Basin region next to Petro-Victory's other oil production assets in Brazil.
The total value of the transaction is $15 million ($7.5 million for each of the participants). The financing provides for four tranches plus gross royalties.
The deal aims to increase oil production assets and proven reserves by 50% as part of a 50/50 partnership with ATP, as well as maximize production, increase recovery rates, and optimize operating costs.
The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions and regulatory approval from Brazil.
Petro Victory Energy Corp. — a company producing crude oil and natural gas in Brazil. The company owns 100% in 38 licenses with a total area of 258,000 acres in two production basins, Potiguar Basin and Barreirinhas Basin. The shares are traded on TSXV. The headquarters is located in Calgary, Canada.
Azevedo&Travassos Petroleo S. A. is a Brazilian oil and gas company with headquarters in Sao Paulo (Brazil). The company became the first private company in the region in 1984.
Brava Energia is a Brazilian oil and gas company with headquarters in Rio de Janeiro (Brazil).
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