CALGARY, AB, July 6, 2022 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is delighted to announce that Mr. Timothy L. Dove has joined the Company in the capacity as advisor to the Board of Directors.
Highlights
- Former CEO of Dallas, Texas based $64 billion market cap company, Pioneer Natural Resources (NYSE: PXD), Timothy L. Dove has joined the Company in an advisory capacity to the Board of Directors
- Mr. Dove brings over 40 years of onshore upstream oil and gas industry experience to the Petro-Victory leadership team
- Mr. Dove joins Petro-Victory at an inflection point for the Company as it begins the development and monetization of its onshore portfolio in Brazil
Corporate Update – Advisor to the Board
The Company is delighted to announce that Timothy L. Dove has joined the Company in an advisory capacity to the Board of Directors. Mr. Dove brings a wealth of operational, financial and commercial expertise from his long and successful career in the oil and gas sector in various international countries and U.S. domestic basins, both conventional and unconventional. Mr. Dove will support the Board and assist the Board with strategic direction as the Company embarks on its onshore growth program in Brazil's Potiguar and Barreirinhas Basins.
Richard F. Gonzalez, Petro-Victory CEO commented:
"I am incredibly excited and honored to announce Tim's role as an advisor to our Board. His wealth of knowledge and experience that he offers our Company significantly enhances our team talent as we launch our growth strategy. Collectively, the Board of Directors looks forward to working with Tim as an integral part of the team."
Timothy L. Dove commented:
"Richard Gonzalez, his team and the Board of Directors of Petro-Victory have assembled a strong foothold in Brazil that is poised to bring significant value to fruition for its shareholders. I am excited to play a role in the Company's success."
Biography – Mr Timothy L. Dove
Mr. Dove retired as the CEO of Dallas-based Pioneer Natural Resources in 2019. Across his twenty-five year career at Pioneer he first served as a VP and EVP of Business Development followed by nineteen years in successive roles as Chief Financial Officer, President and Chief Operating Officer, and ultimately Pioneer's Chief Executive Officer. Tim also served 5 years as a member of Pioneer's Board of Directors.
Prior to Pioneer, Tim held management roles over thirteen years with Diamond Shamrock Corporation and its upstream successor Maxus Energy.
Mr. Dove now serves as an independent board member of Wildfire Energy and as an advisory director for Oilfield Water Logistics. He is the Chairman of the Foundation of Jesuit College Preparatory School in Dallas and is a member of the MIT Corporate Development Committee. He is a past president of the Dallas Petroleum Club, a past chairman of the Dallas Wildcat Committee and a past member of the Dream Dallas Advisory Council for Habitat for Humanity.
Mr. Dove is a 1979 graduate of MIT with a Bachelor of Science in Mechanical Engineering and received his MBA from the University of Chicago in 1981.
In connection with the appointment to the advisory position, the Company has granted Mr. Dove an aggregate of 25,000 options to purchase Company Shares exercisable at the current market price of CAD$2.30 for a period of five (5) years.
The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of these Options. The Options are subject to TSX Venture Exchange acceptance.
About Petro-Victory Energy Corp.
Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds 100% operating and working interests in thirty-eight (38) licenses totaling 257,604 acres in two producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high impact, low risk assets. The Company's Common Shares trade on the TSX Venture Exchange ("TSXV") under the ticker symbol VRY.