Produktion! -News VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2012) - Petro Vista Energy
Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company"),
an independent oil and gas exploration and production company is pleased to
provide the following update:
Tartaruga Work-Over
The workover program to install a downhole Electric Submersible Pump
("ESP") on the 7- TTG well in the Tartaruga Field in Brazil by the
Operator has been successfully completed. The well was placed on production and
produced a total of 486 barrels of oil in the first 24 hours of operation. The
well is now being placed on production to determine the optimum level of
long-term production rate and the Company will provide an update on production
rates as these are determined. There can be no assurances that the flow rate
will stabilize at current rates or higher rates over time.
This operation has seen significant delays due to operational issues including
the failure of a downhole packer to release, the parting of tubing and drill
string and electrical issues with the pump once it was run in the hole. It is
planned to run a similar pump into the other existing production well in the
Tartaruga Field in the near future. The forward plan also included the drilling
of additional development wells in the Penedo Formation as well as a deeper
target in the Serreria Formation identified on 3D seismic.
Petro Vista Chairman Keith Hill commented, "This has been a long struggle
to complete this workover and get production back on line. With the current
production and cash flow we hope to be able to continue the development of this
field and will also examine business development and growth opportunities in
the region."
The Company has earned the right to request a 37.5% working interest in the
Tartaruga field. The assignment of this working interest is subject to several
conditions, including approval from the consortium members and the Agencia
Nacional do Petroleo, Gas Natural e Biocombustiveis ("ANP"). The
Company is awaiting receipt of these approvals.
Loan Advance
The Company announces it has negotiated an additional loan agreement with Mr.
Keith Hill (the "Lender"), the Chairman and a director of the
Company. The unsecured loan in the principal amount of $250,000 (the
"Loan") matures and will be repayable on December 31, 2012 and
accrues simple interest at a rate of 8% per annum.