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Energy Summary for Nov. 6, 2014
2014-11-06 18:42 ET - Market Summary
By Stockwatch Business Reporter
Richard Gonzales's
Petro-Victory Energy Corp. (
VRY) had a nice day, adding five cents to 32.5 cents on 2.11 million shares. It did not have any news, but its joint venturer at the Pirity block in Paraguay, London-listed President Energy, presented today at the U.K.-Paraguay Trade & Investment Forum in London and talked up their asset. A couple of weeks ago, Petro-Victory and President made the first-ever oil discovery in Paraguay's Chaco basin, after their Lapacho well found light oil and condensate in the Icla formation. This was not even their target formation. They are now drilling ahead to their main target, the Santa Rosa formation, with results expected in mid-November. If Santa Rosa looks good, they will test both formations; if not, Icla should do very nicely. When President was not talking about itself, it got help from the U.K. Foreign & Commonwealth Office. Hugo Swire, Minister for Latin America, called Paraguay a "perfect trade and investment partner for us" and praised President for making a "historic first discovery of oil." He also talked up Paraguay's abundance of natural resources and competitive fiscal terms