NEWS: VRY Petro-Victory Energy Corp. Announces Reserves CALGARY, AB, May 9, 2024 /PRNewswire/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to announce the results of its 2023 year-end reserves evaluation by GLJ, Ltd. ("GLJ").
The Company holds 100% working interest in all forty-one (41) blocks. Six (6) of the forty-one (41) blocks have reserves valuation in the report. The Company continues to invest G&G resources in further evaluation of the remaining thirty-five (35) blocks. The additional thirty-five (35) concession blocks are not included in the reserve figures below. Currency amounts are in United States dollars (unless otherwise indicated) and comparisons refer to the GLJ year-end 2022 report dated April 27, 2023 with an effective date of December 31, 2022.
Highlights
- Proved ("1P") reserves:
- 3,434 thousand barrels of oil equivalent ("Mboe"); and
- Net present value before tax, discounted at 10% ("NPV10") is $130.5 million ($40.68/boe) for 1P reserves.
- Proved plus Probable ("2P") reserves:
- 6,873 Mboe; and
- Before tax NPV10 is $257.7 million ($40.05/boe) for 2P reserves.
- Proved plus Probable plus Possible ("3P") reserves:
- 10,116 Mboe;
- Before tax NPV10 is $368.5 million ($38.91/boe) for 3P reserves.
- Development Pending Risked Contingent Resources
- 8,359 Mboe; and
- Best Estimate before tax NPV10 is $97.3 million
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