Petro-Victory Energy Corp., an acquirer and developer of oil and gas assets, announces the acquisition of a 50% working interest in five (5) exploration concessions located in the Espirito Santo Basin onshore Brazil. The acquisition from Imetame Energia (“Imetame,” a subsidiary of Imetame Group) is subject to approval from Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil (the “ANP”).

The five concessions are the Company’s first assets in the mature, producing, Espírito Santo Basin and represent a substantial increase in the Company’s Brazilian concession area holdings. Petro-Victory’s assignment costs are estimated at US $440,000 and will be funded under the Company’s USD $10 million facility. Imetame will remain operator in this joint venture.

Each concession is highly prospective, low risk and oil prone. In certain concession areas, oil has been discovered and flowed to the surface. More details on work programs, a breakdown of resources mapped in each concession, and other material E&P data will be supplied pending approval by the ANP.

Imetame is an energy company experienced in the operation and production of mature to frontier onshore basins in Brazil, with assets in the Potiguar, Recôncavo, Sergipe-Alagoas, and São Francisco basins. Today, Imetame has daily production of 1,200 BOEPD and also produces 28Mw/h from their power plant Prosperidade 1. The Imetame Group employs over 3,500 people and operates throughout Brazil.

Richard F. Gonzalez, Chief Executive Officer of Petro-Victory commented: 
“We are extremely pleased to be partners with Imetame Energia in Brazil. They are top-rated operators with an impressive technical team and track record of success in discovering, developing, and producing onshore oil in Brazil. These assets position us nicely in the producing Espirito Santo Basin and represent a significant step forward as we build the Petro-Victory portfolio. We are currently finalizing our work programs with Imetame and will update our investors and the market upon completion.”