VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 17, 2013) - Petro Vista Energy Corp. (News - Market indicators) ("Petro Vista" or the "Company"), an independent oil and gas exploration and production company provides the following corporate and operational update.
Approval of Assignment of Participating Interest in Tartaruga Field
The Company and its partners have received official approval from the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis ("ANP") to the assignment to the Company of a 37.5% participating interest in the Tartaruga Field. The partners, including Petrobras are concluding the execution and filing of amendments to the Tartaruga Concession Agreement and associated agreements.
Operations Update
The operator, UP Petroleo Brasil Ltda, reports continued daily production from well 7-TTG-1DP-SES with minimal decline. This well is currently producing at an average rate of approximately 7,500 barrels of oil per month due to limits imposed by the ANP on gas flaring. The operator has now received approval to install a gas powered turbine generator to be fueled by gas produced from well 7-TTG-1DP-SES and as a result, well production limits will be removed allowing the well to produce at an expected long term stabilized rate of 12,000 barrels of oil per month, using a down hole electric submersible pump (ESP) powered by the generator.
The operator also reports plans to complete a second work over on well SES-107-D including the installation of an ESP. Production from well SES-107-D has been minimal since last year pending completion of this work over. The ESP is on site and a rig has been contracted for the work over.
Board Update
The Company announces that Mr. Ian Baron has resigned from the Board effective immediately. The Company thanks Mr. Baron for his contributions to the Company.
Mr. Baron is replaced by Mr. Nick Walker. Mr. Walker is the COO of Africa Oil Corp. and has over 27 years of industry experience including 17 years with Talisman Energy Inc. where he served as Executive Vice-President of International Operations West as well as country manager positions in the UK and Malaysia/Vietnam. He started his career as a petroleum engineer with BP plc, and also worked in senior management positions at Bow Valley Energy Inc. Mr. Walker holds a Bachelor of Science Degree in Mining Engineering from Imperial College in London, UK, a Master of Science Degree in Computing Science from University College in London, UK and an MBA from City University Business School, also in London, UK.
Petro Vista's Chairman Keith Hill commented, "We are very pleased to announce the appointment of Mr. Nick Walker, whose operational experience will be invaluable as Petro Vista continues to develop the Tartaruga Field and look at new Ventures. Being cash flow positive with approximately $1M in cash on hand and a further $700,000 in accrued revenues in Brazil to fund the second work over, the Company is well position to review strategic alternatives".
About Petro Vista Energy
Petro Vista Energy Corp. is an oil and gas exploration and development company with near-term production opportunities in South America. The Company has the rights to acquire an interest in an exploration, development and production property in Brazil.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Keith Hill, Chairman of the Board of Directors
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release includes "forward-looking statements" including expectations for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding the Company's plans and expectations for the Tartaruga Field, including work over success, future production volumes and reserve additions are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling, completion and production risks, equipment failure, availability of labor, unexpected geological or other effects, regulatory changes and availability of capital. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
