Petro Vista Provides Operational Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/17/13 -- Petro
Vista Energy Corp. (TSX VENTURE:PTV) ("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.
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.
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.
Petro Vista Energy Corp.
Attention: Darren Devine
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