Petro-Victory Cracks Oil Production Code in Brazil

Petro-Victory Energy Corp. has reported impressive first-year results for its Capixaba Energia asset in Brazil's Espírito Santo Basin, including a 128% increase in oil production and a 37% reduction in costs.

Oil production jumped from 256 barrels per day to 583 barrels per day, while gas production surged nearly fivefold. The cost of production fell from $25.8 to $16.3 per barrel, improving the asset's economics beyond what production volumes alone suggest.

The company attributed these gains to a workover campaign and reservoir validation that drove production increases without new drilling. Advanced seismic reprocessing and inversion helped locate bypassed hydrocarbons, while infrastructure upgrades expanded capacity without additional capital expenditure.

Petro-Victory is positioning the Capixaba model as repeatable across Brazil and Latin America, with CEO Richard F. Gonzalez stating that the results validate Petro-Victory Energy Corp.'s ability to work alongside institutional capital to build scalable platforms.