Petro-Victory more than Doubles Brazilian Oil Production through Workover Program
Petro-Victory Energy Corp. has seen significant growth in oil production at Capixaba Energia in Brazil, increasing by 128% during its first year of operations. The company's workover and optimization program also led to a 471% increase in natural gas production.
The production costs declined by 37%, from $25.80/bbl to $16.30/bbl, while the company validated three wells - LP-38, LP-73, and LP-77D - and confirmed the Upper Urucutuca as a new commercial horizon. This expansion of identified development potential was achieved without additional drilling.
The campaign also increased water injection capacity by approximately 67%, from 12,000 bpd to 20,000 bpd, without additional capital expenditures. Capixaba Energia generated R$17 million in free cash flow from operations during the first year, which was reinvested into the business.
Petro-Victory said the results support its strategy of prioritizing workovers, reservoir optimization, and existing infrastructure before committing capital to new drilling as it evaluates additional mature onshore opportunities in Brazil. The company's CEO, Richard F. Gonzalez, stated that this demonstrates 'the strength of our strategic partnership with Blue Oak Investments and Petro-Victory’s ability to unlock value from mature onshore assets.'