12:29 PM EST, 02/10/2025 (MT Newswires) -- Petro-Victory Energy ( PTVRF ) Monday said it signed a sale purchase agreement in a 50/50 partnership with Azevedo & Travassos Petroleo (ATP) to buyf 13 oil fields in Brazil from Brava Energia S.A. for US$15 million, with US$7.5 million coming from Petro-Victory.

The company said the payment will be made in four tranches plus a gross overriding royalty. The acquisition immediately adds 125 barrels of oil per day to Petro-Victory's production, with a high-impact workover program in place to boost production.

"This acquisition marks a transformative milestone for Petro-Victory, significantly enhancing our oil production capacity and increasing our proven reserves," said chief executive Richard Gonzalez. "We expect the updated reserve report will increase our proven reserves by 50%. It also maximizes the substantial investments made by our Subsurface, Engineering, and Operations teams over the past five years in the Potiguar Basin."

Petro-Victory shares last traded Dec.30, closing at $0.86 on the TSX Venture Exchange.