VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2013) - Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company"), an independent oil and gas exploration and production company is pleased to provide the following operational update.
The operator, UP Petroleo Brasil Ltda, reports that the workover operation to restore production to the field has been successfully completed and the 7-TTG-1DP-SES well is now producing at an average rate of approximately 510 barrels of oil per day. The wellhead pressure has stabilized at 71 psi and the pump appears to be operating smoothly. Production for the last 16 days has been 8150 total barrels.
Petro Vista's Chairman Keith Hill commented, "We are very pleased that the operator has been able to establish production in the field and look forward to the resulting cash flow to help fuel the rejuvenation of the company. We plan to install a similar pump on the other production well in the field and are looking to drill additional development and exploration wells in the field later this year. We are also looking at several acquisition and business combination opportunities to help accelerate this growth."
The Company has earned the right to request a 37.5% working interest in the Tartaruga field. The assignment of this working interest is subject to several conditions, including approval from the consortium members and the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis ("ANP"). The Company is awaiting receipt of these approvals.
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
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 Block, 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.
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