Capixaba produces about 400 boe/d (88% oil), with a fully funded workover and drilling campaign aimed at increasing production. (Source: Shutterstock)
Petro-Victory Energy Corp., an oil & gas E&P focused on onshore Brazil, has closed its previously announced acquisition of Capixaba Energia LTDA, an operator in Brazil’s Espírito Santo Basin.
The $17.5 million acquisition, announced March 6, was completed in partnership with BlueOak Investments, marking their first successful transaction, according to an April 29 press release.
Capixaba produces about 400 boe/d (88% oil), with a fully funded workover and drilling campaign aimed at increasing production. The deal adds four producing oil fields, including the Lagoa Parda Cluster, plus two exploration blocks near major producing assets to Petro-Victory’s portfolio.
"This transaction enhances our operational position in Brazil, delivering immediate positive cash flowing production, critical infrastructure, and significant future upside,” said Petro-Victory CEO Richard F. Gonzalez.
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