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     481  0 Kommentare Petro-Victory Announces Agreement to Convert Its Interest in Pirity Block to Royalty

    CALGARY, ALBERTA--(Marketwired - Oct. 5, 2015) -

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

    Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSX VENTURE:VRY) is pleased to provide the following update on its Pirity Concession ("Pirity") in Paraguay.

    Petro-Victory has agreed to sell to President Energy, PLC ("President") its entire 36% interest in its Pirity Concession held through its Pirity Hidrocarburos S.R.L. subsidiary ("PH") on the principal terms set out below ("the Agreement").

    Principal Terms and Conditions

    1. Consideration payable to PH and Petro-Victory

    1. US$500,000 in cash payable in installments, the first being US$200,000 followed by three of US$100,000 each;
    2. All claims, debts and obligations between the parties previously accrued have been released, including the forgiveness of certain conditional debt in the amount of US$2.85 million agreed to by the parties in their prior Settlement and Forbearance Agreement;
    3. In the event of a farm-out taking place in relation to Pirity and back costs being paid, a sum limited to the first US$2.7million of back costs received by President to be paid to the Petro-Victory group; and
    4. A Net Profits Interest of 3% of net income generated from successful commercial production of hydrocarbons in Pirity to be paid to PH.

    2. Condition of the Sale and Purchase - Subject to Petro-Victory obtaining TSX Venture Exchange approval

    Richard Gonzalez, President of Petro Victory, and Peter Levine, Chairman of President commented:

    "The Agreement is an elegant and mutually beneficial way forward for the Pirity Concession for all concerned.

    The sale and purchase allows President the freedom, flexibility and scope to exclusively progress Pirity and permits Petro-Victory to devote its resources to pursue other opportunities in Latin America while retaining an interest in the event of successful production in Pirity freed from further financial responsibility."

    Additional information on the Company is available on SEDAR at www.sedar.com

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.

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    Petro-Victory Announces Agreement to Convert Its Interest in Pirity Block to Royalty CALGARY, ALBERTA--(Marketwired - Oct. 5, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. …