Petro-Victory Energy Corp. has encountered hydrocarbons within the Icla Formation at a depth of 3,926 meters at the Lapacho well, located on the Pirity Block in Paraguay.

Based on open hole logs run across the interval, these sandstones display average porosity of 6% and are heavily fractured. A series of side wall cores recovered from the interval displayed good light oil or condensate shows.

"I am delighted with our accomplishments on both wells. The joint venture has demonstrated the ability to drill these high impact wells both on time and on budget. Furthermore, we are very pleased to have encountered hydrocarbons in this secondary target at Lapacho and we look forward to resuming drilling to the primary target, the Santa Rosa Formation." (Richard Gonzalez, Petro-Victory Energy CEO/Chairman)

Tags: Petro-Victory Energy Corp.