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Petro-Victory and Blue Oak acquire Capixaba Energia to strengthen their presence in Brazil

Petro-Victory Energy Corp. and Blue Oak Investments have reached an agreement to acquire Capixaba Energia LTDA, an integrated onshore production company in Brazil, aimed at expanding their presence in the country's oil and gas sector.

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Petro-Victory Energy Corp. (TSXV: VRY) and Blue Oak Investments have entered into an agreement to acquire Capixaba Energia LTDA, an onshore oil production company in Brazil. This transaction, which is expected to close in the second quarter of 2025, forms part of the two companies’ strategy to enhance their position in Brazil’s oil and gas market.

Strategic assets and growth potential

Capixaba Energia owns four oil fields located in the Espírito Santo basin, including the Lagoa Parda cluster, as well as two exploration blocks adjacent to major producers. Current production is approximately 400 barrels of oil equivalent per day, of which 88% is crude oil. A detailed reconditioning and drilling programme is planned to significantly increase production over the next 12 to 18 months.

Financial terms of the acquisition

The total transaction value is USD17.5 million (BRL105 million), including contingent payments. Blue Oak will finance the entire acquisition and assume the role of controlling partner, while Petro-Victory will be the operator of the assets. Initially, Petro-Victory will hold a nominal stake, which can increase to 50% based on performance milestones, without requiring further investment from them.

Strategic partnership between Petro-Victory and Blue Oak

This acquisition follows the strategic partnership agreement made between Petro-Victory and Blue Oak on January 7, 2025, which aims to create an acquisition vehicle for oil and gas assets in Brazil and Latin America. Blue Oak, with over 70 years of combined experience in financial markets and having led transactions totalling over BRL40 billion, brings its expertise in strategic investments. Petro-Victory, for its part, leverages its in-depth knowledge of Brazil’s onshore oil sector to optimise the operations of the acquired assets.

Outlook for the Espírito Santo basin

The acquisition of Capixaba Energia positions Petro-Victory and Blue Oak as key players in the Espírito Santo basin, strengthening their presence alongside their operations in the Barreirinhas and Potiguar basins. This strategic expansion aims to maximise production, improve recovery rates, and optimise operational costs, thus contributing to the creation of long-term value for both companies.

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