RIO DE JANEIRO, March 7, 2017 /CNW/ - PetroRio, ("Company" or
"PetroRio") (BM&FBOVESPA: PRIO3), in connection with the
Material Facts dated December 21,
2016, January 02, 2017 and
February 10, 2017, hereby informs its
shareholders and the market that today the Special Shareholders'
Meeting of PetroRio approved the acquisition of 100% of the voting
capital of Brasoil do Brasil Exploração Petrolífera S.A. by a
subsidiary of PetroRio.
Brasoil is a holding company, with indirect stake of 10% over
the rights and obligations of the Manati Field concession contract,
that, in turn, currently produces 4.3 million cubic meters of
natural gas per day (approximately 27 thousand barrels of oil
equivalent per day), ranking as the 8th largest producing field of
natural gas in Brazil(*).
Additionally to the stake in the Manati Field, other relevant
assets from Brasoil include the indirect stake of 100% in the
concessions of the Pirapema Field – gas asset currently in
development – and of Block FZA-M-254, both in the mouth of the
Amazon River.
The closing of this sale and purchase transaction is subject to
certain conditions precedent set forth in the applicable
agreements.
The execution of this agreement is aligned with the Company's
business model and acquisition growth strategy, also representing a
diversification of its portfolio of revenue generating assets.
(*) As per the January, 2017 Oil and Natural Gas Production
Buletin (Boletim da Produção de Petróleo e Gás Natural) of
the Brazilian Oil and Natural Gas Agency (Agência Nacional do
Petróleo, Gás Naturals e Biocombustíveis – ANP).
Sedar Profile # 00031536
About PetroRio
PetroRio is one of the largest independent companies in the oil
and gas production in Brazil. It
is the operator of the Polvo Field, located in the Campos Basin,
which has Brazil's seventh largest
daily production of barrels of oil equivalent (boe). PetroRio is
the owner of "Polvo A" fixed platform and a 3.000HP drilling rig,
currently in operation in this Field, being the platform connected
to the "Polvo FPSO" vessel, with capacity to segregate hydrocarbons
and water treatment, oil storage and offloading. Polvo Field
license covers an area of approximately 134km2, with several
prospects with potential for further explorations. The Company´s
corporate culture seeks to increase production through the
acquisition of new production assets, the re-exploration of assets,
increased operational efficiency and reduction of production costs
and corporate expenses. PetroRio's main objective is to create
value for its shareholders with growing financial discipline and
preserving its liquidity, with full respect for safety and the
environment. For further information, please visit the Company's
website: www.petroriosa.com.br.
Disclaimer
This news release contains forward-looking statements. All
statements other than statements of historical fact contained in
this news release are forward-looking statements, including,
without limitation, statements regarding our drilling and seismic
plans, operating costs, acquisitions of equipment, expectations of
finding oil, the quality of oil we expect to produce and our other
plans and objectives. Readers can identify many of these statements
by looking for words such as "expects", "believe", "hope" and
"will" and similar words or the negative thereof. Although
management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. By their
nature, forward-looking statements require us to make assumptions
and, accordingly, forward-looking statements are subject to
inherent risks and uncertainties. We caution readers of this news
release not to place undue reliance on our forward-looking
statements because a number of factors may cause actual future
circumstances, results, conditions, actions or events to differ
materially from the plans, expectations, estimates or intentions
expressed in the forward-looking statements and the assumptions
underlying the forward-looking statements. The following risk
factors could affect our operations: the contingent resource and
prospective resource evaluation reports involving a significant
degree of uncertainty and being based on projections that may not
prove to be accurate; inherent risks to the exploration and
production of oil and natural gas; limited operating history as an
oil and natural gas exploration and production company; drilling
and other operational hazards; breakdown or failure of equipment or
processes; contractor or operator errors; non-performance by third
party contractors; labor disputes, disruptions or declines in
productivity; increases in materials or labor costs; inability to
attract sufficient labor; requirements for significant capital
investment and maintenance expenses which HRT may not be able to
finance; cost overruns and delays; exposure to fluctuations in
currency and commodity prices; political and economic conditions in
Namibia and Brazil; complex laws that can affect the cost,
manner or feasibility of doing business; environmental, safety and
health regulation which may become stricter in the future and lead
to an increase in liabilities and capital expenditures, including
indemnity and penalties for environmental damage; early
termination, non-renewal and other similar provisions in concession
contracts; and competition. We caution that this list of factors is
not exhaustive and that, when relying on forward-looking statements
to make decisions, investors and others should also carefully
consider other uncertainties and potential events. The
forward-looking statements herein are made based on the assumption
that our plans and operations will not be affected by such risks,
but that, if our plans and operations are affected by such risks,
the forward-looking statements may become inaccurate. The
forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date of
this news release. Except as required by applicable securities
laws, we do not undertake to update such forward-looking
statements.
SOURCE PetroRio