President has entered into a sale and purchase agreement through its wholly owned subsidiary President Energy Paraguay S.A., to acquire the entire 36% interest held by Pirity Hidrocarburos S.R.L. a subsidiary of Petro-Victory Energy Corp, in the Pirity Concession. Upon completion of the Acquisition, President will operate and own 100% of the Pirity Concession.

Peter Levine, Chairman, commented,'This acquisition, with an upfront cost of US$500,000 payable by instalments with further monies payable dependent on success, will allow President the freedom, flexibility and scope to exclusively progress Pirity, and represents a mutually beneficial way forward for all parties.

Tags: President Energy