(World Oil) — Petro-Victory Energy Corp. has more than doubled oil production during its first year of operations at Capixaba Energia in Brazil, while reducing production costs and identifying additional reservoir opportunities through a workover and optimization program.Oil production increased 128%, from 256 bpd to 583 bpd, while natural gas production rose 471%, Petro-Victory reported. Production costs declined 37%, from $25.80/bbl to $16.30/bbl.Petro-Victory and Blue Oak Investments acquired Capixaba Energia in April 2025 as part of a partnership targeting mature Brazilian onshore oil and gas assets. Capixaba owns assets in the Espírito Santo basin, including the Lagoa Parda Cluster and two adjacent exploration blocks.“Our first year at Capixaba Energia demonstrates the strength of our strategic partnership with Blue Oak Investments and Petro-Victory’s ability to unlock value from mature onshore assets,” said Richard F. Gonzalez, CEO of Petro-Victory. “We increased oil production by 128%, grew gas production by 471%, and reduced production costs by 37%, while validating new reservoirs without additional drilling.”A key component of the first-year program was an intensive workover and technical evaluation campaign aimed at increasing production from the existing well inventory. More than 20 wells and electric submersible pump systems were assessed, while seismic reprocessing, inversion and cased-hole logging were used to identify additional opportunities.The campaign validated three wells — LP-38, LP-73 and LP-77D — and confirmed the Upper Urucutuca as a new commercial horizon, expanding the identified development potential of the asset without additional drilling.Petro-Victory reported 98.7% operational efficiency during the workover campaign, with 2,682 productive hours and 35 hours of non-productive time.The partners also increased water injection capacity approximately 67%, from 12,000 bpd to 20,000 bpd, without additional capital expenditures. Other work included upgrades to separation, flotation, control and metering systems at Lagoa Parda, along with expanded remote monitoring and centralized operational controls.Capixaba Energia generated R$17 million in free cash flow from operations during the first year, which was reinvested into the business to support further optimization and growth.Petro-Victory said the results support its strategy of prioritizing workovers, reservoir optimization and existing infrastructure before committing capital to new drilling as it evaluates additional mature onshore opportunities in Brazil.