Petro-Victory Energy in late November 2019 announced that the company had acquired a 50% working interest in three onshore oil fields in the Espirito Santo Basin for a total cost of US$ 4,686,223. Petrobras on 14 October 2019 announced the signing of a US$ 9.3 million contract with Imetame to divest the Lagoa Parda field complex which consists of the Lagoa Parda, Lagoa Parda Norte and Lagoa Piabanha fields. Petro-Victory paid 7.5% of this total now with the remaining balance due when the agreement is approved by the ANP which is expected in the first half of 2020.Petro-Victory made the deal in partnership with Imetame Energia based on  successful contract negotiations in the Petrobras divestment process. Upon final approval from the ANP, Imetame will be the operator of the Lagoa Parda fields. The Lagoa Parda Fields were discovered by Petrobras in 1978. 139 wells have been drilled with a cumulative production totaling 19 MMbo to date. Production in 2019 is expected to average about 200 bo/d in the fields from just four producing wells. Petro-Victory and Imetame will execute a work program to increase production to 580 bo/d in the first year of operations. The initial work program includes bringing online 29 wells which have been suspended for mechanical reasons and no new drilling will be required to achieve that goal in the first year. However, based on existing seismic data and Petrobras operational data, Petro-Victory believes the Lagoa Parda fields contain significant high-impact low-risk exploration and development drilling opportunities.Petrobras is the current operator of the fields with 100% in each of them. In early March 2019, Petrobras entered the binding offer phase for the divestment of the Lagoa Parda cluster. Petrobras, on 9 October 2018, launched the first stage seeking non-binding offers for the cluster. The sale was the first to be launched after an ANP ruling giving Petrobras a deadline to report Round Zero concessions that are close to expiry and that Petrobras wants to keep with existing development plans. The sale of Petrobras assets is essential to resume onshore investments in Brazil and to diversify companies in the sector. Over the last decade onshore production has dropped 50% in Brazil. The fields have seen little activity in recent years. Petrobras drilled an exploration well there in 2013 filing and oil and gas show report with the ANP for the 6BRSA1167ES deeper pool wildcat in the southwestern part of Lagoa Parda Block. The well had a planned total depth of 2,438m and was believed to be targeting the Sao Mateus Formation. The Lagoa Parda Field is productive from the Urucutuca Formation. 
Petro-Victory Energy in late November 2019 announced that the company had acquired a 50% working interest in three onshore oil fields in the Espirito Santo Basin for a total cost of US$4,6 MM.