Petro Vista Energy Corp.
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August 30, 2012
Petro Vista Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2012) - Petro Vista Energy Corp. (TSX VENTURE:PTV) ("Petro Vista" or the "Company"), an independent oil and gas exploration and production company announces that it has negotiated a second loan agreement with Keith Hill (the "Lender"), the Chairman and a director of the Company.
The unsecured loan in the principal amount of $250,000 (the "Loan") matures and will be repayable on December 31, 2012 and accrues simple interest at a rate of 8% per annum.
The Lender is a related party and the loan transaction is a related party transaction. However, the directors of the Company, all of whom are independent in the respect of the Loan, have determined that the terms and conditions of the Loan are fair and reasonable and in the best interests of the Company, and have unanimously approved the Loan. In addition, the directors of the Company have determined that the Loan is exempted from the formal valuation and minority shareholder approval requirements.
The Company will use the proceeds of the Loan to fund a portion of the ongoing work over of the Tartaruga wells.
About Petro Vista Energy
Petro Vista Energy Corp. is an oil and gas exploration and development company with near-term production opportunities in South America. The Company has the rights to acquire an interest in an exploration, development and production property in Brazil.
ON BEHALF OF PETRO VISTA ENERGY CORP.
Keith Hill, Chairman of the Board of Directors