Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY CORP. ENCOUNTERS HYDROCARBONS AT THE LAPACHO WELL (PIRITY BLOCK OF PARAGUAY)

Petro-Victory Energy Corp.'s Lapacho well, located on the Pirity block in Paraguay, has encountered hydrocarbons within the Icla formation at a depth of 3,926 metres. Based on open-hole logs run across the interval, these sandstones display average porosity of 6 per cent and are heavily fractured. A series of side wall cores recovered from the interval displayed good light oil or condensate shows.

"I am delighted with our accomplishments on both wells. The joint venture has demonstrated the ability to drill these high-impact wells both on time and on budget. Furthermore, we are very pleased to have encountered hydrocarbons in this secondary target at Lapacho and we look forward to resuming drilling to the primary target, the Santa Rosa formation," said Richard Gonzalez, Petro-Victory Energy's chief executive officer and chairman.

The Icla formation is not the primary target of this well. Once casing is set at a depth of 4,128 metres the operator plans to continue drilling in order to test the primary target within the underlying Devonian Santa Rosa formation. As originally announced on Sept. 4, 2014, this well is targeting a discrete, well-defined fault block trap within the greater prospect area. Drilling of the Lapacho well remains on time and on budget with TD projected in mid-November, 2014. The operator and Petro-Victory plan to flow test the potential oil or condensate bearing sandstones in the Icla formation, as well as any other hydrocarbon-bearing sandstones that may be encountered in the Santa Rosa after the drilling operations are completed.

The operator, President Energy PLC, and Petro-Victory plan to drill an additional exploration well contingent on the results of the first two wells.

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