Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY CORP ANNOUNCES 43% INCREASE IN PROVED PLUS PROBABLE RESERVES OF 6.939 MILLION BARRELS OF OIL EQUIVALENT AND PV10 VALUATION OF CAD$346.3 MILLION (USD$255.7 MILLION)

Petro-Victory Energy Corp. has noted a 43-per-cent increase of its before-tax value discounted at 10 per cent (PV10 valuation) net proved plus probable reserves (2P) from $178.7-million (U.S.) in year-end 2021 pro forma reserve report to $255.7-million (U.S.) in year-end 2022.

As of Dec. 31, 2022, total 2P reserves of 6.939 million barrels of oil equivalent (boe) and a PV10 valuation of $346.3-million ($255.7-million (U.S.)) has been assigned to the company for the Andorinha, Sao Joao, Alto Alegre, Trapia, POT-T-281 and POT-T-391 fields in Brazil. This represents a 2P net asset value of $16.94/share on an undiluted basis (20,429,849 shares in issue today). The reserves data set forth herein are based on an independent reserve assessment and evaluation prepared by GLJ Ltd., dated April 28, 2023, with an effective date of Dec. 31, 2022.

Reserve report highlights:

Proved reserves (1P), proved plus probable reserves (2P) and proved plus probable plus possible reserves (3P) were calculated for six of the company's 38 oil blocks.

Net 1P reserves of 3.547 million barrels of oil equivalent with a PV10 valuation of $178.9-million ($132.2-million (U.S.)) or $8.76/share. A value increase of 56 per cent compared with the previous year's pro forma reserve report.

Net 2P reserves of 6.939 million barrels of oil equivalent with a PV10 valuation of $345.9-million ($255.6-million (U.S.)) or $16.94/share. A value increase of 43 per cent compared with the previous year's pro forma reserve report.

Net 3P reserves of 10.282 million barrels of oil equivalent with a PV10 valuation of $491.1-million ($362.8-million (U.S.)) or $24.04/share. A value increase of 46 per cent compared with the previous year's pro forma reserve report.

Richard F. Gonzalez, Petro-Victory chief executive officer, commented:

"The new reserve report, covering only six of our 38 oil blocks in Brazil, continues to affirm Petro-Victory's strategy of building consistent shareholder value by applying our focused technical and operational discipline in the identification of additional reserves for development and production across our portfolio of high-impact/low-risk onshore oil blocks.

"Our operations are generating ongoing positive cash flow as we look to increase our oil production, cash flow, profitability and reserves in 2023. I look forward to updating the market as operations progress."

About Petro-Victory Energy Corp.

Petro-Victory Energy is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds 100-per-cent operating and working interests in 38 licences, totalling 257,604 acres, in two different producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high-impact, low-risk assets.

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