Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY CORP. CONVERSION OF SHARES

Petro-Victory Energy Corp. has converted common shares into restricted voting shares of the company.

Conversion of shares

In order to comply with foreign private issuer (FPI) status, certain shareholders of the company have elected to convert 3,840,091 common shares to restricted voting shares. The restricted voting shares are convertible on a 1:1 ratio into common shares, at the holder's option.

As a result of the conversion, the respective shareholders will now hold the following positions:

• Global Energy Transition Fund I will now hold no common shares and 968,750 restricted voting shares, representing approximately 4.74 per cent of the issued and outstanding securities of the company, assuming conversion of the restricted voting shares.
• Roger Johnson will now hold no common shares and 780,000 restricted voting shares of the company, representing approximately 3.82 per cent of the issued and outstanding securities of the company, assuming conversion of the restricted voting shares.
• David Grover will now hold no common shares and 547,180 restricted voting shares of the company, representing approximately 2.68 per cent of the issued and outstanding securities of the company, assuming conversion of the restricted voting shares.
• Thomas Christian Cooper, director of the company, will now hold 16,700 common shares and 460,000 restricted voting shares of the company, representing approximately 0.16 per cent of the issued and outstanding voting securities of the company on a non-diluted basis, and 2.33 per cent of the issued and outstanding securities of the company, assuming conversion of the restricted voting shares.
• Mark Bronson will now hold 5,500 common shares and 303,185 restricted voting shares, representing approximately 0.05 per cent of the issued and outstanding voting securities of the company on a non-diluted basis, and 1.51 per cent of the issued and outstanding securities of the company, assuming conversion of the restricted voting shares.
• Jeff Grover will now hold no common shares and 291,180 restricted voting shares of the company, representing approximately 1.43 per cent of the issued and outstanding securities of the company, assuming conversion of the restricted voting shares.

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. The company's common shares trade on the TSX Venture Exchange under the ticker symbol VRY.

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