Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY CORP CLOSES USD$1.0 MILLION PRIVATE PLACEMENT

Petro-Victory Energy Corp. has increased the number of units sold under the private placement of units announced on Sept. 28, 2023, to 495,767 units for gross proceeds of $1.07-million (U.S.). The company has closed the private placement.

The company issued 495,767 units at a price of $3, for gross proceeds of $1,487,300 ($1.07-million (U.S.)). The units comprised: (i) one common share in the capital of the company; and (ii) one transferable share purchase warrant entitling the holder thereof to acquire one common share at a price of $4 per share. The rights under the warrants will last for a period of 12 months following the closing date.

The net proceeds from the private placement will be used for general working capital and remains subject to TSX Venture Exchange final acceptance.

All securities issued in connection with the private placement will not be able to be traded in Canada, or through the facilities of the TSX-V, for a period of four months and one day from the date of closing.

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.

We seek Safe Harbor.