Mr. Richard Gonzalez reports

PETRO-VICTORY MOBILIZES WORKOVER RIG TO ITS 100% OWNED SAO JOAO FIELD LOCATED IN NORTHEAST BRAZIL IN THE BARREIRINHAS BASIN TO INCREASE OIL PRODUCTION

Petro-Victory Energy Corp. has mobilized the SPT-129 workover rig from Braserv Petroleo Ltda. to the Sao Joao field. The workover program targets new oil production from 14 additional zones in three producing wells (SJ-11, SJ-01, SJ-06). The company holds 100-per-cent working and operating interest in the field.

Highlights:

• The field has total proved plus probable (2P) oil reserves of 1.9 million barrels of oil with a net present value (10 per cent) valuation of $73.5-million (U.S.).
• Three-well workover program (SJ-11, SJ-01, SJ-06) targeting 14 new zones of additional oil production.
• Petro-Victory mobilizes workover rig with leading rig services provider, Braserv.

As of the Dec. 31, 2022, effective date of Petro-Victory's most recent reserves evaluation by GLJ Ltd., the field has 2P oil reserves of 1.9 million barrels of oil with an NPV (10 per cent) valuation of $73.5-million (U.S.) with more than 895,000 barrels of oil (2P reserves) in the three wells being targeted.

The workover program will test new zones as follows:

• SJ-11 well: 21.8 metres across six zones;
• SJ-01 well: 32.2 metres across five zones;
• SJ-06 well: 12.4 metres across three zones.

Throughout the year, the company has expanded the production facilities and storage capacity to ensure the company is well prepared for the increased production which will come from the workover program.

Braserv is a Brazilian company highly specialized in onshore completion and workover services and has been in operation since 2009 with more than 1,000 employees, 25 rigs in Brazil and 15 in Colombia. The SPT-129 rig is a modern built rig recently renovated and is on its way to the Sao Joao oil and gas field in the Barreirinhas basin in the state of Maranhao, Brazil. The rig is scheduled to arrive by Jan. 25, 2024.

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

"I am very pleased with the work of all of our team members and partners and specifically the latest continuation of our partnership with Braserv to bring the untapped oil resources at the Sao Joao field to surface and generate cash flow. We are writing the next chapter of Petro-Victory's success story, fuelled by dedication, focus, and commitment to proven methods that continue to drive sustainable shareholder value and energy security."

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 272,912 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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