An anonymous director reports

PETRO-VICTORY CORPORATE UPDATE

Petro-Victory Energy Corp. has provided a corporate update regarding redemption of investment in Oppenheimer Resources III Fund (ORIII).

As announced on Sept. 3, 2021, the company acquired a limited partnership interest in the energy-focused ORIII Fund through an in-kind subscription secured by Petro-Victory shares.

On Dec. 8, 2023, the company was informed that whereas the subscription period for the fund had since expired and the fund did not have sufficient investment to justify continuity of operations of the fund, the board of managers of the fund had determined it is in the best interest of the fund and its investors to redeem the contributions of all limited partners and subsequently dissolve and liquidate the fund.

As such, the original investment of Petro-Victory in ORIII through an in-kind subscription secured by Petro-Victory shares has been redeemed in exchange for the cancellation of the contribution in-kind as of Dec. 31, 2023, resulting in the removal of the $3.8 million (U.S.) in-kind investment in ORIII from Petro-Victory's balance sheet and the return of 2,289,694 restricted voting shares of Petro-Victory common stock to be held in treasury stock as of Dec. 31, 2023.

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 41 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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