An anonymous director reports

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

The SPT-129 workover rig from Braserv Petroleo Ltda has arrived at Petro-Victory Energy Corp.'s Sao Joao field, ahead of schedule. The workover program, which targets new oil production from 14 additional zones in three producing wells, has commenced today, Jan. 25, 2024.

Highlights

The field has total proved plus probable oil reserves of 1.9 million barrels of oil with a net-present-value-10 valuation of $73.5-million (U.S.).

The workover program will test new zones as follows:

SJ-11 well:  21.8 m across six zones

SJ-01 well:  32.2 m across five zones

SJ-06 well:  12.4 m across three zones

As announced on Jan. 17, 2024, the company has contracted Braserv SPT-129 workover rig. The rig arrived on location ahead of schedule on Jan. 24, 2024.

As of Dec. 31, 2022, effective date of most recent reserve evaluation by GLJ Ltd., the field has total proved plus probable oil reserves of 1.9 million barrels of oil with an NPV10 valuation of $73.5-million (U.S.).

The workover program has commenced today, Jan. 25, 2024, beginning first with the SJ-11 well and then continuing to the SJ-01 well and subsequently to the SJ-06 well.

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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