An anonymous director reports

PETRO-VICTORY ENERGY CORP. PROVIDES UPDATE ON WORKOVER CAMPAIGN AT 100% OWNED SAO JOAO FIELD LOCATED IN NORTHEAST BRAZIL IN THE BARREIRINHAS BASIN

Petro-Victory Energy Corp. has provided an update on the workover campaign to increase oil production in the 100-per-cent-owned Sao Joao field in the Barreirinhas basin of Maranhao, Brazil.

Highlights

• SJ-01 successfully completed ahead of schedule and under budget adding an additional 32.2 meters of oil pay in the Tutoia formation.
• SJ-01 initial production rate of 303 barrels of oil per day ("bopd").
• SJ-11 successfully completed on schedule and under budget adding an additional 16 meters of oil pay in the Tutoia formation.
• SJ-11 producing an average of 37 barrels per day with completion fluid still being recovered.
• SJ-06 workover started ahead of schedule with SPT-129 workover rig on location.

SJ-01 Well

On February 16 th, 2024 the SPT-129 workover rig mobilized from the SJ-11 well to the SJ-01 well with a workover program designed to open an additional 32.2 meters across 5 zones in the Tutoia formation.

Petro-Victory successfully re-entered the well to a depth of 1,963 meters and installed a bridge plug above the previously open and depleted BGARP-E zone which has been open and produced for more than 60 years. The team then logged and subsequently perforated the originally planned 32.2 meters in 5 previously planned zones.

The well was successfully completed ahead of schedule and under budget on February 27 th, 2024, with 1 one-fourth" insert pump, gas anchor and API-160 pump-jack, being re-installed over the well. The SJ-01 well now has 32.2 meters of oil pay zones open in the Tutoia formation. The open zones are clean sandstones exhibiting 21% average porosity.

Specific data for the initial production rates from the SJ-01 well following workover is as follows:

The SJ-01 well was opened on February 28 th, connected to production station with artificial lift support from the pump jack. On the morning of February 29 th, the well started flowing naturally at initial rate of 303 bopd.

The SJ-01 well has total proved ("1P") reserves of 199 thousand barrels of oil and total proved plus probable ("2P") reserves of 303 thousand barrels of oil.

The team continues to monitor well pressure, production rates, fluid separation, recovery of the completion fluid, and associated gas levels.

Initial production results are not necessarily indicative of long-term performance or ultimate recovery.

SJ-11 Well

As previously announced, the SPT-129 workover rig arrived on January 25, 2024 and began the workover campaign at the SJ-11 well to open and test an additional 21.8 meters across 6 zones in the Tutoia formation.

Petro-Victory successfully re-entered the well to a depth of 1,694 meters, logged the well, and subsequently perforated 16 meters in 5 planned zones between 1,400 meters and 1,634 meters depth with oil and associated gas shows confirming expectations that this is a gas driven, oil prolific, formation.

The Tutoia H zone is a 6 meter oil pay zone which has been open and producing for more than 40 years and during the workover, this and other previously opened zones, combined to absorb 1,700 barrels of completion fluid as the team worked to successfully restore circulation in the well with LCM agents and accomplish the engineering program to full extent.

The well was successfully completed on schedule and under budget on February 16, 2024, with 1 one-fourth" insert pump, gas anchor and API-160 pump-jack, being re-installed over the well. The SJ-11 well now has 45 meters of oil pay zones open in the Tutoia formation. The open zones are clean sandstones. exhibiting 20% average porosity.

Specific data for the initial production from the SJ-11 well following workover is as follows:

The SJ-11 well averaged 37 barrels of fluid per day for the last 7 days with 37.5 barrels of fluid per day over an initial 60-hour test, with periodic increases to a rate of up to 150 barrels per day, now producing at a rate of 32.7 barrels of fluid per day over the last 48 hours increasing periodically up to 108 barrels of fluid per day.

Since completion, the SJ-11 well produced 350 barrels of fluid with associated gas. From which, the well has produced 306 barrels of oil to date.

Oil from the Tutoia formation is a light crude oil with an API gravity of 39.8degree at 20degree Celsius.

Initial production showed 100% completion fluid and moving to full oil production (0% completion fluid) with an average of 83% oil production in the last 48 hours.

1,656 barrels of completion fluid estimated still to be recovered.

The SJ-11 well has total proved ("1P") reserves of 200 thousand barrels of oil and total proved plus probable ("2P") reserves of 458 thousand barrels of oil.

The team continues to monitor well pressure, recovery of the completion fluid, and associated gas levels. To efficiently manage the reservoir, the pump-jack is currently running at optimum pump frequency, and a 64/64 choke size is being used.

Initial production results are not necessarily indicative of long-term performance or ultimate recovery.

SJ-06 Well

On February 27 th, 2024 the SPT-129 workover rig mobilized from the SJ-01 well to the SJ-06 well with a workover program designed to open an additional 12.4 meters across 3 zones in the Tutoia formation.

The SJ-06 well has total proved ("1P") reserves of 69 thousand barrels of oil and total proved plus probable ("2P") reserves of 134 thousand barrels of oil.

About Petro Victory Energy Corp.

Petro Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds 100% operating and working interests in forty-one (41) licenses totaling 272,912 acres in two (2) 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 TSXV under the ticker symbol VRY.

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