An anonymous director reports

PETRO-VICTORY ENERGY CORP. PROVIDES UPDATE ON SJ-06 WELL WORKOVER 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 in Maranhao, Brazil.

Highlights:

• SJ-06 well successfully completed, adding additional 8.3 metres of oil pay in the Tutoia formation;
• SJ-06 well tested at rate of 228 barrels of oil per day (bopd) during initial 35-hour test.

SJ-06 well

On Feb. 27, 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 metres across three zones in the Tutoia formation.

Petro-Victory successfully re-entered the well to a depth of 1,731 metres, logged the well, and subsequently perforated 8.3 metres in two planned zones between 1,263 metre and 1,516 metres depth with oil and associated gas shows confirming expectations that this is a gas-driven, oil-prolific, formation.

The well was successfully completed on April 1, 2024, with 1-3/4ths-inch insert pump, gas anchor and API-228 pump-jack being installed over the well. The SJ-06 well now has 15.2 metres of oil pay zones open in the Tutoia formation. The open zones are clean sandstones exhibiting 19-per-cent average porosity.

Specific data for the initial production from the SJ-06 well are as follows:

• During the initial 35-hour test period, the well surged to a rate of up to 930 barrels of oil per day for a three-hour period.
• The SJ-06 well averaged 228 barrels of oil per day during the initial 35-hour test period.
• Oil from the Tutoia formation is a light crude oil with an API gravity of 40.9 degrees.

The SJ-06 well has total proved (1P) reserves of 69,000 barrels of oil and total proved plus probable (2P) reserves of 134,000 barrels of oil.

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

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

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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