Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY CORP. RESERVES AND RESOURCES AS OF DECEMBER 31, 2023

Petro-Victory Energy Corp. has released the results of its 2023 year-end reserves evaluation by GLJ Ltd.

The company holds 100-per-cent working interest in all 41 blocks. Six of the 41 blocks have reserves valuation in the report. The company continues to invest G&G resources in further evaluation of the remaining 35 blocks. The additional 35 concession blocks are not included in the reserve figures below. Currency amounts are in U.S. dollars (unless otherwise indicated) and comparisons refer to the GLJ year-end 2022 report dated April 27, 2023, with an effective date of Dec. 31, 2022.

Highlights:

• Proved (1P) reserves:
  • 3,434,000 barrels of oil equivalent (Mboe);
  • Net present value before tax, discounted at 10 per cent is $130.5-million ($40.68/boe) for 1P reserves.
• Proved plus probable (2P) reserves:
  • 6,873 Mboe;
  • Before-tax NPV10 is $257.7-million ($40.05/boe) for 2P reserves.
• Proved plus probable plus possible (3P) reserves:
  • 10,116 Mboe;
  • Before-tax NPV10 is $368.5-million ($38.91/boe) for 3P reserves.
• Development pending risked contingent resources:
  • 8,359 Mboe;
  • Best estimate before-tax NPV10 is $97.3-million.

Chief executive officer commentary

Richard F. Gonzalez, CEO of Petro-Victory, commented: "Our growth story advances as we assess reserves and resources in our Brazilian onshore concessions. Amidst a robust commodity cycle, we are pleased to secure 8.4 million boe of additional risked contingent natural gas resources in the Sao Joao field. These resources have 100-per-cent chance of discovery, tested by Petrobras, with a 77-per-cent chance of commerciality pending potential partnerships for mid-stream and downstream sales in a high-demand region.

"Our strategy of identifying, quantifying and qualifying reserves has been pivotal in acquiring valuable assets and pursuing risk-based development. This positions us for future growth as we execute a disciplined capex program to boost production and cash flow.

"Petro-Victory's prospect inventory is expanding, and we continue to dedicate resources to the identification of future prospects and development plans.

"Our experienced team anticipates a successful second-half 2024 focused on drilling infill, development wells and workovers."

2023 year-end reserves summary

Management has presented below a summary of reserves as of Dec. 31, 2023, which have been estimated by GLJ, an independent qualified reserves evaluator, in a reserves report with an effective date of Dec. 31, 2023. The figures in the attached tables have been prepared in accordance with the standards contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook (the COGEH) and the reserves definitions contained in National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities. In addition to the summary information disclosed in this announcement, more detailed information is included in the company's annual information form for the year ended Dec. 31, 2023, filed on SEDAR+.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10-per-cent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

The GLJ evaluation includes risked contingent resources and has been prepared in accordance with the guidelines and standards contained in the COGEH National Instrument 51-101. In addition to the oil reserves assigned by GLJ to the Sao Joao field and included in the reserves above, contingent resources were assigned to the same field for the deeper non-associated gas.

The GLJ report estimates the chance of development as 77 per cent. The contingencies incorporated into the chance of development are associated with the pending memorandum of understanding which has not been assigned with a potential mid-stream partner prior to the effective date of this report. The company is in possession of a non-binding MOU for this development. Upon execution of a binding MOU with an offtake agreement, it is expected that the remaining contingencies related to corporate sanctioning of the field development plan, within a time frame consistent with reserves as per COGEH, would be removed and the resources will be converted to reserves. As there is no risk related to discovery, the chance of commerciality for the contingent resource has been assessed as 77 per cent, with the contingent resources classified as development pending. Risked company gross contingent resources and the net present value figures reported herein as of Dec. 31, 2023.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10-per-cent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Summary of development pending risked before-tax NPV of future net revenue of contingent resources is shown herein.

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.

We seek Safe Harbor.