Mr. Daniel Wray reports

PETRO-VICTORY SIGNS EXCLUSIVITY AGREEMENT FOR THE ACQUISITION OF 13 OIL-PRODUCING FIELDS IN BRAZIL

Petro-Victory Energy Corp. has signed an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, Potiguar basin.

Petro-Victory together with Azevedo e Travassos Petroleo S.A. (ATP) informs the market that, on Dec. 17, 2024, the company has jointly signed an exclusivity agreement with Brava for the potential acquisition of two producing assets -- Porto Carao cluster and Barrinha cluster.

The Porto Carao cluster is located in the Potiguar onshore basin, in the state of Rio Grande do Norte, near the municipality of Guamare, and comprises four concession contracts, covering four oil-producing fields.

The Barrinha cluster is also located in the Potiguar onshore basin, in Rio Grande do Norte, near the municipality of Mossoro, and comprises seven concession contracts, covering nine oil-producing fields.

The agreement grants the company exclusivity for the negotiation of the acquisition of these assets for an initial period of 30 days, starting from the date of its signing, which may be extended for a similar period, provided there is mutual and formal agreement between the parties.

Additional information, such as values, terms and payment methods, will be communicated to the market in due course as negotiations progress.

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 38 licences totalling 257,604 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-V under the ticker symbol VRY.

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