Petro-Victory Energy Corp. announced a 43% increase of its before-tax value discounted at 10% ("PV10 Valuation") net proved plus probable reserves ("2P") from USD 178.7 million in year-end 2021 proforma reserve report to USD 255.7 million in year-end 20221. As of December 31, 2022, total 2P reserves of 6.939 million barrels of oil equivalent and a PV10 Valuation of CAD 346.3 million (USD 255.7 million) has been assigned to the Company for the Andorinha, Sao Joao, Alto Alegre, Trapia, POT-T-281, and POT-T-391 fields in Brazil.

This represents a 2P Net Asset Value of CAD 16.94/share on an undiluted basis (20,429,849 shares in issue today). The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ Ltd. dated April 28, 2023, with an effective date of December 31, 2022.