Petro-Victory Energy Reserves and Resources as of December 31, 2023

Petro-Victory Energy Corp. ("Petro-Victory") (TSXV: VRY) is pleased to announce the results of its 2023 year-end reserves evaluation by GLJ, Ltd. ("GLJ").

The Company holds 100% working interest in all forty-one (41) blocks. Six (6) of the forty-one (41) blocks have reserves valuation in the report. The Company continues to invest G&G resources in further evaluation of the remaining thirty-five (35) blocks. The additional thirty-five (35) concession blocks are not included in the reserve figures below. Currency amounts are in United States dollars (unless otherwise indicated) and comparisons refer to the GLJ year-end 2022 report dated April 27, 2023 with an effective date of December 31, 2022.

Highlights
- Proved ("1P") reserves:
- 3,434 thousand barrels of oil equivalent ("Mboe"); and
- Net present value before tax, discounted at 10% ("NPV10") is $130.5 million ($40.68/boe) for 1P reserves.
- Proved plus Probable ("2P") reserves:
- 6,873 Mboe; and
- 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; and
- Best Estimate before tax NPV10 is $97.3 million

CEO 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 São João field. These resources have 100% chance of discovery, tested by Petrobras, with a 77% chance of commerciality pending potential partnerships for midstream 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 December 31, 2023, which have been estimated by GLJ Ltd., an independent qualified reserves evaluator, in a reserves report with an effective date of December 31, 2023. The figures in the following 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 ("NI 51-101").

Brent Crude Oil Price Forecasts in GLJ Reserves Evaluation
Brent (US$/bbl) -Dec. 31, 2023
2024: $77.00
2025: $79.50
2026: $81.49
2027: $82.58
2028: $84.19
2029: $85.90
2030: $87.64

Year-End Gross Reserves - Breakdown by Category (Mboe)

Proved developed producing
2023: 32
2022: 185
Change: (153)
% Change: (82)

Proved developed non-producing
2023: 1,343
2022: 1,170
Change: 173
% Change: 14.7

Proved undeveloped
2023: 2,059
2022: 2,191
Change: (132)
% Change: (6)

Total Proved (1P)
2023: 3,434
2022: 3,546
Change: (112)
% Change: (3.2)

Probable
2023: 3,439
2022: 3,393
Change: (500)
% Change: (14.7)

Total Proved plus Probable (2P)
2023: 6,873
2022: 6,939
Change: (66)
% Change: (0.9)

Possible
2023: 3,243
2022: 3,342
Change: (99)
% Change: (2.9)

Total Proved plus Probable & Possible (3P)
2023: 10,116
2022: 10,282
Change: (165)
% Change: (1.6)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% 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 COGE Handbook National Instrument 51-101. In addition to the oil reserves assigned by GLJ to the São João 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 percent. The contingencies incorporated into the chance of development are associated with the pending MOU 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 off-take agreement, it is expected that the remaining contingencies related to corporate sanctioning of the field development plan within a timeframe 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 percent, with the contingent resources classified as Development Pending. Risked company gross contingent resources and the net present value figures reported below as of December 31, 2023.