Petro-Victory Energy Corp. provided an operational update on the Company's 100%-owned Alto Alegre Field in the Potiguar Basin, onshore Brazil. Petro-Victory completed the purchase of the Alto Alegre oil field concession for USD 50,000 and assumed 100% operated interest in Fourth Quarter 2020.

At the time of purchase, there was one abandoned oil well inside the concession (ALG-01), the field was not in production, and there were no facilities in place. In fourth quarter of 2021, the Company recovered the abandoned ALG-01 well and re-entered the well for production testing. Two successful oil tests were carried out at reservoirs at depths of 2,274m and 2,360m.

The ALG-01 well was then suspended in preparation for commercial production and the installation of production facilities, oil storage, road access, and base construction. Following the intervention, the Company conducted a full subsurface review consisting of reprocessing the available seismic data and integrating the existing well and reservoir data into the updated subsurface model, which concluded with a revised full field development program for the Alto Alegre field. This development plan was then sent to independent reserve auditors, GLJ, for assessment.

The independent auditors assigned a total of 493,000 barrels of 2P oil reserves at a PV10 value of USD 18MM. Providing the Company with a 360x return on initial purchase price. The Alto Alegre field has historically produced 11,000 barrels of oil (1993-1997) from one (1) well, and remains in early stages of primary recovery with 493,000 barrels of 2P oil reserves to recover over the life of the field.

A drilling program will commence in 2023 to achieve greater than 300 BOPD on a 2P basis. In September 2022, the Company completed a mechanical intervention at the ALG-01 well and placed the well on production using a pumpjack to provide artificial lift. The well is now averaging production of 18 BOPD and has produced more than 1,000 barrels of oil since Petro-Victory resumed production.

With a five percent (5%) Royalty and low base operating expense costs, The Alto Alegre field is currently netting back USD 84 (profit per barrel of oil) at an oil sales price of USD 94 a barrel of oil. Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil.

The company holds 100% operating and working interests in thirty-eight (38) licenses totaling 257,604 acres in two (2) 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 ("TSXV") under the ticker symbol VRY.