Petro-Victory Energy Corp. provide an operational update on the company's 100%-owned Andorinha Field in the Potiguar Basin, onshore Brazil. The company has commenced work on the expansion of production facilities and oil storage capacity at the 100% operated Andorinha field with an expected completion during fourth quarter of 2022.

The project has been undertaken to expand the capacity of the current facilities on the Andorinha field and to provide the Company with the necessary storage and water handling as production increases from the current and future planned drilling campaigns. Current facilities at Andorinha have oil storage capacity of 60m3. Under the new project, storage capacity will triple to 180m3.

As announced on August 11, 2022, the Company entered into a contract with a local renewable energy infrastructure provider to install a solar array at its Andorinha oil field. Installation is now complete and the start of clean energy generation is expected within 2 weeks. Petro-Victory estimates that the Andorinha Solar Project will reduce Scope 2 emissions by approximately 60 tons of CO2 per year, lowering the carbon intensity of the Company's produced barrels of oil.

The Project will eliminate electricity expenses, the major operating cost of the Andorinha field, increasing the netback (profit margin per barrel of oil) for the company. The Andorinha field is averaging production of 30 BOPD in 2022 (January to August) from 4 wells (AND-01, GALP-01, GALP-30, and GALP-38). The field has produced more than130,000 barrels of oil since discovery, and the field remains in the early stages of primary recovery with a total of 1.958MMBO of 2P oil reserves to recover over the life of the field according to the company's independent reserve auditor, GLJ.

Production testing on PVE-01 is expected to commence within the next 30 days. After testing, the PVE-01 well will be tied into the existing production facilities at Andorinha.