Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY AND BLUEOAK INVESTMENTS COMPLETE ACQUISITION OF CAPIXABA ENERGIA, STRENGTHENING BRAZIL ONSHORE POSITION

Petro-Victory Energy Corp. has closing its previously announced acquisition of Capixaba Energia Ltda., a producing oil and gas asset, generating substantial free cash flow, in the Espirito Santo basin. The acquisition was completed in partnership with BlueOak Investments, Petro-Victory's strategic financial partner. This acquisition, originally announced on March 6, 2025, marks the first successful transaction under the Petro-Victory and BlueOak partnership, reinforcing their shared commitment to unlocking value in Brazil's energy sector.

Richard F. Gonzalez, chief executive officer of Petro-Victory, commented: "The closing of the Capixaba Energia acquisition marks a major milestone for Petro-Victory and a testament to the strength of our strategic partnership with BlueOak Investments. This transaction enhances our operational position in Brazil, delivering immediate positive cash flowing production, critical infrastructure and significant future upside. With BlueOak's financial backing and our operational expertise, we are well positioned to unlock value, optimize profitability, production and drive long-term growth for our shareholders."

Meton Morais, chief executive officer of BlueOak, commented: "Our partnership with Petro-Victory reflects our long-term conviction in the Brazilian energy market and our belief in the value that disciplined, performance-driven investment can unlock. Capixaba Energia represents the kind of asset we seek: profitable, producing, scalable production that is strategically located. We're proud to back this transaction and look forward to accelerating growth through continued collaboration with Petro-Victory."

Successful acquisition underscores strength of partnership-driven growth model

The successful closing of the Capixaba Energia acquisition serves as a proof point of Petro-Victory's highly effective partnership strategy. Despite macro uncertainty and commodity price volatility, Petro-Victory has positioned itself to grow by securing low-risk, high-upside assets with premier industry partners. As legacy producers look to scale back, Petro-Victory is charging ahead, leveraging this flexible, performance-based joint venture model to unlock value and capitalize on accelerated merger-and-acquisition opportunities across Brazil's onshore sector.

Capixaba Energia: establishing strategic growth hub

The Capixaba acquisition strengthens Petro-Victory's position in Brazil's onshore oil and gas sector by delivering:

• Immediate cash flow and production growth -- currently producing approximately 400 barrels of oil equivalent per day (88 per cent oil), with a fully financed workover and drilling campaign aimed at significantly increasing production and profitability;l
• Strategic infrastructure -- four producing oil fields, including the Lagoa Parda cluster, plus two high-potential exploration blocks near major producing assets;
• Strong financial and operational backing -- BlueOak has fully financed the initial payments for the acquisition and committed additional capital expenditures to enhance production and operational efficiency;
• Proven reserves and exploration upside -- a new independent reserves report was completed earlier this month and is summarized below.

Summary of reserves and resources

GLJ Ltd., the company's independent reserve and resource auditor, recently completed its assessment of oil and gas assets owned by Capixaba Energia as of Dec. 31, 2024.

The GLJ report, which is dated April 1, 2025, and effective Dec. 31, 2024, is summarized below.

Petro-Victory & BlueOak: a powerful partnership for growth

Under the terms of the joint venture agreement, Petro-Victory will initially hold a nominal equity position, increasing to 20 per cent and then 50 per cent, upon achieving key performance milestones. The company will also serve as the operator, ensuring expert management of the assets.

This acquisition serves as a launch pad for further expansion, leveraging Petro-Victory's deep technical expertise, particularly from its previous successful involvement in the Lagoa Parda cluster, and BlueOak's investment strength to create a high-growth, high-value energy platform in Brazil.

About Petro-Victory Energy Corp.

Petro-Victory is an oil and gas company engaged in the acquisition, development and production of crude oil and natural gas in Brazil. The total portfolio under management as of the date of this filing includes 49 concession contracts with 276,755 acres, net to Petro-Victory, plus an additional six concessions and 19,074 acres owned jointly with BlueOak in Capixaba Energia. Through disciplined investments in high-impact, low-risk assets, Petro-Victory is focused on delivering sustainable shareholder value. The company's common shares trade on the TSX Venture Exchange under the ticker symbol VRY.

We seek Safe Harbor.