Petro Victory Energy Announces Successful SJ‑12 Well Results

DALLAS, April 28, 2026 /PRNewswire/ - Petro Victory Energy Corp. ("Petro Victory" or the "Company") is pleased to announce the results of 7‑SJ‑12DA‑MA well ("SJ‑12") in the São João ("SJ") Field, Barreirinhas Basin, Brazil. The results build on the Company's previously announced commencement of drilling at SJ‑12.

SJ‑12 Highlights

• The well encountered ~280 meters (918 feet) of gross interval containing hydrocarbon-bearing sections identified on wireline logs throughout 5 different prospective zones of Bom Gosto - Arpoador formation.
• The well encountered 72 net meters (236 feet) of hydrocarbon pay (gas), verified by wireline logs, petrophysical work, and supported by mud logging anomalies.
• An additional 45 meters (147 feet) of hydrocarbon (oil) shows were identified, in the shallower Barro Duro - Tutoia formation and in the Bom Gosto - Arpoador formation.
• Additional testing program planned, with results to be announced separately

Commenting on the results, Richard F. Gonzalez, CEO of Petro Victory Energy, stated:

"The SJ-12 well significantly exceeds our expectations and marks a major milestone in the development of the São João Field. We have confirmed a robust and active petroleum system, with clear stacked pay potential. These results validate our subsurface model and reinforce our confidence in the field's scale and long-term value creation."

SJ-12 Drilling Results and Reservoir Interpretation

The SJ‑12 well was drilled to a total depth of 3,180 meters measured depth, intersecting the Barro Duro - Tutoia and Bom Gosto - Arpoador formations. Based on integrated petrophysical interpretation and formation testing data, the Company has identified 5 net pay zones in the Bom Gosto Arpoador reflecting a stacked gas reservoir system indicating 125m of net reservoir with 72m of net hydrocarbon pay across a gross interval of 280m.

Wireline Logging, Pressure Testing and Fluid Sampling

A comprehensive open‑hole wireline evaluation program was completed, including resistivity, density, neutron and sonic logs, as well as RDT formation testing and Mechanical Sidewall Coring Tool ("MSCT") sidewall cores.

• 21 formation pre‑tests confirmed pressure continuity and favorable mobility
• Gas samples recovered at measured depths of 2,682.4 m and 2,975.3 m
• Gas samples exhibit low density under downhole conditions, consistent with gas‑phase hydrocarbons

Operational Execution

SJ‑12 was drilled using a state-of-the-art rack‑and‑pinion hydraulic drilling unit with a 551,000‑pound hook load. The well was completed safely and on program.

Following logging operations, 4½‑inch production casing was run and cemented, and the drilling rig was released.

Field Context and Development Relevance

The identification of stacked reservoirs and pressure‑connected intervals reinforces the technical basis of the São João gas development concept previously disclosed by Petro Victory in connection with its strategic partnership with Eneva.

A well testing campaign is planned to further evaluate the SJ‑12 well, with results to be announced separately.

About Petro-Victory Energy Corp.

Petro-Victory Energy Corp. 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 31 concession contracts with 210,583 acres, net to Petro-Victory, plus an additional 4 concessions and 11,413 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 TSXV under the ticker symbol VRY.

Cautionary Note

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.

Advisory Regarding Forward-Looking Statements

In the interest of providing Petro-Victory's shareholders and potential investors with information regarding Petro-Victory's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "objective," "ongoing," "outlook," "potential," "project," "plan," "should," "target," "would," "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.

Specifically, this press release contains forward-looking statements relating to, but not limited to, well results, the additional testing program for SJ 12 and the associated timelines therewith. These forward-looking statements are based on certain key assumptions regarding, among other things, the timing of and success of future drilling, development and completion activities, the geological characteristics of the Company's properties, regulatory expectations, and the availability of capital. Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. These and other risks are set out in more detail in the Company's Annual Information Form for the year ended December 31, 2025, available on SEDAR+ at sedarplus.ca.

The data obtained from the initial well test results identified in this press release should be considered preliminary until further detailed analysis of such data is performed. The well test results obtained and disclosed in this press release are not necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to place undue reliance on such results, as such results may not be indicative of the future performance of the well or the expected future production results for the Company.

The above summary of assumptions and risks related to forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on Petro-Victory's current and future operations and such information may not be appropriate for other purposes. There is no representation by Petro-Victory that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Petro-Victory does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

SOURCE Petro-Victory Energy Corp.