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Petro-Victory Energy Corp. Corporate Update

August 2024 Warrant Issued and extension of the principal payment of loan

CALGARY, AB, Aug. 27, 2024 /CNW/ - Petro-Victory Energy Corp. VRY ("Petro-Victory" or "Company") is pleased to announce that the Company has issued an additional 100,000 bonus warrants (the "Bonus Warrants") to PPF 13, LLC (the "Lender") in consideration for the forbearance and extension of the principal payment on a loan from the Lender to the Company. The Bonus Warrants are exercisable at CAD$2.03 on or before August 25, 2026.

The issuance of the Bonus Warrants remains subject to TSXV final acceptance.

Early Warning News Release in Accordance with National Instrument 62-103

Immediately prior to this purchase, Harvison Capital Management, LLC owned and exercised control over an ‎aggregate of ‎‎0 Common Shares and 1,449,777 Restricted Shares of the Issuer, ‎representing an interest of ‎approximately 0% of the issued and outstanding voting ‎securities of the Issuer on a non-diluted basis and ‎‎7.08% of the issued and outstanding ‎securities of the Issuer assuming conversion of the Restricted Voting ‎Shares.‎

As a result of the purchase, Harvison Capital Management, LLC will own and exercise control over an aggregate ‎of 1,449,777 ‎Common Shares and 0 Restricted Shares of the Company ‎representing approximately 8.99% of the ‎issued and outstanding voting securities of the ‎Company on a non-diluted basis and 7.08% of the issued and ‎outstanding securities of the ‎Company, assuming conversion of the Restricted Shares.‎

The Restricted Shares are convertible on a 1:1 ratio into Common Shares, at the holder's option.‎

About Petro-Victory Energy Corp.

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 (the "U.S. Securities Act"), 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

Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

SOURCE Petro-Victory Energy Corp.

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