Petro Rio S A : MATERIAL FACT - POLVO DRILLING RESULT

MATERIAL FACT

POLVO DRILLING RESULT

Rio de Janeiro, May 10, 2021 - Petro Rio S.A. ("Company" or "PetroRio"), following best corporate governance practices, informs its shareholders and the market in general about the drilling in the Polvo Field's ("Polvo") Eocene reservoir, which resulted in a well ("POL-K") with initial production of 2,500 barrels of oil per day, still in the assessment period.

This highly satisfying result, following the POL-L drilling in 2020, confirms the potential of the Eocene reservoir, the volume of which is already accounted for in the latest reserves certification report. The well's estimated recoverable production of approximately 4 million barrels of oil will be reclassified from Proved Undeveloped Reserves to Proved Developed Producing Reserves.

The increase in production takes the Polvo Field's production to a 12,000 barrels per day level and contributes to a reduced lifting cost. This incremental production will also benefit from the lower royalty rate of 5%, approved by ANP in early 2020.

The well's CAPEX was approximately US$ 11 million, and the well's estimated payback period is under 3 months.

Praia de Botafogo, 370 • 13º andar • Botafogo • 22250-040 • Rio de Janeiro/RJ [phone]

petroriosa.com.br

About PetroRio

PetroRio is one of the largest independent companies in the oil and gas production in Brazil. The Company´s corporate culture seeks to increase production through the acquisition of new production assets, the redevelopment of assets, increased operational efficiency and reduction of production costs and corporate expenses. PetroRio's main objective is to create value for its shareholders with growing financial discipline and preserving its liquidity, with full respect for safety and the environment. For further information, please visit the Company's website: www.petroriosa.com.br.

Disclaimer

This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisitions of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements by looking for words such as "expects", "believe", "hope" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

Praia de Botafogo, 370 • 13º andar • Botafogo • 22250-040 • Rio de Janeiro/RJ [phone]

petroriosa.com.br