Petro Rio S A : MATERIAL FACT - RESERVES AND RESOURCES CERTIFICATION – 01/01/2021

MATERIAL FACT

RESERVES AND RESOURCES CERTIFICATION - 01/01/2021

Rio de Janeiro, April 12, 2021 - PetroRio S.A. ("Company" or "PetroRio") informs its shareholders and the market in general that a new reserves and resources certification report was published by DeGolyer & MacNaughton ("D&M"), dated as of January 1, 2021, which includes Polvo, Tubarão Martelo, Frade and Manati Field reserves and Block BM-C-30 ("Wahoo") contingent resources, where PetroRio currently holds a 64.3% interest (subject to ANP's approval).

Considering only the oil reserves of the Polvo, TBMT and Frade Fields, PetroRio had a 7.7 MMbbl increase in 1P reserves compared to the last report (dated April 30, 2020) and after the proper adjustments to equalize the reports by the cumulative production between the reference dates, 1P reserves increased by 16.1 MMbbl.

Wahoo's contingent oil resources (1C) were evaluated at 125.6 MMbbl (80.8 MMbbl for the 64.3% interest acquired by the Company so far, subject to ANP's approval), and there was an additional

6.6 MMbbl increase in the Frade Field's production from the extension of its economic life due to the project. The Frade + Wahoo cluster abandonment date is pushed back to 2054, from 2034.

Summary of proved reserves (1P) and contingent resources (1C):

	Oil (MMbbl)				Gas (MMboe)			Oil and gas (MMboe)
Field	Apr/20	Prod.	Apr/20	Jan/21	Field	Apr/20	Prod.	Apr/20	Jan/21	Field	Apr/20	Prod.	Apr/20	Jan/21
1P	May-Dec	Adj.	1P + 1C	1P	May-Dec	Adj.	1P + 1C	1P	May-Dec	Adj.	1P + 1C
Frade (100%)	60,2	4,4	55,8	55,7	Frade (100%)	1,0	0,3	0,7	0,5	Frade (100%)	61,2	4,7	56,5	56,1
Polvo + TBMT (95%)	50,7	4,0	46,7	62,9	Polvo + TBMT (95%)	0,0	0,0	0,0	0,0	Polvo + TBMT (95%)	50,7	4,0	46,7	62,9
Manati (10%)	0,05	0,01	0,04	0,03	Manati (10%)	2,77	0,43	2,33	2,37	Manati (10%)	2,82	0,44	2,38	2,40
Total 1P Reserves	110,9	8,4	102,5	118,6	Total 1P Reserves	3,7	0,7	3,0	2,8	Total 1P Reserves	114,7	9,1	105,5	121,5
Wahoo (64,3%)	-	-	-	80,8	Wahoo (64,3%)	-	-	-	18,3	Wahoo (64,3%)	-	-	-	99,0
Frade extension	-	-	-	6,6	Frade extension	-	-	-	0,5	Frade extension	-	-	-	7,1
Total 1P + 1C	110,9	8,4	102,5	206,0	Total 1P + 1C	3,7	0,7	3,0	21,6	Total 1P + 1C	114,7	9,1	105,5	227,6

Access the full report at:http://ri.petroriosa.com.br/en/servicos-aos-investidores/certification-reports/

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.

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