MATERIAL FACT

UPDATE ON SENIOR NOTES OFFERING

Rio de Janeiro, September 17, 2020 - Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3), in compliance with the Securities and Exchange Commission ("CVM") Instruction No. 358, of January 3, 2002, as amended, and in addition to the material fact disclosed on September 10, 2020, informs its shareholders and the market in general that it has chosen to interrupt the offering of notes representing the debt of its subsidiary Luxembourg S.à.r.l. ("PetroRio Lux"), due to the current uncertainties in the oil market and the recent volatility of the commodity's prices, which have led to unfavorable conditions for the offering.

This decision was made considering PetroRio's financial discipline, financial leverage (Net Debt / EBITDA) which remains in a downward trend, and operating cash flow, which is suitable to its current debt position.

PetroRio will preserve the relationship with the parties interested in the issuance and may tap the market when conditions deem favorable. Similarly, the Company will continue talks with its several financial partners, pursuing opportunities for its long-term business plan.

The Company will keep the market informed about the subject matter of this material fact.

About PetroRio

PetroRio is one of the largest independent oil and natural gas production companies in Brazil. The Company's corporate culture seeks to increase production through the acquisition of new assets for production, redevelopment, greater operational efficiency and reduction of production costs and corporate expenses. Its main purpose is to create value for its shareholders with increasing financial discipline and preservation of its liquidity, with total respect for safety and the environment. For more information, visit the site: www.petroriosa.com.br.

Disclaimer

All statements, except those relating to historical facts contained herein, are forward-looking statements, including, but not limited to, statements about drilling and seismic acquisitions plans, operating costs, equipment acquisition, expectation of oil discoveries, the quality of oil we expect to produce, and our other plans and objectives. Readers can identify several of such statements by reading words such as "estimate", "believes", "expects, and "will do", and similar words of any negative forms thereof. Although management believes that the expectations represented in such statements are reasonable, it may not guarantee that such expectations will materialize. By their nature, forward-looking statements require us to make assumptions, and thus such statements are subject to inherent risks and uncertainties. We advise the readers of this document not to place undue reliance on our forward-looking statements, taking into account that certain factors may cause results, conditions, acts or events that may differ significantly from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions that support them. The forward-looking statements included herein are based on the premise that our plans and operations will not be affected by such risks, but that if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate. The forward-looking statements included herein are expressly qualified in their entirety by this disclaimer. Such statements were made on the date hereof. We do not undertake the responsibility for updating such forward-looking statements, except as required by applicable securities laws.

Praia de Botafogo, 370 • 13th floor • Botafogo • 22250-040 • Rio de Janeiro/RJ +55 21 3721 2129

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Petro Rio SA published this content on 17 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 22:44:03 UTC