Petro Rio S A : NOTICE TO SHAREHOLDERS - CAPITAL RAISE

Praia de Botafogo, 370 • 13º andar

Botafogo • 22250-040 • Rio de Janeiro/RJ

[phone]

petroriosa.com.br NOTICE TO SHAREHOLDERS

Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3) announces to its shareholders and the Market in general that the Board of Directors has approved on January 3, 2022 (a) the ratification of the conversion of 4,315,540 (four million three hundred fifteen thousand five hundred forty) Company ordinary Shares and (b) the subsequent approval of the increase of the Company's Share Capital to R$ 5,543,047,869.79 (five billion, five hundred and forty three million, forty seven thousand, eight hundred and sixty nine reais and seventy-nine centavos), split into 882,646,385 (eight hundred and eighty-two million, six hundred and forty-six thousand, three hundred and eighty-five) Company ordinary Shares. In compliance to Art. 30 of the Instruction CVM 480/09, the Company presents the information required on Annex 30- XXXII of the document, related to the capital raise, due to the Stock Option Plan, approved by the Board of Directors, as following:

Information of the Annex 30-XXXII

I - Date of the General Shareholders Meeting on which the Stock Option Plan was has been approved:

The Extraordinary Shareholders Meeting approved PetroRio S.A.'s Stock Option Plan ("Stock Option Plan") on December 22, 2017.

II - Amount of the capital raise and new Share Capital total:

Capital raise of R$ 16,596,039 (sixteen million five hundred ninety six thousand and thirty nine reais), resulting in R$ 5,543,047,869.79 (five billion, five hundred and forty three million, forty seven thousand, eight hundred and sixty nine reais and seventy-nine centavos).

III - Amount of issued shares

4,315,540 ordinary, nominative Shares with no face value. The new Shares will have the same rights and characteristics as the previous Shares outstanding, being subject in its entirety to all the privileges, according to the Company's Bylaws.

IV - Price of the issued shares

642,750 shares were issued at R$ 1.09. Another 26,650 shares were issued at R$ 1.73. Another 847,600 were issued at R$ 1.94. Another 1,095,115 were issued at R$ 3.47. Another 624,050 were issued at R$ 3.91. Another 680,145 were issued at R$ 7.05. Another 399,230 were issued at R$ 7.94.

V - Price of each species and classes of shares, identifying:

a) Minimum, average and maximum price of each year for the last 3 (three) years;

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

[phone]

petroriosa.com.br

Praia de Botafogo, 370 • 13º andar

Botafogo • 22250-040 • Rio de Janeiro/RJ

[phone]

petroriosa.com.br

1. Minimum, average and maximum price of each quarter for the last 3 (three) years;

c) Minimum, average and maximum price of each month for the last 6 (six) months;

d) Average price for the last 90 (ninety) days;

The average price for the last 90 days was R$ 23.38.

VI) - Percentual potential dilution due to the issuance

The potential dilution factor, considering the capital raise, could reach 0.49%.

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 re-exploration 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