+55 21 3721 3800

petroriosa.com.br

Praia de Botafogo, 370 • 13º andar

Botafogo • 22250-040 • Rio de Janeiro/RJ

NOTICE TO THE MARKET

CHANGE OF MATERIAL EQUITY INTEREST

Rio de Janeiro, December 16, 2020 - Petro Rio SA ("Company" or "PetroRio") (B3: PRIO3), in compliance with the provisions of article 12, paragraph 5 of CVM Instruction 358/02 (and its amendments by CVM Instruction 568/15) announces that it has received from One Hill Capital LLC, correspondence informing the Company they are holders of a total of 6,421,710 common shares issued by the Company, equivalent to 4.44% of PetroRio's share capital, and that they (i) do not aim to change the composition of the Company's control or its Management structure;

  1. are not holders of other securities, derivatives referenced in shares of the Company, other than the aforementioned, whether of physical or financial settlement; and (iii) are not part of any agreement which provides voting rights or the right to sell or purchase securities issued by the Company.

About PetroRio

PetroRio is the largest independent oil and gas Company in Brazil. The Company 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 • 13th floor • Botafogo • 22250-040 • Rio de Janeiro/RJ +55 21 3721 2129

petroriosa.com.br

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Petro Rio SA published this content on 16 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2020 21:22:08 UTC