Petro Rio S A : NOTICE TO THE MARKET - CHANGE OF MATERIAL EQUITY INTEREST

[phone]

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, July 22, 2022 - Petro Rio S.A. ("Company" or "PRIO") (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 Squadra Investimentos - Gestão de Recursos Ltda. and Squadra Investments - Gestão de Recursos Ltda. ("Investors"), correspondence informing the Company that they are holders of a total of 45,725,103 common shares issued by the Company, equivalent to 5.18% of PRIO's share count. The referred holdings are composed of (i) 42,239,103 common shares issued by the Company; and (ii) 3,486,000 common shares in derivatives. Investors state that, of the total informed above, 13,933,261 common shares were lent out, and the Investors do not aim to change the composition of the Company's control or its Management structure.

About PRIO

PRIO 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. PRIO'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

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prio3.com.br