Material Fact - PetroRio Hires Market Maker

RIO DE JANEIRO, Dec. 7, 2016 /CNW/ - PetroRio (the "Company" or "PetroRio") (BM&FBOVESPA: PRIO3, TSX-V: PRJ) in compliance with CVM Instruction 384 as of March 17th, 2003 hereby informs its shareholders and the market in general that BRASIL PLURAL CORRETORA DE CÂMBIO, TÍTULOS e VALORES MOBILIÁRIOS S.A. (CNPJ/MF no. 05.816.451/0001-15), headquartered in the city of São Paulo, Brazil at Rua Surubim, 373, was hired to act as its Market Maker from December 8th, 2016 onwards on BM&FBOVESPA S.A. ­ Securities, Commodities and Futures Exchange ­ aiming to increase the liquidity of the Company's common shares. The contract is effective as of November 18th, 2016 for a period of 3 (three) months ending on February 18th, 2017 with the possibility of being extended by common agreement between the parties.

The Company also informs that 13,152,063 (thirteen million, one hundred fifty two thousand, sixty three) issued common shares are outstanding in the market and that it has not entered into any agreement with the Market Maker regulating the exercise of voting rights or the purchase and sale of its securities.

The appointment of a Market Maker reinforces PetroRio's commitment to its investor base. For additional information, please contact PetroRio's Investor Relations Department.

About PetroRio

PetroRio is one of the largest independent companies in the oil and gas production in Brazil. It is the operator of the Polvo Field, located in the Campos Basin, which has Brazil's seventh largest daily production of barrels of oil equivalent (boe). PetroRio is the owner of "Polvo A" fixed platform and a 3.000HP drilling rig, currently in operation in this Field, being the platform connected to the "Polvo FPSO" vessel, with capacity to segregate hydrocarbons and water treatment, oil storage and offloading. Polvo Field license covers an area of approximately 134km2, with several prospects with potential for further explorations. 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. The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree of uncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment or processes; contractor or operator errors; non-performance by third party contractors; labor disputes, disruptions or declines in productivity; increases in materials or labor costs; inability to attract sufficient labor; requirements for significant capital investment and maintenance expenses which HRT may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Namibia and Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage; early termination, non-renewal and other similar provisions in concession contracts; and competition.

We caution that this list of factors is not exhaustive and that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are made based on the assumption 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 contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. Except as required by applicable securities laws, we do not undertake to update such forward-looking statements.

SOURCE PetroRio

For further information: Investor Relations: www.petroriosa.com.br, ri@petroriosa.com.br, +55 21 3721-3810

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PetroRio

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