Petro-Victory Announces Pirity Update

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CALGARY, May 12, 2015 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY) is pleased to provide the following update on its Pirity concession in Paraguay.

Pirity Concession

Petro-Victory confirms that the dispute with President Energy PLC has now been amicably resolved and a joint statement from both President and Petro-Victory has today been issued. A copy of the statement is attached as an appendix below.

Richard F. Gonzalez, Chairman and Chief Executive Officer, commented:

"We are very pleased to announce that the dispute with our partners in Paraguay has been amicably settled and resolved. Our joint work will continue to unlock the value potential of our Paraguayan Concession."

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.

Appendix:

JOINT STATEMENT FROM PETRO-VICTORY ENERGY CORP

AND PRESIDENT ENERGY PLC

PIRITY CONCESSION PARAGUAY

Petro-Victory Energy Corp. and President Energy PLC for themselves and their subsidiary and associated companies (respectively the "PV Group" and the "PE Group") are pleased to jointly announce the following:

1. That the Parties have achieved an amicable resolution of all issues between themselves in relation to the Pirity Concession, Paraguay and all claims and actions have been discontinued and withdrawn.
   
   
2. The Parties are pleased to put the recent events behind them and move forward constructively together led by PE Group as Operator of the Concession in what they hope will be a stronger and closer relationship.

PETRO-VICTORY ENERGY CORP
PRESIDENT ENERGY PLC
12 of May 2015

Cautionary Note

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Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

SOURCE Petro-Victory Energy Corp.

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Petro-Victory Energy Corp., Richard F. Gonzalez, CEO, 972-239-3084; Petro-Victory Energy Corp., Mark Bronson, CFO and Corporate Secretary, 817-838-4744; Brisco Capital Partners Corp., Scott Koyich, 403-619-2200