PETRO RIO MATERIAL FACT UPDATE ON SENIOR NOTES OFFERING

September 17, 2020

Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in compliance with the Securities and Exchange Commission (“CVM”) Instruction No. 358, of January 3, 2002, as amended, and in addition to the material fact disclosed on September 10, 2020, informs its shareholders and the market in general that it has chosen to interrupt the offering of notes representing the debt of its subsidiary Luxembourg S.à.r.l. (“PetroRio Lux”), due to the current uncertainties in the oil market and the recent volatility of the commodity’s prices, which have led to unfavorable conditions for the offering.

This decision was made in accordance with PetroRio’s financial discipline, financial leverage (Net Debt / EBITDA) which remains in a downward trend, and operating cash flow, which is suitable to its current debt position.

PetroRio will preserve the relationship with the parties interested in the issuance and may tap the market when conditions deem favorable. Similarly, the Company will continue talks with its several financial partners, pursuing opportunities for its long-term business plan.

The Company will keep the market informed about the subject matter of this material fact.

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