PETRO RIO PUBLIC OFFERING OF SHARES (FOLLOW-ON)

Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in compliance with the provisions of article 157, paragraph 4 of Law No. 6,406, of December 15, 1976, as amended (“Corporations Law”), Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários) (“CVM”) Rule No. 358, dated January 3, 2002, as amended, and CVM Rule No. 476, dated January 16, 2009, as amended (“CVM Rule 476”), and in continuation of the information disclosed in the material facts disclosed on December 15 and 24, 2020 and January 18, 2021, hereby informs its shareholders (“Shareholders”) and the market in general that the Company’s Board of Directors approved today the pricing of a primary public offering with restricted selling efforts (“Restricted Offering”) of 29,700,000 common, nominative, shares, with no par value, all free and clear of any liens or encumbrances (“Shares”), to be issued by the Company to professional investors in Brazil, to qualified institutional buyers (as defined under Rule 144A of the U.S. Securities Act of 1933, as amended (“Securities Act”)) in the United States and elsewhere to institutional and other investors that are not U.S. persons (as defined in Regulation S of the Securities Act), in accordance with CVM Rule 476. The Company’s Board of Directors set the price per Share at R$69.00, resulting in a capital increase in an aggregate amount of R$2,049,300,000.00. Immediately following the consummation of the Restricted Offering, the Company’s share capital will total an aggregate amount of R$5,526,451,830.79 comprising 175,666,169 common shares.

The Shares sold under the Restricted Offering will be traded on the B3 S.A. – Brasil, Bolsa, Balcão (“B3”) on February 1, 2021, and settlement of the Shares will occur on February 2, 2021.  

The Company will keep its Shareholders and the market in general informed about the process of the Restricted Offering, under the terms of the applicable regulation.