PetroTal Reaches Total Depth on Second Bretaña Oil Well

Alberta and Houston, Texas
9, 2019
—PetroTal Corp. (“PetroTal
or the “Company”) (TSX-V: TAL and
AIM: PTAL) is pleased to announce that the BN 95-2-2-2XD oil
development well (the “well”) which commenced drilling operations on February
26, 2019, has reach total depth. 

The well is being completed as a producer
in the Vivian formation in the northern portion of the Bretaña structure. 
This is the second oil well in the first phase of development of the Bretaña oilfield.  The well was directionally drilled to approximately 3,040 meters total
depth.  Initial logs indicate a total
gross oil column of 24 meters with estimated net oil pay of 18.7 meters, in
line with the Company’s expectations. 
The indicated oil water contact in the well was in direct correlation to
the other four wells previously drilled in the field.

Once completed the well will be placed online, expected in
approximately one week.  The Company will
provide details on flow rates with the fourth quarter and year-end earnings
release scheduled for the week of April 22, 2019.

The discovery well, which came online in mid-2018, is producing in line
with management’s expectations at an average of 950 - 1,000 barrels per day and
has accumulated over 260,000 barrels of oil produced to date.

Manolo Zuniga, President and Chief Executive Officer, commented:“We are pleased that the operations team was able to drill this well on time and on budget.  This is a testament to the entire team from drillers, to contractors, to our corporate social responsibility team who worked tirelessly to ensure safe and efficient operations.  The well logs provide an early indication that the reservoir is as we expected, with good oil shows in the mud logs and good indications from the full suite of logs obtained.  We expect this well to be online within the week and then we will proceed with drilling the BN-95-3H development oil well.”

For further information, please contact:

Greg Smith
Executive Vice President and Chief Financial Officer
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
T: (713) 609-9101

Mark Antelme / Henry Lerwill
Celicourt Communications (Financial PR)
T: 44 (0) 207 520 9261

James Spinney / Ritchie Balmer / Eric Allan
Strand Hanson Limited (Nominated & Financial Adviser)
T: 44 (0) 207 409 3494

John Prior / Emily Morris / George Price
Numis Securities Limited (Joint Broker)
T: +44 (0) 207 260 1000

Jonathan Wright / Hugh R. Sanderson
GMP FirstEnergy (Joint Broker)
T: +44 (0) 20 7448 0200


FORWARD-LOOKING STATEMENTS: This press release may
contain certain statements that may be deemed to be forward-looking statements.
Such statements relate to possible future events, including, but not limited
to: PetroTal’s business strategy, objectives, strength and focus; drilling and
completion activities and the results and timing of such activities; the
ability of the Company to achieve drilling success consistent with management’s
expectations; anticipated future production and revenue; future development and
growth prospects; and the timing of the Company’s year-end earnings press
release. . All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as “anticipate”, “believe”,
"expect", “plan”, “estimate”, “potential”, “will”, “should”,
“continue”, “may”, “objective” and similar expressions. The forward-looking
statements are based on certain key expectations and assumptions made by the
Company, including, but not limited to, expectations and assumptions concerning
the ability of existing infrastructure to deliver production and the
anticipated capital expenditures associated therewith, reservoir
characteristics, recovery factor, exploration upside,  prevailing commodity prices and the actual
prices received for PetroTal’s products, the availability and performance of
drilling rigs, facilities, pipelines, other oilfield services and skilled
labour, royalty regimes and exchange rates, the application of regulatory and
licensing requirements, the accuracy of PetroTal’s geological interpretation of
its drilling and land opportunities, current legislation, receipt of required
regulatory approval, the success of future drilling and development activities,
the performance of new wells, the Company’s growth strategy, general economic
conditions and availability of required equipment and services. Although the
Company believes that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no assurance that they
will prove to be correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production; delays or changes
in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of estimates
and projections relating to production, costs and expenses; and health, safety
and environmental risks), commodity price and exchange rate fluctuations,
legal, political and economic instability in Peru, access to transportation
routes and markets for the Company’s production, changes in legislation
affecting the oil and gas industry and uncertainties resulting from potential
delays or changes in plans with respect to exploration or development projects
or capital expenditures. Please refer to the risk factors identified in the
Company’s annual information form for the year ended December 31, 2017 and
management’s discussion and analysis for the three and nine months ended September
30, 2018 which are available on SEDAR at The forward-looking
statements contained in this press release are made as of the date hereof and
the Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

FOFI DISCLOSURE: This press release contains
future-oriented financial information and financial outlook information
(collectively, “FOFI”) about PetroTal’s prospective results of operations, production,
and components thereof, all of which are subject to the same assumptions, risk
factors, limitations and qualifications as set forth in the above paragraphs.
FOFI contained in this press release was made as of the date of this press
release and was provided for the purpose of providing further information about
PetroTal’s anticipated future business operations. PetroTal disclaims any
intention or obligation to update or revise any FOFI contained in this press
release, whether as a result of new information, future events or otherwise,
unless required pursuant to applicable law. Readers are cautioned that the FOFI
contained in this press release should not be used for purposes other than for
which it is disclosed herein. All FOFI contained in this press release complies
with the requirements of Canadian securities legislation, including Canadian
Securities Administrators’ National Instrument 51-101 Standards  of Disclosure for Oil and Gas Activities..

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the adequacy or accuracy of this press release.