wpengine, Author at PetroTal Corp.

PetroTal Announces Operations Update and TSX Venture Exchange Recognition

Production above 20,000 bopd with barging capacity now over 1.5 million barrels
License Contract modification for Social Trust approved by Supreme Decree
Recognized as a top 50 TSXV performing issuer, ranking 4^th in the energy sector

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - March 9, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce various corporate updates, alongside news that it has been recognized by the TSXV as a top 50 performing issuer, ranking 4^th in the energy industry sector. All amounts are quoted in US dollars.

Oil Production Update

After re-establishing barging fleet schedules, PetroTal has been producing an average of 20,000 barrels of oil per day ("bopd") since the last week of February 2023. Prior to that, production was constrained resulting in January and February 2023 average production of approximately 7,600 bopd and 8,000 bopd, respectively. At current oil production rates, the Company expects to average between 11,000 bopd and 12,000 bopd during Q1 20023, below the guided 13,500 bopd for the first quarter.

With barging travel now normalized, and the contracted barging fleet now expanded to over 1.5 million barrels of capacity (from 1.2 million barrels in 2022), PetroTal expects to make up the Q1 2023 production shortfall in Q2 2023, thus maintaining its 2023 full year production guidance of between 14,000 bopd and 15,000 bopd.

Drilling Update

The Company completed drilling (and coring) its third water disposal well ("4WD") on January 29, 2023. The core sample taken from the well is currently being analysed. The water disposal well was completed ahead of schedule and on budget.

PetroTal subsequently commenced drilling development well 14H on February 8, 2023, its 15^th oil well at Bretana. The well is estimated to cost $15.3 million and will be drilled to a total measured depth of almost 5,100 meters with a 1,125 meter horizontal section, making it the longest reaching horizontal well ever drilled on land in Peru. The well is expected to be completed by mid April 2023, with associated production capacity available shortly after initial testing. This will allow the field to continue producing at approximately 20,000 bopd during Q2 2023.

Cash and Bond Repayment Update

PetroTal has received $26.5 million in regular monthly scheduled payments from Petroperu as at March 1, 2023, totalling approximately 40% of the $64 million true up revenue due to the Company from 2022. PetroTal has also received $4.5 million from the exercise of warrants in 2023, further enhancing its cash position.

The Company reiterates its Q1 2023 cash flow guidance, which will allow for the remaining $55 million of bonds to be repaid by the end of March 2023, in addition to the $25 million paid in mid February 2023. The full bond repayment will allow for a capital return program to commence shortly thereafter, with further updates on this program to be made in due course.

To support working capital fluctuations, PetroTal is pleased to advise that it has finalized an unsecured revolving $20 million credit facility with a Peruvian bank.

Social Trust Modification in License Contract Formally Approved

The Company is pleased to announce the publication of the Supreme Decree signed by Peru's President authorizing Perupetro to execute the amendment incorporating the 2.5% Social Trust Fund to the Block 95 License Contract. The social trust still requires its bylaws to be approved by the working table participants, which is estimated to occur in April 2023. Since January 2022, the Company has segregated contributions for the fund based on the underlying rules and objectives of the social trust, which will fund important social projects in the Puinahua district. PetroTal's social trust vision has received overwhelming support from government officials, industry sector leaders, and local communities for its potential to change the operating landscape in Peru, including its important mining sector.

TSX Venture Exchange Recognition

The 2023 TSX Venture 50 is an annual program of the TSX Venture Exchange that recognizes the top performing TSXV-listed companies from five industry sectors. The 2023 winners are selected based on 2022 annual performance for market capitalization and growth, share price appreciation and trading volume. In addition to ranking 4^th in the energy industry sector, PetroTal was also the 4^th ranked Company based on market capitalization amongst the TSX Venture 50 companies, showcasing the natural progression of PetroTal's recent graduation to the TSX.

This is PetroTal's second consecutive year as a recognized top 50 issuer and a video featuring PetroTal can be found at the link below along with additional information from the full 2023 Venture 50 ranking:

https://money.tmx.com/en/venture50

2022 Year End Results Release Date and Webcast

The Company will release its 2022 year-end results on March 30, 2023. An investor webcast will follow beginning at 9am Central Time and 3pm London time. Please see the link below:

https://stream.brrmedia.co.uk/broadcast/63ff1852d684866e54345b62

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We are pleased that barge loadings and deliveries have been restored and normalized to allow steady and continuing sales flow. The team is confident the Company will be able to catch up with guidance in Q2 2023, should current export conditions continue, creating the platform not only to meet, but also surpass, current 2023 guidance.

"The field is now producing over 20,000 bopd, which recently propelled the Company to reach over 12 million barrels of cumulative oil production and represents only 11% of the field's estimated ultimate 2P recovery. We are also extremely happy that we will fulfil our promise to investors to repay the remaining bonds and prepare for a much anticipated return of capital program."

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2022, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains 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, completions, workovers and other activities and the anticipated costs and results of such activities; PetroTal's anticipated operational results for 2023 including, but not limited to, estimated or anticipated production levels, capital expenditures and drilling plans; plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements; the ability of the Company to achieve drilling success consistent with management's expectations; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; oil production levels; and the timing of filing the AIF. All statements other than statements of historical fact may be forward-looking statements. In addition, statements relating to expected production, reserves, recovery, costs and valuation are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, 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 volatility, price differentials and the actual prices received for products, 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. In addition, the Company cautions that current global uncertainty with respect to the spread and evolution of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2021 and management's discussion and analysis for the three and nine months ended September 30, 2022 which are available on SEDAR at www.sedar.com. 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.

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined in NI 51-101. All references to Brent indicate Intercontinental Exchange ("ICE") Brent. Recovery factor percentages include historical production.

FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about NPV-10, future development and abandonment costs, prospective results of operations, production and production capacity, free cash flow, revenue, NOI, shareholder returns 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 approved by management as of the date of this press release and was included 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 NI 51-101. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in PetroTal's guidance. The Company's actual results may differ materially from these estimates.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157792

by wpengine

PetroTal Announces Graduation to the Toronto Stock Exchange

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - February 14, 2023) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce that it has received final approval to list its common shares ("Common Shares") on the Toronto Stock Exchange ("TSX").

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"PetroTal has delivered considerable value for its stakeholders in a short period of time being listed on the TSX Venture Exchange. This graduation to the TSX is an important next step that will help increase our global investor base and offers a greater platform to expand our value proposition. We are grateful to the TSX Venture Exchange for being supportive during this initial phase of our growth and are excited to embark on this next chapter."

The Common Shares will commence trading on the TSX as of market open on February 16, 2023, maintaining the current trading symbol of "TAL". In connection with the TSX listing, the Common Shares will concurrently be delisted from the TSX Venture Exchange. Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the trading symbol or CUSIP for the Common Shares.

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, Petrotal became the second largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154665

by wpengine

PetroTal Announces Significant Increases in 2022 Year-End Oil Reserves

46% increase in 2P reserves value per share to USD$1.75 (CAD$2.29) (GBP1.39)
2P estimated ultimate recovery now over 108 million barrels
Strong 1P and 2P reserves replacement ratios of 179% and 418%, respectively
24% increase in 2P reserves to 96.7 million barrels
21% increase in 1P Reserves to 45.4 million barrels
Added 7 2P well locations, a 32% increase, extending the 2P reserve life to 22 years
2P after tax NPV-10 value increased 48% since year end 2021 to more than $1.5 billion

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - February 1, 2023) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce the results of its 2022 year-end reserve evaluation ("NSAI Report") by Netherland, Sewell & Associates, Inc. ("NSAI") for the Bretana oil field, operated 100% by PetroTal. All currency amounts are in United States dollars (unless otherwise stated) and comparisons refer to December 31, 2021.

Highlights:

Increases to Net Present Value (discounted at 10% ("NPV-10")) after tax, per share values to US$0.90/share (CAD$1.23/share), US$1.75/share (CAD$2.29/share), and US$2.86/share (CAD$3.47/share) for 1P, 2P, and 3P categories, respectively;

Significant increases in all reserve categories:
- Proved ("1P") reserves increased by 21% to 45.4 million barrels. NPV-10, after tax is $0.8 billion ($17.27/bbl);
- Proved plus Probable ("2P") reserves increased by 24% to 96.7 million barrels. NPV-10, after tax is $1.5 billion ($15.60/bbl); and,
- Proved plus Probable plus Possible ("3P") reserves increased by 14% to 168 million barrels. NPV-10, after tax is $2.5 billion ($14.69/bbl).

Strong results for various key year-end 2022 reserve-based metrics:
- 2022 reserves life index for 1P and 2P reserves, are approximately 10 and 22 years, respectively, using a much higher assumed production run rate of 12,200 barrels of oil per day ("bopd") compared to approximately 7,300 bopd in the prior year;
- Robust 2021 production reserves replacement ratios of 179% and 418% for 1P and 2P reserves, respectively;
- Original Oil in Place ("OOIP"): Increases of 33%, 14%, and 2% to 329, 445, and 632 million barrels, respectively, for the 1P, 2P and 3P cases;
- Increased 1P, 2P and 3P total booked well counts in 2022 by 4, 7, and 7 wells to 21, 29, and 36 wells, respectively; and,
- 2P recovery factor continued to increase in 2022 to 24% (from 22% at year-end 2021) even after the 2P OOIP increased by 14%.

2022 Proved Developed Producing ("PDP") reserves increased 49% to 24.1 million barrels, representing 53% of 1P reserves, reflecting an attractive ratio of base production to low risk drilling proved undeveloped ("PUD") targets; and,

2P Future Development Capital ("FDC") increased 40% to $404 million from year-end 2021 reflecting an additional 7 wells booked at year-end 2022 and associated water disposal capacity and facilities needed to accommodate higher anticipated flush and run rate production volumes.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"Bretana's reserves have grown tremendously since 2017. Our drilling success combined with the field's strong natural aquifer support that allow for recovery factors beyond 30% has underpinned a world class oil operation that is expected to deliver immense free cash flow for the next 20 years. The field's initial 2017 2P estimated ultimate recovery was 37.5 million barrels which we have now almost tripled to 108.2 million barrels. The PetroTal team is committed to increasing value for all stakeholders from the oil field's ultimate oil recovery enhancement. Noteworthy that our PDP after tax NPV-10 valuation is similar to our current market capitalization. We see significant upside with respect to PUD, Probable, and Possible reserve values that are not reflected in our current market valuation."

2022 Year-End Reserves Summary

The summary below sets forth PetroTal's reserves as at December 31, 2022, as presented in the reserves report prepared by NSAI, an independent qualified reserves evaluator. The figures in the following tables have been prepared in accordance with the standards contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook (the "COGEH") and the reserve definitions contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). In addition to the summary information disclosed in this announcement, more detailed information will be included in PetroTal's annual information form for the year ended December 31, 2022 (the "AIF") to be filed on SEDAR (www.sedar.com) and posted on PetroTal's website (www.petrotal-corp.com) in March 2023.

Six Year Crude Oil Price Forecast - NSAI Report

Year-End Forecast:	2023	2024	2025	2026	2027	2028	6 Yr Avg
Brent (USD$/bbl) - January 1, 2023	$84.67	$82.69	$81.03	$81.39	$82.65	$84.29	$82.79
Brent (USD$/bbl) - January 1, 2022	$71.46	$69.62	$71.01	$72.44	$73.88	$75.36	$72.30

The oil price projections used by NSAI are based upon an average of December 31, 2022 and 2021 forecasts of Brent Crude futures prices prepared by three qualified reserves evaluators: GLJ Petroleum Consultants Ltd., McDaniel & Associates Consultants Ltd. and Sproule Associates Limited. The six year average for the NSAI Report reflects an average Brent oil price of $82.79, which as at the time of this press release, is approximately $4/bbl lower than current market Brent prices.

Year-End Crude Oil Reserves (million barrels)

CATEGORY	2022	2021	Change
Proved
Developed Producing	24.1	16.2	+49%
Undeveloped	21.4	21.2	+1%
Total Proved	45.4	37.4	+21%
Probable	51.3	40.5	+27%
Total Proved plus Probable	96.7	77.9	+24%
Possible	71.6	69.1	+4%
Total Proved plus Probable & Possible	168.3	147.1	+14%

Represents gross and net barrels since PetroTal has a 100% working interest and a 100% net revenue interest in these properties. Royalties are paid from sales proceeds.

Year-End Net Present Value at 10% - Before Tax ($ millions)

CATEGORY	2022	2021	Change
Proved
Developed Producing	$635	$250	+154%
Undeveloped	$529	$474	+12%
Total Proved	$1,164	$724	+61%
Probable	$1,124	$665	+69%
Total Proved plus Probable	$2,288	$1,389	+65%
Possible	$1,485	$932	+59%
Total Proved plus Probable & Possible	$3,773	$2,321	+63%

Year-End Net Present Value at 10% - After Tax ($ millions)

CATEGORY	2022	2021	Change
Proved
Developed Producing	$446	$244	+83%
Undeveloped	$339	$326	+4%
Total Proved	$784	$570	+38%
Probable	$724	$449	+61%
Total Proved plus Probable	$1,509	$1,020	+48%
Possible	$959	$633	+52%
Total Proved plus Probable & Possible	$2,468	$1,653	+49%

Forecast Revenues and Costs^(1-5) ($ millions)

	Undiscounted	Undiscounted	Undiscounted	Discounted	Undiscounted	Discounted	Discounted
CATEGORY	Revenue	Royalties	OPEX	FDC	B-Tax Net Revenue	B-Tax Net Revenue	A-Tax Net Revenue
Total Proved	$3,298	$250	$1,177	$195	$1,643	$1,164	$784
Total Proved plus Probable	$7,116	$582	$1,961	$358	$4,168	$2,288	$1,509
Total Proved plus Probable & Possible	$13,473	$1,210	$2,959	$567	$8,680	$3,773	$2,468

1) Royalties include the 2.5% social fund for all years.
2) FDC includes abandonment.
3) Net Revenue is defined as revenue less royalties less operating costs less FDC.
4) B-tax and A-tax refer to before and after tax.
5) Discounted values are discounted at 10%.

Year-End Reserves Value per Share - After tax

CATEGORY	Dec. 31, 2022			Dec. 31, 2021
Reserves per share	US$/sh	CAD$/sh	GBP/sh	US$/sh	CAD$/sh	GBP/sh
Proved	$0.90	$1.23	0.75	$0.69	$0.88	0.51
Proved plus Probable	$1.75	$2.29	1.45	$1.23	$1.57	0.91
Proved plus Probable & Possible	$2.86	$3.47	2.37	$2.00	$2.54	1.48

Represents NPV-10 (after tax) divided by the number of common shares issued as of December 31 of each respective year and excludes other balance sheet items at the relevant date. Canadian and GBP share prices are converted at the respective year end foreign exchange conversion rates. Common share issued at December 31, 2022 total 862.2 million shares and at December 31, 2021 total 828.2 million shares.

Reserve Life Index^(1-3)

CATEGORY	Dec. 31, 2022	Dec. 31, 2021
Proved	10.1 years	13.8 years
Proved plus Probable	21.5 years	28.9 years
Proved plus Probable & Possible	37.4 years	54.5 years

(1) 2022 values based on 2022 year-end reserves divided by average 2022 production of approximately 12,200 bopd.
(2) The license for Block 95 expires in 2041.
(3) 2021 values based on 2021 year-end reserves divided by annualized Q1 2021 production of approximately 7,331 bopd.

Future Development Costs

The following information sets forth development and abandonment costs deducted in the estimation of PetroTal's future net revenue attributable to the reserve categories noted below:

CATEGORY ($ million)	2022	2021	Change
Proved
Developed Producing	$105	$16	+556%
Undeveloped	$124	$125	-1%
Total Proved	$229	$141	+62%
Probable	$176	$148	+19%
Total Proved plus Probable	$404	$289	+40%
Possible	$220	$215	+2%
Total Proved plus Probable & Possible	$624	$504	+24%

Future development costs ($/bbl)	2022	2021	Change
Proved	$10.69	$6.63	+61%
Proved plus Probable	$5.56	$4.68	+19%
Proved plus Probable & Possible	$4.33	$3.85	+13%

The future development and abandonment costs are estimates of the future capital expenditures required to convert the corresponding reserves to PDP reserves. Future development per barrel is determined using the future development capital divided by the 1P, 2P, or 3P reserves, less cumulative PDP.

2021 Year-End Gross Reserves Reconciliation (million barrels)

	Proved	Proved plus Probable	Proved plus Probable & Possible
December 31, 2021	37.4	77.9	147.0
Technical Revisions	11.6	23.2	25.7
Economic Factors	0.8	-	-
Production	(4.4)	(4.4)	(4.4)
December 31, 2022	45.4	96.7	168.3

Reserves Webcast:

A live webcast of the presentation including Q&A will be held today at 3:00 pm (UK time) & 9:00 am (Houston time) for investors and analysts and will be available via our website at https://petrotal-corp.com/ after the event. Please see the link below.

https://stream.brrmedia.co.uk/broadcast/63d7b8d41874497653f34216

Qualified Person's Statement

Dewi Jones, the Company's Vice President, Exploration and Development, who has over 35 years of relevant experience in the oil industry, has approved the technical information contained in this announcement. Mr. Jones received a Bachelor of Science degree in Geology from Louisiana State University in Baton Rouge and is registered on the Texas and Louisiana Board of Professional Geoscientists.

The recovery and reserve estimates provided in this news release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. In certain of the tables set forth below, the columns may not add due to rounding.

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSXV: TAL) (AIM: PTAL) and (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2022, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

RESERVES DISCLOSURE: PetroTal's Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 dated effective as at December 31, 2022, which will include further disclosure of PetroTal's oil and gas reserves and other oil and gas information in accordance with NI 51-101 and COGEH forming the basis of this press release, will be included in the AIF, which will be available on SEDAR at www.sedar.com in March 2023. All reserves values, future net revenue and ancillary information contained in this press release are derived from the NSAI Report unless otherwise noted. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by NSAI in evaluating PetroTal's reserves will be attained and variances could be material. It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. The recovery and reserve estimates of PetroTal's oil reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual oil reserves may be greater than or less than the estimates provided herein. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth herein are estimates only. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Proved developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Possible reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 - Revised Glossary to NI 51-101, Revised Glossary to NI 51-101, Standards of Disclosure for Oil and Gas Activities ("CSA Staff Notice 51-324") and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

DRILLING LOCATIONS: This press release discloses drilling inventory in three categories: (a) proved locations; (b) probable locations; and (c) possible locations, all of which are derived from the NSAI Report and account for drilling locations that have associated proved, probable and/or possible reserves, as applicable. There is no certainty that PetroTal will drill all booked drilling locations and if drilled there is no certainty that such locations will result in additional oil reserves or production. The drilling locations considered for future development will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the possible drilling locations have been de-risked by drilling existing wells in relative close proximity to such drilling locations, other possible drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil reserves or production.

OIL AND GAS MEASURES: This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as "OOIP", "development capital", "F&D costs", "net asset value" and "reserves life index". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. "OOIP" is equivalent to total petroleum initially-in-place ("TPIIP"). TPIIP, as defined in the COGEH, is that quantity of petroleum that is estimated to exist in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. A portion of the TPIIP is considered undiscovered and there is no certainty that any portion of such undiscovered resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of such undiscovered resources. With respect to the portion of the TPIIP that is considered discovered resources, there is no certainty that it will be commercially viable to produce any portion of such discovered resources. A significant portion of the estimated volumes of TPIIP will never be recovered. "Development capital" means the aggregate exploration and development costs incurred in the financial year on reserves that are categorized as development. Development capital excludes capitalized administration costs. "Finding and development costs" or "F&D costs" are calculated as the sum of field capital plus the change in future development costs for the period divided by the change in reserves that are characterized as development for the period. Finding and development costs take into account reserves revisions during the year on a per bbl basis. The aggregate of the exploration and development costs incurred in the financial year and changes during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. "Net asset value" is based on present value of future net revenues discounted at 10% before tax on reserves, net of estimated net debt at year end divided by the basic shares outstanding at year end. "Reserve life index" is calculated as total Company interest reserves divided by annual production. These terms have been calculated by management and do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare PetroTal's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153157

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PetroTal's Second Annual ESG Report: Responsible, Material, and Sustainable ESG Initiatives

PetroTal Recognized for ESG Efforts
Conditional Approval Received for Graduation to the Toronto Stock Exchange

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - January 26, 2023) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce the release of PetroTal's 2021 ESG Report, which has been posted on the Company's website (www.petrotal-corp.com).

PetroTal is committed to providing a sustainable business plan that delivers meaningful opportunities for all stakeholders, which includes; dedicating significant attention, consideration and resources to environmental stewardship and social responsibility, with a constant and uncompromising commitment to safety, ethics and transparency.

2021 marked a significant step forward in terms of ESG reporting and standards achieved, as the Company is now calibrating its reporting to the Global Reporting Initiative ("GRI") and the Sustainability Accounting Standards Board ("SASB") frameworks, as well as for the United Nations' Sustainable Development Goals ("SDG").

In just five years, the Company has increased production from zero to over 25,000 barrels of oil per day. ESG is an integral part of PetroTal's short and long-term strategy and decision making. The key highlights from the Company's second annual ESG report are noted below.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We have materially advanced our ESG initiatives from the inception of our business plan only a few years ago. We are now calibrating our strategy to the global standards for ESG that is impactful to our four pillars of sustainability. We are proud that our Peruvian subsidiaries are led and operated by Peruvians, committed to its people and communities, and, consequently, to the sustainable development of Peru. We are extremely pleased with the sustainable footprint our operations have in the remote and environmentally sensitive areas near our field, and we are instilling a continuous improvement culture within the team. We look forward to reporting further ESG milestones to the market over the coming months."

2021 ESG report highlights:

The report presents an in-depth 2030 sustainability plan underpinned by a commitment to the environment, safe operations, transparent governance, and shared values with our communities and vendors, for the benefit of all;

This is the Company's second annual ESG report, which details how PetroTal's activities contribute towards achieving 11 of the 17 SDGs, which are the universal call to action to end poverty and protect the planet in a peaceful and prosperous way;

Near-term focus on promoting a safety culture strategy that enhances existing policies to promote and reward generated safety advancements by our employees and consultants;

Transparent leadership in Peru for employee empowerment and accountability, equality, diversity and retention by fostering and rewarding employee innovation;

A commitment to local value creation with a strong Peruvian employment history, comprising a talented and local Peruvian workforce, without prejudice irrespective of race, disability, sexual orientation, or age;

Enhanced governance for the Company with the addition of two new independent Board members with significant leadership experience in Peru and the international oil and gas industry; and,

Ongoing success with our 20-year active biodiversity case study in the Pacaya Samiria National Reserve ensuring zero net loss of biodiversity resulting from the nearby Bretana oil and gas operations.

Other key milestones:

Zero hydrocarbon spills and no associated oil volume lost in 2021; and,

Delivered a peer-leading Scope 1 carbon intensity footprint of 11.4 kg/bbl for 2021 equating to just over 37,000 tones of Scope 1 carbon emissions for 2021, with significant opportunities in future years for reduction through technology and operating innovations.

PetroTal recognized for ESG Efforts:

PetroTal is pleased to announce it has recently been awarded two ESG awards. The first, in biodiversity conservation for its Biodiversity Monitoring Program and the second, for its Fishing Innovation Program in the Puinahua District, both from the Peruvian National Mining, Oil and Energy Society ("SNMPE"). For more information on these projects please refer to our 2021 ESG report now posted on the Company website.

PetroTal receives conditional TSX graduation approval:

PetroTal is pleased to announce that it has received conditional approval from the Toronto Stock Exchange ("TSX") to graduate its listing from the TSX Venture Exchange ("TSXV") to the TSX. Final approval of the listing is subject to the Company fulfilling certain standard and customary conditions required by the TSX. PetroTal's management team is working diligently to satisfy such listing conditions. A timeline for the graduation will be announced once the Company receives final approval. Transition to the TSX listing will be seamless for shareholders, and there will be no change to the trading symbol "TAL" or CUSIP.

ABOUT PETROTAL

PetroTal is a publicly traded, tri quoted (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release contains 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; the impact of social disruption on the Company's operations; drilling, completions, workovers including of oil producing and water disposal wells and the results and timing of such activities; and other activities and the anticipated costs and results of such activities; PetroTal's 2023 budget and financial/operational guidance; PetroTal's anticipated operational results for 2023 including, but not limited to, anticipated production levels, capital expenditures and drilling plans; the Company's intentions with respect to return of capital, including returning $100 million to shareholders using dividends and share buybacks; the commencement of a normal course issuer bid and receipt of stock exchange approval thereof; the dividend policy; PetroTal's liquidity and financial position; the capacity for increased production in the event additional sales capacity is identified; PetroTal's plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements; the ability of the Company to achieve drilling success consistent with management's expectations; the ability of the Company to achieve near term production targets and operate at unrestricted levels; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; oil production levels, including average and exit production in 2023; sales expansion through alternative exports routes, including barging; the Company's proposals for collaboration with local communities and capital contributions in relation thereto including in respect of its investments in community, education, and support programs; and future development and growth prospects. All statements other than statements of historical fact may be forward-looking statements. In addition, statements relating to expected production, reserves, recovery, costs and valuation are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "target", "potential", "will", "should", "continue", "may", "objective" and similar expressions. Without limitation of the foregoing, future dividend payments and share buybacks,, if any, and the level thereof, are uncertain, as the Company's return of capital and dividend policy and the funds available for the payment of such activities from time to time is dependent upon, among other things, free cash flow financial requirements for the Company's operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond the Company's control. Further, the ability of PetroTal to pay dividends and buyback shares will be subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, impact of inflation on costs, 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 volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, wars (including Russia's military actions in Ukraine), 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. Ongoing military actions between Russia and Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2021 and management's discussion and analysis for the three and nine months ended September 30, 2022 which are available on SEDAR at www.sedar.com. 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 budget and guidance, prospective results of operations, production and production capacity, free cash flow, revenue, NOI, adjusted EBITDA, debt repayment, liquidity, shareholder returns 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 approved by management as of the date of this press release and was included 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 National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in PetroTal's guidance. The Company's actual results may differ materially from these estimates.

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PetroTal Announces Initial Production for Well 12H and Other Corporate Updates

Naturally flowing production of 3,650 bopd (off pump); Social Trust Addendum approved; Production restored to 20,000 bopd

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 28, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce the successful testing results of well 12H, the Company's fourteenth producing well at the Bretana oil field.

Well 12H highlights

Well 12H has tested naturally, off pump, at approximately 2,900 barrels of oil per day ("bopd") over its first 10 days of production since December 16, 2022;
Current production of well 12H, under natural flow, has increased to approximately 3,650 bopd as at December 27, 2022, indicating the well continues to clean out completion fluid;
With the field currently producing at approximately 20,000 bopd limited by export capacity, the technical team has delayed starting the already installed electro-submersible pump ("ESP") on well 12H to gather data under natural flow conditions and to prevent production constraints on other wells;
Once the ESP is activated, the 12H well is expected to produce similarly to the neighboring 13H well, which averaged 6,451 bopd during its first 30 days online, and has averaged approximately 4,000 bopd during the past 10 days;
The 12H well confirms the possibility of drilling another line of wells south of the 12H and 13H wells; and,
The total cost of the 12H well is estimated at $15.2 million, slightly higher than budget due to directional drilling tool complications.

Social Trust Addendum Update

PetroTal is pleased to announce that on December 20, 2022, it received board approval to incorporate the 2.5% social trust addendum into the Block 95 License Contract. Perupetro's board have also approved the social trust addendum on December 22, 2022. Now the proposed addendum will go through the process of receiving approval from the Ministry of Energy & Mines and the Economy and Finance Ministry before Peru's President can sign the Supreme Decree authorising Perupetro to amend the Block 95 License Contract. This is expected to be completed by the end of the second quarter 2023. PetroTal will continue to set aside funds in a separate bank account as per the agreed social trust addenda.

Current Production Now At 20,000 bopd

The Company has averaged approximately 20,000 bopd since December 16, 2022, with an estimated production capacity of over 24,000 bopd. With export capacity now reestablished, most of the Brazilian barges are now arriving in Bretana, allowing the Company to increase production. Once filled, they will travel to Manaus, Brazil to unload. It is possible that this travel schedule may create export constraints for the Company early in 2023 while the barging fleet returns to optimal route travel times.

2023 Guidance Release

PetroTal expects to release its 2023 production and capital budget in mid January, 2023, and will present at the Pareto Securities 18^th Annual E&P Independents Conference in London on January 18, 2023.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We are finishing 2022 with 20,000 bopd of production and 24,000 bopd of production capacity, including 12H rates flowing naturally with the ESP yet to be activated. With the Social Trust Fund in its final setup stage, the PetroTal team will focus on enhancing our export capabilities to produce at full capacity."

ABOUT PETROTAL

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined inNI 51-101. All references to Brent indicate Intercontinental Exchange ("ICE") Brent.

FORWARD-LOOKING STATEMENTS: This press release contains 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, completions, workovers and other activities and the anticipated costs and results of such activities; PetroTal's revised 2022 guidance and budget including, but not limited to, estimated or anticipated production levels, capital expenditures and drilling plans; the intention to redeem the outstanding bonds; PetroTal plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements and the Company's ability to access capital on desirable terms and within required timelines; the ability of the Company to achieve drilling success consistent with management's expectations; the ability of the Company to achieve near term production targets and operate at unrestricted levels; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; oil production levels, including average and exit production in 2022; sales expansion through alternative exports routes, including barging and trucking; the Company's proposals for collaboration with local communities; and future development and growth prospects. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, impact of inflation on costs, 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 volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, wars (including Russia's war in Ukraine), 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. The ongoing war between Russia and Ukraine has the potential to threaten the supply of oil and gas from the region. The long-term impacts of the war between these nations remains uncertain. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Corporation's annual information form (filed April 28, 2022) and MD&A (filed August 25, 2022) (the "MD&A"), which are available on SEDAR at www.sedar.com. 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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/149614

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PetroTal Announces Warrant Exercises, PSU Share Issuance and Total Voting Rights

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 20, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) and (OTCQX: PTALF) ("PetroTal" or the "Company") announces the exercise of Performance Warrants and issuance of Common Shares to employees pursuant to annually vested performance share unit plan ("PSU").

Exercise of Performance Warrants

PetroTal received notices to exercise 389,384 (net basis) Performance Warrants at a price of US$0.1869 per Common Share. Following the warrant exercises, the Company will have no further Performance Warrants outstanding.

PSU Issue

PetroTal also announces that it has issued an aggregate of 2,177,039 Common Shares to employees pursuant to the annual obligation to issue vested performance share units under the Company's performance and restricted share unit plan, as approved by the TSX Venture Exchange on December 12, 2019. No Common Shares were issued to Directors or Officers of the Company.

Further details regarding the Company's PSU plan are set out in the management information circular of the Company dated August 3, 2022, which is available on SEDAR at www.sedar.com.

Application will be made for a total admission of 2,566,423 Common Shares to trading on AIM ("Admission"), which will rank pari passu with existing Common Shares, expected to occur on or around December 22, 2022.

Following Admission, PetroTal will have 862,208,996 common shares issued and there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSXV: TAL)( AIM: PTAL) and (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, Petrotal became the second largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148777

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PetroTal Issues Corporate Update Regarding River Access

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 15, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce the following corporate update.

River Transportation Reopened

On December 14, 2022, the Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua ("AIDECOBAP") removed the river blockade to allow oil barge transportation access in and out of the Company's operating area coinciding with positive working table discussions held on December 14, 2022 where the Junta of Authorities of Puinahua, Perupetro, and PetroTal also participated.

Production Ramp Up To Commence Immediately

With the reopening of river access, the Brazilian export route is now available. Production ramp up will commence immediately over the next few days and is expected to again reach approximately 18,000 barrels of oil per day ("bopd") for the remainder of December 2022. Inclusive of social downtime since late November, the Company estimates Q4 2022 oil production levels to average between 8,500 and 9,500 bopd.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We are pleased the Puinahua Channel has reopened and believe the forthcoming addendum incorporating the 2.5% Social Trust Fund to the Block 95 License Contract will provide long term stability and a material quality of life enhancement to the communities of the Puinahua District."

ABOUT PETROTAL
PetroTal is a publicly traded, tri quoted (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined inNI 51-101. All references to Brent indicate Intercontinental Exchange ("ICE") Brent.

FORWARD-LOOKING STATEMENTS: This press release contains 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, completions, workovers and other activities and the anticipated costs and results of such activities; PetroTal's revised 2022 guidance and budget including, but not limited to, estimated or anticipated production levels, capital expenditures and drilling plans; the intention to redeem the outstanding bonds; PetroTal plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements and the Company's ability to access capital on desirable terms and within required timelines; the ability of the Company to achieve drilling success consistent with management's expectations; the ability of the Company to achieve near term production targets and operate at unrestricted levels; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; oil production levels, including average and exit production in 2022; sales expansion through alternative exports routes, including barging and trucking; the Company's proposals for collaboration with local communities; and future development and growth prospects. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, impact of inflation on costs, 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 volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, wars (including Russia's war in Ukraine), 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. The ongoing war between Russia and Ukraine has the potential to threaten the supply of oil and gas from the region. The long-term impacts of the war between these nations remains uncertain. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Corporation's annual information form (filed April 28, 2022) and MD&A (filed August 25, 2022) (the "MD&A"), which are available on SEDAR at www.sedar.com. 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.

SPECIFIED FINANCIAL MEASURES: This press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP financial ratios and capital management measures as further described herein. These measures do not have a standardized meaning prescribed by generally accepted accounting principles ("GAAP") and, therefore, may not be comparable with the calculation of similar measures by other companies. Management uses these non- GAAP measures for its own performance measurement and to provide shareholders and investors with additional measurements of the Company's efficiency and its ability to fund a portion of its future capital expenditures. "Adjusted EBITDA" (non-GAAP financial measure) is calculated as consolidated net income (loss) before interest and financing expenses, income taxes, depletion, depreciation and amortization and adjusted for G&A impacts and certain non-cash, extraordinary and non-recurring items primarily relating to unrealized gains and losses on financial instruments and impairment losses, including derivative true-up settlements. PetroTal utilizes adjusted EBITDA as a measure of operational performance and cash flow generating capability. Adjusted EBITDA impacts the level and extent of funding for capital projects investments. Reference to EBITDA is calculated as net operating income less G&A. "Free cash flow" (non-GAAP financial measure) is calculated as net operating income less G&A less exploration and development capital expenditures and is calculated prior to all debt service, taxes, lease payments, hedge costs, factoring, and lease payments. Management uses free cash flow to determine the amount of funds available to the Company for future capital allocation decisions. Please refer to the MD&A for additional information relating to specified financial measures.

FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's revised budget and guidance, prospective results of operations, production and production capacity, free cash flow, revenue, adjusted EBITDA, debt repayment, liquidity, shareholder returns 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 approved by management as of the date of this press release and was included 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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148116

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PetroTal Issues Various Corporate Updates

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 9, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) and (OTCQX: PTALF) ("PetroTal" or the "Company") announces the following corporate updates.

Peruvian political changes

On December 7, 2022, the Peruvian Congress voted to remove Mr. Pedro Castillo as President of Peru. Pursuant to Peruvian constitutional law, the Vice-President, Ms. Dina Boluarte assumes the Presidency. Following this change, there will be a reassessment of all government Ministers before a new cabinet is named. This process is expected to occur smoothly and should not impact PetroTal's operations.

Petroperu Agreement Finalized

PetroTal and Petroperu have finalized an agreement outlining the repayment terms of the $64 million in true up revenue owed to the Company by Petroperu from the Company's July 2022 export of approximately 720,000 barrels of oil to an international refiner. On December 1, 2022, the Company received $10.9 million from Petroperu as part of a schedule of payments, which is expected to be fully repaid by August 1, 2023.

Production Impact from River Blockade

Since the Company's Q3 2022 financial and operating results were released on November 17, 2022, the Company has been producing nearly 14,000 barrels of oil per day ("bopd"), reaching 18,000 bopd recently. As a result of the river blockade, PetroTal has reduced production to between 4,500 bopd and 5,000 bopd since November 30, 2022, to manage storage levels and will need to further reduce production levels should the blockade persist as the Northern Peruvian Pipeline ("ONP") remains unavailable due to ongoing repairs.

AIDECOBAP River Blockade

On November 25, 2022, Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua ("AIDECOBAP") followers detained a barge traveling to Brazil with crude oil purchased from PetroTal. The crew was taken hostage in an effort to force the Company to sign an addendum related to the social trust prior to formal working table approval. Approximately 48 hours later, the crew of the barge was released, however, territorial control of the river pathway continues, limiting further barge movements to and from the Company's oilfield.

PetroTal strongly condemns the taking of hostages and using force and violence as a negotiating tactic and calls on Peruvian government intervention to prevent further unnecessary escalation. The Company recommends that the terms in the draft addendum, already agreed with Perupetro, be duly agreed upon with the entire working table to ensure a repeatable social trust model in other oil producing districts in the region of Loreto where Block 95 is located. Since January 1, 2022, PetroTal has been contributing 2.5% of the value of its fiscalized oil production, when operating without social disruption, to a dedicated bank account which has now grown to nearly $7 million. This blockade is not only impacting the trust fund, but also our social programs, thereby upsetting the local communities that understand this is an unnecessary protest without any logic.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We are committed to ensuring that the proposed 2.5% Trust Fund is properly implemented so it may provide critical long-term funding to all the Puinahua District communities. We are also pleased to conclude our true up payment agreement with Petroperu and will continue to communicate with them in good faith regarding the additional factoring amounts owed for Q1 2022 oil deliveries into the ONP and the reopening of the pipeline when appropriate repairs are concluded."

ABOUT PETROTAL

PetroTal is a publicly traded, tri quoted (TSXV: TAL) (AIM: PTAL) and (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined inNI 51-101. All references to Brent indicate Intercontinental Exchange ("ICE") Brent.

FORWARD-LOOKING STATEMENTS: This press release contains 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, completions, workovers and other activities and the anticipated costs and results of such activities; PetroTal's revised 2022 guidance and budget including, but not limited to, estimated or anticipated production levels, capital expenditures and drilling plans; the intention to redeem the outstanding bonds; PetroTal plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements and the Company's ability to access capital on desirable terms and within required timelines; the ability of the Company to achieve drilling success consistent with management's expectations; the ability of the Company to achieve near term production targets and operate at unrestricted levels; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; oil production levels, including average and exit production in 2022; sales expansion through alternative exports routes, including barging and trucking; the Company's proposals for collaboration with local communities; and future development and growth prospects. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, impact of inflation on costs, 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 volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, wars (including Russia's war in Ukraine), 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. The ongoing war between Russia and Ukraine has the potential to threaten the supply of oil and gas from the region. The long-term impacts of the war between these nations remains uncertain. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Corporation's annual information form (filed April 28, 2022) and MD&A (filed August 25, 2022) (the "MD&A"), which are available on SEDAR at www.sedar.com. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147388

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PetroTal Announces Q3 2022 Financial and Operating Results

Strong balance sheet position

$150 million of free cash flow delivered in nine months of 2022

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 17, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2022 ("Q3 2022").

Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements ("Financial Statements"), and management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2022, which are available on SEDAR at www.sedar.com and on the Company's website at www.PetroTal‐Corp.com. All amounts herein are in United States dollars ("USD") unless otherwise stated.

Q3 2022 Highlights

Production in the quarter averaged 12,229 barrels of oil per day ("bopd") with sales of 12,186 bopd (1.1 million barrels), despite being constrained as low river levels reduced barge capacity;

Generated net operating income⁽¹⁾ ("NOI") of approximately $62.3 million, EBITDA⁽¹⁾ of $57.6 million, and free cash flow⁽¹⁾ before all debt service of $37.0 million equating to a 44% free cash flow margin⁽²⁾;

Capital investment totaled $20.6 million, primarily to drill well 13H and key infrastructure projects;

Petroperu exported approximately 720,000 barrels of oil to an international refiner, crystalizing for PetroTal over $64 million (including VAT) of true up revenue and reducing the amount of PetroTal's oil in the Northern Peruvian Pipeline ("ONP") to 2.4 million barrels;

Demonstrated continued balance sheet strength with cash of $93 million at September 30, 2022, a net surplus⁽²⁾ balance of $75.5 million. The Company remains in full compliance with all bond covenants as at September 30, 2022; and,

On September 15, 2022, PetroTal welcomed two new Directors, Messrs. Luis Carranza and Jon Harris, and announced the retirement of Messrs. Gary Guidry and Ryan Ellson.

(1) Free cash flow defined as EBITDA less capital expenditures. Free cash flow margin defined as free cash flow divided by crude oil revenues. See "Selected Financial Measures"
(2) Net debt / surplus defined as (total cash + total trade and VAT receivables + total derivative assets) - (trade and VAT payables + total bond debt + total derivative obligations + total lease obligations)

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"Having produced over 10.5 million barrels of oil since inception, we are on track to deliver average production growth of approximately 40% and almost $200 million in free cash flow in 2022. Although the Company encountered external transportation challenges, we expect to deliver double digit yearly production growth with potentially 40% plus free cash flow yields under current Brent oil forward strip pricing conditions. The high margin nature of our business should be at the forefront of investors' sentiment, alongside our proven ability to execute technically."

Selected Financial and Operational Highlights

	Three Months Ended		Nine Months Ended
(in thousands USD)	Sept 30, 2022	Sept 30, 2021	Sept 30, 2022	Sept 30, 2021
Financial
Crude oil revenues	84,164	44,781	295,350	119,946
Royalties ⁽³⁾	(11,689)	(2,604)	(26,166)	(6,658)
Net operating income ⁽¹⁾	62,333	29,587	225,114	79,234
Commodity price derivative (gain)/loss	32,686	(293)	5,139	(18,658)
Net income	2,594	14,970	151,351	57,129
Diluted net income (US$/share)	0.00	0.02	0.18	0.07
Capital expenditures	20,625	26,114	62,178	55,590
Operating
Average production (bopd)	12,229	9,508	12,816	8,567
Average sales (bopd)	12,186	9,142	14,095	8,856
Average Brent price ($/bbl)	97.89	73.21	102.39	67.76
Contracted sales price, gross ($/bbl)	97.21	71.06	98.78	65.67
Netback ($/bbl)⁽²⁾	55.60	35.18	58.50	32.77
Funds flow provided by operations	46,205	18,648	112,636	42,742
Balance sheet
Cash and restricted cash			93,018	57,655
Working capital			136,338	56,455
Total assets			549,838	373,261
Current liabilities			110,160	69,785
Equity			361,367	195,572
1. Net operating income ("NOI") and Netback represent revenues less royalties, operating expenses, and direct transportation. 2. Netback per barrel ("bbl") and funds flow provided by operations do not have standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures for other entities. See "Selected Financial Measures" section. 3. Royalties in Q3 2022 include the value since January 1, 2022 inception for the 2.5% social trust initiative.

Q3 2022 Financial Highlights

Strong revenue profile. Oil revenue in Q3 2022 was $84.2 million ($75.07/bbl) compared to Q2 2022 of $118.4 million ($89.04/bbl) and Q3 2021 of $44.8 million ($53.24/bbl).

High margin operational cash flow. Generated NOI and EBITDA of $62.3 million ($55.60/bbl) and $57.6 million ($51.42/bbl), respectively, compared to $98.6 million ($74.12/bbl) and $93.4 million ($70.26/bbl), respectively, in Q2 2022 and $29.6 million ($35.18/bbl) and $26.1 million ($31.07/bbl), respectively, in Q3 2021.

Efficient capital deployment. Capital expenditures in the quarter totalled $20.6 million and were focused on drilling and completing well 13H. During the nine months ended September 30, 2022, the Company invested a total of $62.2 million, demonstrating capital flexibility under sales constraint conditions.

Robust free cash flow. Generated free cash flow before changes in non-cash working capital and debt service of $37.0 million ($33.03/bbl) in the quarter. Total free cash flow before changes in non-cash working capital and debt service for the nine months ended September 30, 2022 is nearly $150 million significantly strengthening the Company's net surplus position by nearly $130 million.

Total operating costs under $10/bbl. The Company had lower gross total operating cost expense in the quarter of $10.1 million ($9.06/bbl) from $11.7 million ($8.82/bbl) in Q2 2022. Total quarterly lifting costs were $7.4 million ($6.62/bbl), a decrease from Q2 2022 of $8.4 million ($6.28/bbl) and an increase from Q3 2021 of $5.4 million ($6.47/bbl). Total transportation costs were $2.7 million ($2.44/bbl) a slight decrease from $3.4 million ($2.54/bbl) in Q2 2022 and a substantial decrease from $7.1 million ($8.50/bbl) in Q3 2021.

G&A on budget. Q3 2022 G&A was $4.7 million ($4.18/bbl) compared to $5.1 million ($3.87/bbl) in Q2 2022 and $3.4 million ($4.11/bbl) in Q3 2021.

Net income/loss. PetroTal posted net income of $2.6 million, a decrease from Q2 2022 net income of approximately $84 million, primarily from lower sales in the quarter, a non cash commodity price derivative loss of approximately $33 million, and royalty provision for the social trust.

Balance sheet in a cash surplus position. Net surplus was approximately $75.5 million as at September 30, 2022, consistent with the prior quarter and up substantially from Q3 2021, as defined internally by the Company.

Net derivative asset balance. The total net derivative asset on the balance sheet as at September 30, 2022 was $3.5 million, a decrease of $53.3 million from Q2 2022, as a result of reclassified true up revenue of $64 million realized in July 2022, along with other mark to market changes in the value of oil in the ONP. As at September 30, 2022 approximately 2.4 million barrels remained in the ONP.

Operational and Financial Highlights Subsequent to September 30, 2022

Excellent well 13H results. Well 13H successfully tested at over 8,000 bopd during its first week of production and has averaged approximately 6,200 bopd month to date ending November 14, 2022, which was slightly constrained during this period. At its current trend and assuming a $55/bbl netback, the well is on track to payout within 60 days. In addition, the technical team encountered the producing formation five meters higher near the end of the horizontal section of the well possibly increasing future oil in place and reserve estimates.

Commenced drilling well 12H. On October 16, 2022, the Company commenced drilling well 12H with a budgeted cost of $14 million and estimated completion in mid December 2022.

Slowly rising river levels in November. During the month of October, river levels in Brazil continued to be at record low levels, in some cases, exposing sand bars above the water level. This significantly impacted the Company's ability to sell oil in the month of October limiting production to approximately 6,500 bopd. The Company expects to sell nearly 900 thousand barrels over November and December as river levels return to normal.

On November 10 and 11th, 2022 the Company was able to produce over 20,000 bopd.

2021 ESG report being finalized. Over the coming weeks PetroTal will release its second annual Sustainability Report covering the 2021 year. The Company is now calibrated to Sustainability Accounting Standards ("SASB"), Global Reporting Initiatives ("GRI"), and Sustainable Development Goal standards and is committed to being a sustainable energy leader in Peru. In 2021, the Company had zero hydrocarbon spills, delivered a scope 1 emissions intensity metric of 11.4 kg/bbl, and invested millions in various ESG projects as outlined in the report, showcasing the modest operational footprint that the Company has managed in the Loreto region.

Petroperu update. The Company continues to work with Petroperu's management team to assess and negotiate payment of approximately $90 million of receivable value. On October 10, 2022 the government of Peru agreed to make a capital contribution to Petroperu of $1 billion in order to strengthen its financial capacity for continued operations, and provide $500 million of credit facility support. The priority of allocation is immediate fuel and energy needs in Peru, and the Company expects that the $64 million outstanding amount owed to the Company will be paid on a negotiated payment schedule.

Guidance Update

The Company is adjusting Q4 2022, and therefore 2022 guidance based on October 2022 and early November river conditions into Brazil. Final 2022 guidance is now between 12,000 and 13,000 bopd for Q4 2022 and 2022 full year.

Adjusted Guidance	Q1 (actual)	Q2 (actual)	Q3 (actual)	Q4	2022
Oil wells completed	1 (10H)	1 (11H)	0	2	4
Average Production (bopd)	11,746	14,467	12,229	12,000 - 13,000	12,000-13,000
CAPEX (millions)	$18	$24	$21	$37	$100

USD millions, unless stated otherwise	Guidance
Realized Brent (USD/bbl)	~$80
Average Production (bopd)	12,000 - 13,000
Net operating income	$292
G&A	($21)
Net derivative settlements	$27
Adjusted EBITDA	$298
CAPEX	($100)
Free cash flow	$198

PetroTal Rebranding

PetroTal is excited to announce a corporate rebranding which includes a new vision, color scheme and logo design. Over the coming weeks we will be rolling out a new website with many new and exciting features for investors and or interested stakeholders. Further updates on this will be made when available.

Updated Corporate Presentation and investor webcast

Please see the Company's newly designed investor presentation now posted at www.petrotal-corp.com.

Webcast link for November 17, 2022 at 8am MDT

https://stream.brrmedia.co.uk/broadcast/63590b2298f6352ab0eba9cc

ABOUT PETROTAL

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains 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, completions, workovers and other activities and the anticipated costs and results of such activities; PetroTal's revised 2022 guidance and budget including, but not limited to, estimated or anticipated production levels, capital expenditures and drilling plans; the intention to redeem the outstanding bonds and become debt free; a future robust capital return program; PetroTal's plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements and the Company's ability to access capital on desirable terms and within required timelines; the ability of the Company to achieve drilling success consistent with management's expectations; the ability of the Company to achieve near term production targets and operate at unrestricted levels; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; revised 2022 guidance; oil production levels and production growth, including average and exit production in 2022; future oil sales and sales expansion through alternative exports routes, including barging and trucking; the Company's proposals for collaboration with local communities; future river water levels and their impacts on transportation systems; and future development and growth prospects. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, impact of inflation on costs, 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, future river water levels, 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 volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, wars (including Russia's war in Ukraine), 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. The ongoing war between Russia and Ukraine has the potential to threaten the supply of oil and gas from the region. The long-term impacts of the war between these nations remains uncertain. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Corporation's annual information form (filed April 28, 2022) and MD&A (filed November 17, 2022) (the "MD&A"), which are available on SEDAR at www.sedar.com. 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.

SHORT-TERM PRODUCTION RATES: References in this press release to the initial week of production of well 13H and other short term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rate at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for PetroTal. The Company cautions that such results should be considered to be preliminary.

SPECIFIED FINANCIAL MEASURES: This press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP financial ratios and capital management measures as further described herein. These measures do not have a standardized meaning prescribed by generally accepted accounting principles ("GAAP") and, therefore, may not be comparable with the calculation of similar measures by other companies. Management uses these non- GAAP measures for its own performance measurement and to provide shareholders and investors with additional measurements of the Company's efficiency and its ability to fund a portion of its future capital expenditures. "Netback" (non-GAAP financial ratio) equals total petroleum sales less quality discount, lifting costs, transportation costs and royalty payments calculated on a bbl basis. The Company considers netbacks to be a key measure as they demonstrate Company's profitability relative to current commodity prices. "Funds flow provided by operations" (non-GAAP financial measure) includes all cash generated from operating activities and is calculated before changes in non-cash working capital. "Adjusted EBITDA" (non-GAAP financial measure) is calculated as consolidated net income (loss) before interest and financing expenses, income taxes, depletion, depreciation and amortization and adjusted for G&A impacts and certain non-cash, extraordinary and non-recurring items primarily relating to unrealized gains and losses on financial instruments and impairment losses, including derivative true-up settlements. PetroTal utilizes adjusted EBITDA as a measure of operational performance and cash flow generating capability. Adjusted EBITDA impacts the level and extent of funding for capital projects investments. Reference to EBITDA is calculated as net operating income less G&A. "Free cash flow" (non-GAAP financial measure) is calculated as net operating income less G&A less exploration and development capital expenditures and is calculated prior to all debt service, taxes, lease payments, hedge costs, factoring, and lease payments. Management uses free cash flow to determine the amount of funds available to the Company for future capital allocation decisions. Please refer to the MD&A for additional information relating to specified financial measures.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144556

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PetroTal Announces Robust Initial Production For Well 13H

Average production over 8,000 bopd during first week

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 3, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce the successful testing results of well 13H, the Company's thirteenth producing well.

Well 13H highlights

Well 13H has successfully tested at approximately 8,000 barrels of oil per day ("bopd") over its first week of production, placing it in the top horizonal producers drilled by the Company, with the November 2, 2022 rate at 7,825 bopd;

To optimize operations, well 13H was drilled ahead of well 12H to save time and cost related to skidding the rig to the corresponding cellar;

The well was drilled to a total measured depth of 4,864 meters, including a 1,152 meter lateral section making it the longest reach horizontal well the Company has drilled;

The total cost of the well was $14.4 million, within budget and completed on time without any operational issues;

Well 13H was successfully completed on October 13, 2022, however, it could not be fully tested until October 27, 2022 when internal storage capacity became available. Barging logistics continue to improve with the Company now expecting to raise production levels by mid-November;

Current field production capacity is over 20,000 bopd; and,

Well 13H encountered the target producing formation approximately three meters higher than prognosis and approximately five meters higher at the end of the horizontal section which could have a positive impact on the oil-in-place estimates and reserves.

Well 12H

PetroTal continues its active drilling program to further increase its low cost, high margin production at Bretana. On October 16, 2022, the Company commenced drilling well 12H with an approximate cost of $14.0 million and an estimated completion in mid-December 2022.

Q3 2022 Financial and Operating Results

The Company will release its Q3 2022 financial and operating results on November 17, 2022 and will host a live webcast at 9am CDT time. Please see the webcast link below:

https://stream.brrmedia.co.uk/broadcast/63590b2298f6352ab0eba9cc

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We are pleased to announce the successful and productive 13H oil well, our longest horizontal well to date. We look forward to seeing the 12H well deliver similar results. We will continue to operate and develop our assets with prudent and safe operational practices that deliver best in class productivity for employees and shareholders."

ABOUT PETROTAL

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

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

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined inNI 51-101. All references to Brent indicate Intercontinental Exchange ("ICE") Brent.

FORWARD-LOOKING STATEMENTS: This press release contains 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, completions, workovers and other activities and the anticipated costs and results of such activities; PetroTal's revised 2022 guidance and budget including, but not limited to, estimated or anticipated production levels, capital expenditures and drilling plans; the intention to redeem the outstanding bonds; PetroTal plans to deliver strong operational performance and to generate free cash flow and growth; capital requirements and the Company's ability to access capital on desirable terms and within required timelines; the ability of the Company to achieve drilling success consistent with management's expectations; the ability of the Company to achieve near term production targets and operate at unrestricted levels; anticipated future production and revenue; drilling plans including the timing of drilling, commissioning, and startup and the impact of delays thereon; oil production levels, including average and exit production in 2022; sales expansion through alternative exports routes, including barging and trucking; the Company's proposals for collaboration with local communities; and future development and growth prospects. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, impact of inflation on costs, 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 volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, wars (including Russia's war in Ukraine), 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. The ongoing war between Russia and Ukraine has the potential to threaten the supply of oil and gas from the region. The long-term impacts of the war between these nations remains uncertain. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, increased operating and capital costs due to inflationary pressures, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the Corporation's annual information form (filed April 28, 2022) and MD&A (filed August 25, 2022) (the "MD&A"), which are available on SEDAR at www.sedar.com. 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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142907

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