2019

PetroTal Announces Oil Sales Contract with PETROPERU S.A.

Calgary, Alberta and Houston,Texas--(Newsfile Corp. - December 27, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company"), the Peruvian focused E&P company, is pleased to announce an oil sales contract with PETROPERU S.A. ("Petroperu"), a state owned company, for oil production from the Bretaña oil field, operated 100% by PetroTal.

Commissioning of the central production facility is underway, and oil production has surpassed 10,000 barrels of oil per day ("bopd") from the Bretaña oil field in Peru. This oil sales contract enables PetroTal to ship all oil in excess of its existing 1,200 bopd sales agreement with the Iquitos refinery, through the 854 kilometer North Peruvian Oil Pipeline, owned and operated by Petroperu. Petroperu has agreed to purchase the oil at pump station No. 1 located at Saramuro, approximately 460 kilometers from the Bretaña oil field. The Company will barge the oil to Saramuro at an estimated average cost of US$4.25 per barrel. The oil delivered at Saramuro will be sold based on the monthly average reference price of ICE Brent minus US$4.00 per barrel. When the oil is ultimately sold by Petroperu at Bayovar, PetroTal will receive a valuation adjustment based on the actual price achieved by Petroperu, whether higher or lower.

This sales contract will allow PetroTal to receive oil sales revenue earlier, allowing PetroTal to maintain strong liquidity. The oil sales contract allows us to submit monthly invoices, rather than having to wait for the ultimate sale at Bayovar after sufficient oil volumes have been achieved for a tanker to take the oil to its final market. This oil sales contract is initially for one year and can be extended with the agreement of both parties. For Petroperu, the increased oil volumes through the pipeline will enhance economics since Petroperu will earn the previously published pipeline tariffs along with a commercialisation fee.

Manolo Zuniga, President and Chief Executive Officer, commented:

"We're pleased that Petroperu has exhibited such confidence in oil production from the Bretaña oil field as our good quality oil output increases. This will ensure that Petroperu has the ability to manage Peru's expanding oil production and an adequate supply of oil for the Talara refinery expansion when complete".

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) and (AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect and other leads in Block 107. The Company's management team has significant experience in developing and exploring for oil in all of Peru's oil producing basins and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field. More information on the Company can be found at www.PetroTal‐Corp.com.

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

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

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

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

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

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements. More particularly, and without limitation, this news release contains statements concerning PetroTal's assessment of future plans and operations and the appointment of new directors of the Company. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by PetroTal. Although PetroTal believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: PetroTal may not obtain the required approvals from the TSX Venture Exchange and other factors more fully described from time to time in the reports and filings made by PetroTal with securities regulatory authorities. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2018 and management's discussion and analysis for the three and six months ended June 30, 2019 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51077

by Harold Villacorte

PetroTal Appoints Two New Independent Directors

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 19, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to announce the appointment of Eleanor Barker and Roger Tucker as Independent Non-Executive Directors, effective today.

Ms. Barker has over 25 years' experience in the international oil and gas business. She is currently the President of Barker Oil Strategies Inc., an oil and gas investment and consulting company, and Chair of the Audit Committee and a Director of Serinus Energy plc. Eleanor was previously a Director of Sterling Resources Ltd. (the company which PetroTal reversed into to effect its quotation on the TSX-V), the US National Association of Petroleum Investment Analysts and the former President of the Canadian Association of Investment Analysts. Ms. Barker has held roles with Imperial Oil Limited and Gulf Canada Limited. Ms. Barker holds an Honours B.Sc. in Chemistry from Queen's University in Canada and an MBA from the University of Western Ontario.

Dr. Tucker has over 30 years' experience in international oil and gas operations, financing and acquisitions. Roger has held senior executive positions with a number of companies in the energy industry, including Senior Vice President of BG Group's European business, Chief Executive Officer of African Arabian Petroleum Ltd., Managing Director of Yukos Oil, and President of the Latin American operations of LASMO plc. Dr. Tucker is a graduate of the University of Newcastle upon Tyne with a B.Sc. in Geology and a Ph.D. in Sedimentology and Geochemistry and is a member of the American Association of Petroleum Geologists and the Geological Society of London.

These two appointments effectively increase the Board size by one to seven Directors, following the resignation, as announced on November 4, 2019, of Mr. Douglas Urch from his role as Board Chairman to accept the appointment as Executive Vice President and Chief Financial Officer of the Company. The Board would like to thank Mr. Urch for his guidance as a Director since the Company's inception, and continued leadership as a key member of PetroTal's senior management team.

Mark McComiskey, Chairman of the PetroTal Board of Directors, commented:

"We are delighted to welcome Eleanor and Roger to the PetroTal Board. Both bring a considerable level of expertise and a range of financial and operational capabilities with them. Their appointments will add further strength to the organization, as we continue the development of the Bretaña oil field, and with assessing additional growth opportunities."

Further information on Ms. Barker and Mr. Tucker as required in accordance with Schedule 2(g) of the AIM Rules

Eleanor Jean Barker, aged 66

Current Directorships / Partnerships
Barker Oil Strategies Inc.
Serinus Energy plc

Directorships / Partnerships held in last 5 years
Sterling Resources Ltd

Ms. Barker was a director of Gordon Capital Corporation ("Gordon Capital") from 1993 to 1995. In November 1993, Gordon Capital concluded a settlement agreement under which it agreed to pay CAD 375,000 and CAD 6 million to the Minister of Finance of Ontario and the Canadian Investor Protection Fund, respectively, for malfeasance relating to a bond lending scheme that circumvented collateral requirements. The events giving rise to the settlement occurred between 1989 and 1991, prior to Ms. Barker joining Gordon Capital. Ms. Barker was not implicated in any wrongdoing.

Roger Morris Tucker, aged 63

Current Directorships / Partnerships
Pale Rider Limited.

Directorships / Partnerships held in last 5 years
Van Damme North Sea Oil and Gas Limited
Van Damme Holdings Limited
Van Damme Acquisitions Limited
Vanwall Capital LLP
Xplorer PLC

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules.

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) (AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field. More information on the Company can be found at www.PetroTal‐Corp.com.

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

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

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

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

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

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements. More particularly, and without limitation, this news release contains statements concerning PetroTal's assessment of future plans and operations and the appointment of new directors of the Company. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by PetroTal. Although PetroTal believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: PetroTal may not obtain the required approvals from the TSX Venture Exchange and other factors more fully described from time to time in the reports and filings made by PetroTal with securities regulatory authorities. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2018 and management's discussion and analysis for the three and six months ended June 30, 2019 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50927

by Harold Villacorte

PetroTal Completes Second Horizontal Well and Achieves New Record Production at Bretaña Oil Field

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 16, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to provide an update on its operations and production at the Bretaña oil field in Block 95 in Peru (100% working interest). All monetary amounts in this release are in United States dollars.

HIGHLIGHTS

• Initial three‐day production rate at the BN 95-5H horizontal well ("5H") is 8,250 barrels of oil per day ("BOPD"), exceeding management's expectations.
• 5H well completed on time and came in approximately 20% ($3.0 million) less than the original $14.5 million budget.
• Completed the 5H well using new technology to maximize oil production.
• The Bretaña oil field reached new record production of over 9,000 BOPD, currently with just two (the 5H and the 1XD) of the six wells online.
• Close to completion of the central production facilities ("CPF-1"), which will increase overall production capacity to 15,000 BOPD.
• Fourth quarter average production of at least 7,500 BOPD and 2019 exit rate between 11,000 BOPD to 13,000 BOPD reconfirmed.

PetroTal has successfully completed the 5H well, the Company's second horizontal well in the Bretaña oil field. The well reached the target Vivian formation at the prognosed vertical depth of 2,696 meters. The 863-meter horizontal section inside the main productive oil reservoir makes the 5H well the longest horizontal well drilled to date in Peru. Just like in well 4H, the 5H well completion also utilizes autonomous inflow control device ("AICD") valves to maximize oil production. Initial production from the 5H well during the first three days of production was 8,250 BOPD. The 5H well was drilled updip towards the crest of the structure and the results confirmed management's forecast of the reservoir, including high reservoir permeability that is allowing the well to flow at high rates. The well cost was approximately $11.5 million, under budget by approximately $3.0 million (representing a 20% saving), which will expedite payback of the well. The Company will announce additional well data, including sustained rates, with its operations update in January 2020.

PetroTal will commission phase one of the Bretaña central production facilities ("CPF‐1") before year-end 2019, which will increase full field production capacity to approximately 15,000 BOPD. With this additional capacity, PetroTal will be able to bring the other wells back online. Incremental implementation of phase two of the Company's central production facilities ("CPF‐2") is planned for September 2020. When CPF‐2 is fully integrated by year‐end 2020, PetroTal will have the capacity to produce approximately 20,000 BOPD. Facility expansion is being implemented on a modular basis to time facilities with well completions to most efficiently deploy capital.

With this production from the 5H well, the Company expects to meet its 2019 year-end production guidance of between 11,000 - 13,000 BOPD, as stated on November 25, 2019. The drill rig will now undergo annual maintenance for about six weeks, after which, the Company plans to drill a second water disposal well followed by additional oil wells.

Manolo Zuniga, President and Chief Executive Officer, commented:

"PetroTal is pleased with the success of the 5H well and proud to play a historical role by drilling Peru's longest horizontal well to date. I wish to thank the technical and drilling team for their efforts to ensure safe operations and their dedication directed to the 5H well. The strong well performance emphasizes the significant upside of the Bretaña oil field and the considerable growth potential the asset possesses. Our interpretation of the reservoir has been confirmed with this well and the increased production will enhance field economics. The ongoing facility enhancements will enable us to effectively manage the increasing oil field production."

Qualified Person's Statement

Estuardo Alvarez-Calderon, 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. Alvarez-Calderon received a Bachelor of Science degree in Geology from the University of Texas at Austin and is registered on the Texas Board of Professional Geoscientists.

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL and AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field. More information on the Company can be found at www.PetroTal‐Corp.com.

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

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

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

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

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

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

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, completion, commissioning and workover activities of oil producing and water disposal wells and facilities and the results and timing of such activities; the use of AICD valves to optimize well productivity; the ability of the Company to achieve drilling success consistent with management's expectations; anticipated future production and production capacity; exit production in 2019; engaging a partner to drill the Osheki prospect; and future development and growth prospects. All statements other than statements of historical fact may be forward‐looking statements. Forward‐ looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward‐looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the ability of existing infrastructure to deliver production and the anticipated capital expenditures associated therewith, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the accuracy of PetroTal's geological interpretation of its drilling and land opportunities, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of new wells, the Company's growth strategy, general economic conditions and availability of required equipment and services. Although the Company believes that the expectations and assumptions on which the forward‐looking statements are based are reasonable, undue reliance should not be placed on the forward‐looking statements because the Company can give no assurance that they will prove to be correct. Since forward‐looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e. g. , operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price and exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2018 and management's discussion and analysis for the three months ended March 31, 2019 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 AND GAS INFORMATION: References in this press release to production test rates, initial test production rates, and other short‐term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates 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. A pressure transient analysis or well‐test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary.

FOFI DISCLOSURE: This press release contains future‐oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations, production, production capacity, capital budget and capital expenditures, capital efficiencies, payout of wells, cash flow from operations and free cash flow, growth 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 Canadian Securities Administrators' National Instrument 51‐101 Standards of Disclosure for Oil and Gas Activities.

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. 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50802

by Harold Villacorte

PetroTal Announces Grant of Performance Share Units

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 13, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") announces the grant of performance share units ("PSUs") to officers and employees of the Company.

The Company has granted an aggregate of 8,441,659 PSUs, of which 4,489,013 are to officers of the Company in accordance with the provisions of the Company's PSU plan. The PSUs to the officers will vest three years from the date of grant and each PSU will entitle the holder to acquire, for nil cost, between zero and two common shares of the Company ("Shares"), subject to the achievement of performance conditions relating to the Company's total shareholder return, net asset value and certain production and operational milestones. The Corporate Governance and Compensation Committee of the Board is charged with overseeing the PSU plan.

Further details regarding the PSU plan are set out in the management information circular of the Company dated April 24, 2019, which is available on SEDAR at www.sedar.com. The Board of PetroTal has amended the PSU plan to include the following restrictions: (i) the aggregate number of Shares that may be issued under the PSU plan will not exceed 50,000,000 Shares; (ii) no securities will be issued to any participants who are engaged in investor relations activities; (iii) the number of Shares issued to any one participant, within any one year period, will not exceed 1% of the issued and outstanding Shares; and (iv) the number of Shares issued to insiders as a group, within any one year period, will not exceed 2% of the issued and outstanding Shares. Shareholders of the Company will be asked to ratify the amended PSU plan reflecting these additional terms at the next annual shareholder meeting of the Company in 2020.

Following this grant and a forfeiture of 1,016,667 PSUs in November 2019 held by a former officer, the Company has a total of 10,871,353 PSUs outstanding.

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) (AIM: PTAL) 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 the oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field.

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

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

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

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

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

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

This announcement contains inside information.

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 the Company's objectives; future development and growth prospects; PSU grants and Share entitlements related thereto; and amendments to the PSU plan to be ratified at the next annual shareholder meeting of the Company. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning 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, availability of required equipment and services and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price and exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the most recent management's discussion and analysis and annual information form of the Company 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50770

by Harold Villacorte

PetroTal Announces Declaration of Dividend

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 12, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to announce that the Company's board of directors has declared an interim dividend in respect of the common shares in the capital of PetroTal (the "Common Shares") to shareholders of record at the close of business on December 20, 2019 (the "Record Date").

The interim dividend will be CAD$0.0017 (£0.001) cash for each Common Share, subject to applicable withholding taxes for non-Canadian resident shareholders, and will be paid on January 20, 2020. Based on the number of shares currently outstanding, this represents a total dividend payment of approximately CAD$1.14 million (£0.66 million).

As announced at the time of the Company's most recent equity placing on May 31, 2019, the Company intends to pay a total dividend in respect of the half year period from July 1, 2019 to December 31, 2019 equivalent to an annualized yield of 4% (based on the £0.15 per share placing price). The interim dividend of CAD$0.0017 (£0.001) per share declared today represents one-third of the expected total dividend for that period and it remains the Company's intention, subject to the ongoing satisfactory performance of the Company's operations in Peru, to declare the final two-thirds of the total dividend alongside the Company's final results for the year ending December 31, 2019, which are expected to be released in April, 2020.

Common Shares will commence trading on an ex‐dividend basis on December 19, 2019 (as of which date the Common Shares will no longer have the attaching entitlement to this dividend).

Manolo Zuniga, President and Chief Executive Officer stated:

"We're pleased to honor our commitment to declare a dividend for the second half of 2019. To date, operations in Bretaña have exceeded expectations and we're delighted to be in a position to share that success with our dedicated shareholders. Additional development of the oil field will continue over the next few years, and PetroTal expects to maintain this minimum level of dividend obligation. Going forward, we expect to declare an interim dividend representing one third of the annual entitlement in August of each year, based on the first half year results, with the remaining two thirds payable, based on the Company's full year results, declared when annual results are published."

PetroTal's transfer agent, Computershare, will send registered shareholders either CAD$0.0017 or £0.001 cash for each Common Share held as of the Record Date, less any applicable withholding taxes for non-Canadian resident shareholders. Holders of Common Shares who hold their shares in the name of a nominee (i.e. deposited with a securities broker, bank or other institution) will not receive payment and instead will need to contact their nominee for further information as to their entitlement to the dividend.

The dividend is designated by PetroTal to be an "eligible dividend" for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to an eligible dividend paid to Canadian resident individuals.

Notice to all Non-Canadian Resident Shareholders

In 2012, the Canada Revenue Agency ("CRA") changed how the tax withholding rate applied to dividend payments made to non-residents is determined. The CRA now requires a certification of residency from each non-resident shareholder so that the preferred tax treaty rate can be applied where applicable to persons resident in countries which have a tax treaty with Canada. In order to receive the preferred treaty rate, non-Canadian resident shareholders must complete and mail back a completed form NR301. Failure to so will result in Computershare withholding the statutory 25% withholding tax rate on any payments to registered non-Canadian resident shareholders. The form may be downloaded at www.canada.ca/en/revenue-agency/services/forms-publications/forms/nr301.html.

About PetroTal

PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) (AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field.

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

For further information, please contact:

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

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

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

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

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

This announcement contains inside information.

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is "forward-looking information" within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, the Company's dividend policy, the payment of the dividend and declaration of future dividends, and timing and amount thereof. Words such as "if", "will be", "may" and "schedule", or variations of these terms or similar terminology or statements that certain actions, events or results "could" occur or be achieved are intended to identify such forward-looking information. Although PetroTal believes that the expectations reflected in the forward-looking information contained herein are reasonable, these statements by their nature involve risks and uncertainties, and are not guarantees of future performance. Forward-looking information is based on a number of assumptions, and subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers should not to place undue reliance on forward-looking statements. PetroTal disclaims any intention or obligation to update or revise any forward‐looking statements or to explain any material difference between subsequent actual events and such forward‐ looking statements, except to the extent required by applicable law.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50729

by Harold Villacorte

PetroTal Provides Increased 2019 Exit Oil Production Rate of 11,000 - 13,000 BOPD

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 25, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to announce that drilling of the Company's second horizontal well ("5H"), located on the Bretaña field, Peru, is progressing according to budget and timeline. The well reached the target Vivian formation at the prognosed vertical depth of 2,696 meters and 700 meters of the planned 870 meters horizontal section have been drilled, which is inside the main productive oil reservoir. Completion of the well, tie-in, and initial production tests are expected to commence on or before December 15, 2019.

The Company also expects to complete commissioning of the Central Production Facilities ("CPF-1") during the week of December 22, 2019, increasing the nominal production facility capacity to 10,000 barrels of oil per day ("BOPD") and 40,000 barrels of water per day ("BWPD"). Based on our recent field production experience of being able to produce 8,000 BOPD with a facility having 5,000 BOPD nominal capacity, management similarly expects that CPF-1 will be able to handle in the order of 15,000 BOPD.

In light of management's confidence that the 5H will behave similarly to the 4H well, which produced 200,000 barrels of oil in just 35 days, and that the CPF-1 will handle more than its nominal oil processing capacity, the Company is pleased to increase its year-end production guidance from 10,000 BOPD to 11,000 - 13,000 BOPD.

Manolo Zuniga, President and Chief Executive Officer stated:

"We are delighted with the progress made on the 5H well and the commissioning of the CPF-1 facilities. We set ourselves an ambitious target of achieving 10,000 BOPD by year-end 2019, so to exceed this is of great testament to the team we have assembled. I would like to congratulate our operations and drilling team for executing at an extremely high level since we started operations two years ago, and showcasing that we can handle more oil than the equipment's nominal capacity which is now allowing us to forecast higher 2019 exit oil rates and, importantly, a strong production base as we enter 2020."

Qualified Person's Statement

Estuardo Alvarez-Calderon, the Company's Vice President, Operations, who has over 35 years of relevant experience in the oil industry, has approved the technical information contained in this announcement. Mr. Alvarez-Calderon received a Bachelor of Science degree in Geology from the University of Texas at Austin and is registered on the Texas Board of Professional Geoscientists.

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐listed (TSXV: TAL) (AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field. More information on the Company can be found at www.PetroTal‐Corp.com.

For further information, please contact:

Doug 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

http://www.petrotal-corp.com

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

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

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

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

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release may contain certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to the Company's objectives; the Company's proposed drilling, completions and other activities and the anticipated results of such activities; cost controls and savings; anticipated future production and revenue; future development and growth prospects. 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. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the ability of existing infrastructure to deliver production and the anticipated capital expenditures associated therewith, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the accuracy of PetroTal's geological interpretation of its drilling and land opportunities, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of new wells, the Company's growth strategy, general economic conditions, availability of required equipment and services and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price and exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the Company's MD&A and annual information form for the year ended December 31, 2018 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 AND GAS INFORMATION: The NSAI Report was prepared by NSAI, an independent qualified reserves evaluator, in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and the reserve definitions contained in National Instrument 51‐101 - Standards of Disclosure for Oil and Gas Activities ("NI 51‐101").

References in this press release to production test rates, initial test production rates, and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates 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. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary.

FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations, production, NPV10 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 provided for the purpose of providing further information about PetroTal's anticipated future business operations. PetroTal disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. All FOFI contained in this press release complies with the requirements of Canadian securities legislation, including NI 51-101.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50032

by Harold Villacorte

PetroTal Announces Third Quarter Financial Results and Operations Update

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 19, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to provide a summary of its financial and operating results as of September 30, 2019.

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, 2019, which are available on SEDAR at www.sedar.com and the Company's website at www.petrotal-corp.com. All figures referred to in this press release are denominated in U.S. dollars.

2019 THIRD QUARTER HIGHLIGHTS and OPERATIONAL UPDATE

Third Quarter Highlights:

• Oil production increased to an average of 4,760 barrels of oil per day ("BOPD"), a 58% increase from Q2, 2019.
• Recorded net income of US$3.0 million for the third quarter and US$1.9 million for the nine months period.
• Drilled a new water disposal well.
• Completed a workover on the existing water disposal well to convert the well into an oil producer. Upon completion, this well produced approximately 2,300 BOPD over a 30-day test period.
• Continued with facility expansion and development of various oil sales venues.
• Executed first transaction under the terms of the contract with Petroperu to utilize the North-Peruvian Oil Pipeline and placed 200,001 barrels of crude oil in the pipeline on August 25, 2019.
• The Company's cash and cash equivalents position as at September 30, 2019 was $20.5 million and not approximately $40 million, as stated in the Company's RNS dated October 21, 2019 as set out below.

Subsequent to the Third Quarter:

• Completed the BN 95‐4H ("4H") horizontal well on time and under budget by approximately $3.0 million using new technology to maximize oil production.
• The 4H initial four‐day production rate of 6,200 BOPD exceeded management's expectations, as well as its 30-day average of 6,000 BOPD.
• Interim upgrades to production facilities has increased production capacity.
• Current Bretaña oil field production reached new record production with the last 30-days averaging over 8,500 BOPD, now with all five oil wells online.
• Commenced drilling the BN 95‐5H ("5H") well, which will be the Company's second horizontal development oil well. The 5H is expected to be online in December, coinciding with the commissioning of the central production facility for Bretaña ("CPF-1").
• The Company's cash position as at 31 October 2019 was US$21.1 million.

OPERATIONS UPDATE

The Company continued the development of the Bretaña oil field and produced an average of 4,760 BOPD during the third quarter, compared to 3,010 BOPD in the fiscal second quarter. PetroTal has successfully completed the 4H well, the Company's first horizontal well in the Bretaña oil field. The well had an approximately 500‐meter lateral completion utilizing autonomous inflow control device ("AICD") valves to maximize oil production. Initial production from the well during the first four days of production was 6,200 BOPD. The 4H well was drilled updip towards the crest of the structure and provided data to confirm management's analysis of the reservoir. The well was drilled under budget by approximately $3.0 million (representing a savings of approximately 20 percent), which will expedite payout of the well.

During the third quarter, the Company also upgraded the production facilities, expanding PetroTal's production capacity to over 7,500 BOPD. The Company plans to commission phase one of its CPF-1 in December 2019, which will increase full field production capacity to over 10,000 BOPD. Incremental implementation of phase two of the Company's production facilities ("CPF‐2") is planned for July 2020. When CPF‐2 is fully integrated by year‐end 2020, PetroTal will have the capacity to produce up to 20,000 BOPD. Facility expansion is being implemented on a modular basis to time facilities with well completions to most efficiently deploy capital.

As a result of the Company's successful drilling campaign in Block 95 to date, the Board of Directors approved an additional $19.0 million of capital expenditures for 2019. Approximately $14.0 million will be deployed to drill and complete the 5H well, the Company's second horizontal well which will target updip oil to the northern portion of the structure; and $5.0 million will be directed to bring additional production facilities to the field by mid‐2020, as an interim step to installing CPF‐2 before year‐end 2020. The Company expects this additional capital to yield an additional 5,000 BOPD of capacity by mid‐2020, for a total of 12,500 BOPD. Production from the well is expected to help the Company achieve a targeted exit rate of 10,000 BOPD at year-end 2019 and fourth quarter average production of approximately 7,500 BOPD. The 5H well will also be completed with AICD valves in the lateral section. The well is expected to come online simultaneously with the facilities commissioning at year‐end.

CLARIFICATION ON THE COMPANY'S CASH POSITION

It has come to management's attention during the preparation of the Financial Statements that, the cash and cash equivalents amount of approximately $40 million stated in the Company's RNS dated October 21, 2019 was incorrect.

The Company's actual cash and cash equivalents position as at September 30, 2019 was $20.5 million, and its total current assets, which in addition to the cash and cash equivalents comprise of VAT receivables ($9.9 million), trade & other receivables ($2 million), inventory ($8.5 million), and advances & prepaid expenses ($0.78 million), totaled $41.7 million as at September 30, 2019. The main reason for the difference is that the RNS dated October 21, 2019 incorrectly grouped these current asset items as cash and cash equivalents.

Manolo Zuniga, President and Chief Executive Officer stated:

"PetroTal's focus on the Bretana oilfield development in the third quarter represented a balanced approach between drilling and facility enhancement. The Company is well positioned to handle continued success from its drilling program.The strong performance of the 4H well demonstrates the potential of horizontal wells in this area and the benefits of using the latest engineering technology.

I congratulate the PetroTal team on all their collaborative efforts as we achieve record production levels. Innovation and optimization in all our operations is an important element to continued success. I also thank our shareholders for your continued support and confidence."

FINANCIAL HIGHLIGHTS

The following table summarizes key financial highlights associated with the Company's financial performance. See the Financial Statements and the MD&A for further details.

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐listed (TSXV: TAL) (AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field. More information on the Company can be found at www.PetroTal‐Corp.com.

For further information, please contact:

Doug 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
http://www.petrotal-corp.com

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

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

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

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

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release may contain certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to the Company's objectives; the Company's proposed drilling, completions and other activities and the anticipated results of such activities; cost controls and savings; anticipated future production and revenue; future development and growth prospects. 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. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the ability of existing infrastructure to deliver production and the anticipated capital expenditures associated therewith, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the accuracy of PetroTal's geological interpretation of its drilling and land opportunities, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of new wells, the Company's growth strategy, general economic conditions, availability of required equipment and services and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price and exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the Company's MD&A and annual information form for the year ended December 31, 2018 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 AND GAS INFORMATION: The NSAI Report was prepared by NSAI, an independent qualified reserves evaluator, in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and the reserve definitions contained in National Instrument 51‐101 - Standards of Disclosure for Oil and Gas Activities ("NI 51‐101").

References in this press release to production test rates, initial test production rates, and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates 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. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary.

FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations, production, NPV10 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 provided for the purpose of providing further information about PetroTal's anticipated future business operations. PetroTal disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. All FOFI contained in this press release complies with the requirements of Canadian securities legislation, including NI 51-101.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49862

by Harold Villacorte