Contact

Contact 

Office - Calgary

Stikeman Elliott LLP
4300 Bankers Hall West
888 – 3rd Street S.W.
Calgary, AB T2P 5C5
Canada

US Corporate Office - Houston

16200 Park Row #310
Houston, TX 77084
USA

Tel: (713) 609-9101

E-mail: info@petrotal-corp.com
Corporate Access Number: 202245320
Place of Incorporation: Province of Alberta, Canada
GST Number: 10414 3615 RT0001

Investor Relations Contact:
InvestorRelations@petrotal-corp.com


Focused on Acquisition, Development and Exploration of Material Oil Assets in Peru


Board of Directors

Board of
Directors 

President and Chief Executive Officer and Corporate Secretary

Manuel Zúñiga is a petroleum engineer with 30 years of industry experience. Mr. Zúñiga was a founder and the President and Chief Executive Officer of BPZ when oil was discovered in the Corvina field of the Z-1 Block, brought online in less than two years using the first floating production storage and offloading (FPSO) unit ever used in Peru and developed with a buoyant drilling and production platform. Prior to completion of the Arrangement, Mr Zúñiga had been the President and Chief Executive Officer and Chairman of the Managers of PetroTal LLC since January 2016.

He started his career as a junior engineer with Occidental Petroleum where he worked in Block 1-AB, located in the northern jungle of Peru. He was born and raised in Talara, Peru and has led exploration and development projects for oil and gas in Peru, as well as other countries in Latin America. He has established relationships with operators in Peru, including owners of the targeted assets, and has good relationships with government agencies in the region. Mr. Zúñiga holds a Bachelor of Science degree in Mechanical Engineering from the University of Maryland and a Masters of Science degree in Petroleum Engineering from Texas A&M University.

Non-Executive Director

Gary Guidry is a professional engineer with more than 35 years of experience developing and maximizing assets in the international oil and gas industry. Mr. Guidry has direct experience managing large, international projects, including assets in Latin America, Africa, the Middle East and Asia. Mr. Guidry is currently the President, Chief Executive Officer of GTE and prior to that was the President and Chief Executive Officer of Caracal Energy Inc. (now known as Glencore E&P (Canada) Inc. (“Glencore”)). Mr. Guidry received a Bachelor of Science degree in Petroleum Engineering from Texas A&M University in 1980 and is an Alberta-registered professional engineer and a member of the Association of Professional Engineers and Geoscientists of Alberta.

Mr Guidry is one of two representatives of GTE on the Board and is therefore not considered to be independent.

Non-Executive Director

Ryan Ellson has more than 17 years of experience in a broad range of international corporate finance and accounting roles. Mr. Ellson is currently the Chief Financial Officer of GTE and prior to that was Head of Finance for Glencore and held the position of Vice President, Finance. Mr. Ellson is a Chartered Accountant (CA) and holds a Bachelor of Commerce degree and a Master of Professional Accounting degree from the University of Saskatchewan.

Mr Ellson is one of two representatives of GTE on the Board and is therefore not considered to be independent.

Non-Executive Director

Gavin Wilson is an Investment Manager for Meridian Group of Companies, a private investment company, which has a significant shareholding in the Company. Mr. Wilson was the Founder and Manager of RAB Energy and RAB Octane, listed investment funds, from 2004 until 2011. From 1992 to 2003, he worked with Canaccord Capital London, an investment banking company, as Head of Oil and Gas, responsible for sales and Corporate Brokering/Finance. He holds a Bachelor of Arts degree in French History and Civilization.

Non-Executive Director and Chairman of the Board

Mark McComiskey is a partner at AVAIO Capital, a firm that focuses on value-added infrastructure investment and that spun-out of AECOM in 2019. Prior to AVAIO, Mr. McComiskey was a partner at Prostar Capital’s energy business and its successor firm, Vanwall Capital, LLC. Prior to Prostar, he was Co-Head of private equity at First Reserve, a private equity firm focused on the energy industry.

In addition to PetroTal, Mark has held various board positions for public and private companies in the US, Canada and Europe, including DHT, Dresser Rand, Ansaldo Energia, CHC, Sterling Resources, and Cambridge Energy Research Associates.

Mark holds an AB in economics, magna cum laude, from Harvard College and a Juris Doctorate, magna cum laude, from Harvard Law School.

Non-Executive Director

Eleanor Barker is President of Barker Oil Strategies, a Member of the Province of Ontario Resource Sector Audit Committee and a Director and Chair of the Audit Committee of PetroTal Corp. From 2017 to 2021 she was a Director and Chair of the Audit Committee of Serinus Energy plc. She was a Director of Sterling Resources Ltd. from 2014 to 2017. For over 30 years, Ms. Barker was an Oil and Gas Investment Analyst in Canada. Since 1995, Ms. Barker has focused exclusively on International Oil and Gas research. Ms. Barker is a past Director of the US National Association of Petroleum Investment Analysts and a former President of the Canadian Association of Investment Analysts. From 1993 to 1995 Ms. Barker was a Director of Gordon Capital. Prior to work in financial markets, she held various positions with Esso and Gulf Canada. Ms. Barker holds an MBA from the University of Western Ontario and an Hons. B.Sc. from Queen’s University.

Non-Executive Director

Roger Tucker brings a wealth of experience having been a senior executive in the Energy sector across the globe for over 3 decades. He has held positions in companies ranging in scope and scale from Multinational Majors, listed independents, new emerging market players and private equity funded entities.

Most recently Dr Tucker has been involved in Private Equity investing in the energy space.

He has directly managed very significant development projects including one of the worlds largest field redevelopment projects located in Venezuela.

He has lived and worked in multiple countries during his career.

Roger holds a PhD in Sedimentology & Geochemistry and a BSc in Geology both from the University of Newcastle upon Tyne.

Our team continues to deliver ahead of schedule, which sets the stage for PetroTal to grow for the foreseeable future.

Board Committees

Audit Committee

Eleanor Barker*
Mark McComiskey
Ryan Ellson

Corporate Governance Committee

Mark McComiskey*
Ryan Ellson
Gavin Wilson

Reserves Committee

Roger Tucker*
Gavin Wilson
Gary Guidry
Manuel Pablo Zuniga-Pflucker

HS&E and CSR Committee

Gary Guidry*
Gavin Wilson
Roger Tucker

*Chairman


Management and Technical Team with In-depth Expertise and Proven Track Record in Peru


Corporate Governance

Corporate
Governance  

The Board is committed to the highest of corporate governance. The Board pursues to comply with the corporate governance requirements of the TSX-V  and applicable Canadian securities laws including, but not limited to NI51-102, NI 52-110, NI 58-101 and TSXV Policy 3.1 – Directors, Officers, other Insiders and Personnel and Corporate Governance.

The Company has adopted corporate governance practices and procedures consistent with the relevant Canadian corporate governance standards appropriate for a publicly listed company. In particular, the Company has adopted a corporate code of conduct and mandate for its Board.  It has also established and properly constituted an Audit Committee, a Corporate Governance and Compensation Committee, Reserves Committee, and  Health, Safety, Environment and Corporate Social Responsibility Committee to assist the Board in fulfilling its responsibilities for governing the Company.

The Company has also adopted a corporate disclosure and insider trading policy to ensure compliance with the share dealing provisions set out in article 19 of MAR and Rule 21 of the AIM Rules. The policy applies to inter alia all Directors and senior officers of the Group, employees who may be in possession of or have access to unpublished price-sensitive information concerning the Company, their spouses, civil partners, children under 18 and any other person who is otherwise classified as a PDMR and their PCAs under MAR (together the “Designated Persons”). The policy applies to the Designated Persons whether they are acting directly or through another person or company.

Corporate Governance Documents

Audit Committee Charter

The Audit Committee is appointed annually by the Board and is comprised of three (3) members, the majority of which shall be independent directors. The Board shall appoint the Chair of the Audit Committee. The members of the Audit Committee at the date of this document are Eleanor Barker (as the Chair), Mark McComiskey and Ryan Ellson. The Audit Committee shall meet at least four times annually or more frequently as circumstances dictate.

The duties of the Audit Committee include: (i) reviewing, prior to release, the annual and quarterly financial statements and other financial information provided by the Company to regulatory authorities and the Shareholders; (ii) reviewing the effectiveness of the Company’s internal audit function and controls; (iii) reviewing the performance of the Company’s external auditors annually; (iv) providing an avenue for internal reporting of financial wrong doing; and (v) providing an open avenue of communication among the Company’s auditors, senior management and the Board. The full terms of reference are set out in the Audit Committee Charter last reviewed on May 28, 2021 and available on the Company’s website.

The Audit Committee will also be responsible for overseeing the Group’s compliance with the AIM Rules and MAR.

Corporate Governance And Compensation Committee Charter

The Board established a Corporate Governance and Compensation Committee comprised of three (3) directors of the Company, the majority of which shall be independent directors as defined by the TSXV regulations. The Board shall appoint the Chair of the Corporate Governance and Compensation Committee. The members of the Corporate Governance and Compensation Committee at the date of this document are Mark McComiskey (as the Chair), Ryan Ellson and Gavin Wilson. The Committee shall meet at least once annually, or more frequently as circumstances dictate or as otherwise directed by the Board.

The primary duties of the Corporate Governance and Compensation Committee include: (i) reviewing and determining the compensation policies of the Company with respect to the directors, officers, employees and consultants of the Company; (ii) proposing to the Board new nominees to the Board and for assessing the Directors on an ongoing basis; and (iii) responding to and implementing the guidelines set forth from time to time by any applicable regulatory authorities. The full terms of reference are set out in the Corporate Governance and Compensation Committee Charter last reviewed on May 28, 2021 and are available on the Company’s website.

Health, Safety, Environment and Corporate Social Responsibility Committee

The Board established a Health, Safety, Environment and Corporate Social Responsibility Committee comprised of no less than three (3) members the majority of whom shall be outside directors of the Company. The Board shall appoint the Chair of the Health, Safety, Environment and Corporate Social Responsibility Committee who shall similarly be an outside director. The members of the Health, Safety, Environment and Corporate Social Responsibility Committee at the date of this document are Roger Tucker (as the Chair), Gavin Wilson and Gary Guidry. The Committee shall meet at least once annually or more frequently as circumstances dictate or as otherwise directed by the Board.

The general duties of the Health, Safety, Environment and Corporate Social Responsibility Committee include: (i) regularly reviewing health and safety policies and procedures, monitoring compliance with such policies, maintaining management systems to implement such policies and reporting on its findings to the Board; (ii) regularly reviewing environmental activities in terms of environmental policies of the Company and reporting on its findings to the Board; and (iii) reviewing social aspects of the Company’s operations in terms of social responsibility policies of the Company and reporting on its findings to the Board. The full terms of reference are set out in the Health, Safety, Environment and Corporate Social Responsibility Committee Charter last reviewed on May 28, 2021 and available on the Company’s website.

Reserves Committee

The Board established a Reserves Committee comprised of no less than three (3) Directors of the Company, the majority of whom shall be outside directors of the Company and preferably individuals with engineering or geographical experience. The Board shall appoint the Chair of the Reserves Committee who shall be an outside director. The members of the Reserves Committee at the date of this document are Roger Tucker (as the Chair), Gavin Wilson, Gary Guidry and Manuel Pablo Zúñiga-Pflücker. The Committee shall meet at least once annually or more frequently as circumstances dictate or otherwise directed by the Board.

The duties of the Reserves Committee include: (i) reviewing the expertise of the independent engineering firm which has prepared the Company’s reserves and/or resources evaluations; (ii) meeting with the independent engineering firm to discuss their report and key assumptions and (iii) considering the information supplied to the firm with respect to matters such as product prices, operating costs, royalty burdens etc. The full terms of reference are set out in the Reserves Committee Charter last reviewed on May 28 2021 and are available on the Company’s website.

Audit Committee Charter

(last reviewed May 28, 2021)

Code of Business Conduct and Ethics

(last reviewed August 25, 2021)

Share Ownership Guidelines

(last reviewed June 7, 2021)

Reserves Committee Charter

(last reviewed May 28, 2021)

Clawback Policy

(last reviewed May 28, 2021)

Mandate of the Board

(last reviewed May 28, 2021)

Anti-Bribery And Anti-Corruption Policy

(last reviewed August 25, 2021)

Whistleblowing Policy

(last reviewed May 28, 2021)

Articles of Association

(last reviewed May 28, 2021)

ESTMA Reports

PetroTal Corp. is committed to high standards of conduct, ethics and corporate governance.


Health & Safety

Health
& Safety 

Health & Safety Policies

It is the policy of PetroTal to conduct all of its operations in a manner which protects people and property and strive to improve its health and safety performance.

PetroTal has an established Corporate Management System in place to ensure that:

  1. There is a management organization in place which will plan operations resulting in the provision of safe systems and places of work and the effective management of health and safety at all of its operated sites.
  2. It provides the necessary training for its employees and contractors to ensure that they have the knowledge and capability to conduct operations in a safe manner.
  3. It co-operates with its contractors, who also have defined responsibilities for health and safety, to provide safe and healthy work places.
  4. Adequate contingency plans for emergency situations are developed and implemented for all of its operations.
  5. That there is effective security for personnel and company assets based on risk assessment at all operated locations and during travel to and from locations.
  6. It consults with its employees on matters affecting their health and safety.
  7. It complies with all applicable health and safety legislation.

PetroTal recognizes that prevention of accidents and ill health is essential to the efficient operation of its business. Accordingly, the management of health and safety issues is an integral part of the company’s management arrangements and commands at least equal prominence when balanced against operational and commercial considerations. PetroTal recognizes the value of both its own employees and its contractors’ and considers their well-being to be a major factor in the success of all its business activities.

This Health and Safety Policy shall be applied at all PetroTal’s locations. PetroTal will review and audit all aspects of the management system to ensure that it is being complied with and to seek improvements to the system. The management system will continue to be actively developed in line with the development of PetroTal’s business activities.

Although overall responsibility for health and safety rests with PetroTal, and ultimately the CEO, every employee and contractor must recognize their own responsibilities (in particular, any specific responsibilities under legislation, or delegated to them as individuals) to ensure the health and safety of themselves and others.


PetroTal Corp recognizes that prevention of accidents and ill health is essential to the efficient operation of its business.


Environment

Environment

Environmental Policies

It is the policy of PetroTal to conduct all of its operations in a manner which will minimize its impact on the environment and strive to improve its environmental performance.

PetroTal has an established Corporate Management System in place to ensure that:

  1. There is a management organization in place to plan operations to minimize the impact to the environment from its operations by identifying and managing the relevant environmental risks.
  2. Environmental issues are considered from the outset when planning operations, to reduce waste, the consumption of resources and prevention of pollution to the environment.
  3. PetroTal provides the necessary training for its employees and contractors to ensure that they have the knowledge and capability to conduct operations in an environmentally sensitive manner.
  4. Adequate contingency plans for emergency/pollution situations are developed and implemented for all operations which may impact the environment.
  5. PetroTal complies with all the applicable environmental regulations and codes of practice
  6. PetroTal is committed to continual improvement of its performance by setting and reviewing environmental objectives and targets.
  7. PetroTal will provide the necessary resources, advice and guidance to ensure the communication and implementation of this policy and to monitor and report on the company’s environmental performance.

PetroTal recognizes that minimizing environmental impact and the prevention of environmental incidents is essential to the efficient operation of its business. Accordingly, the management of environmental issues is an integral part of the company’s management arrangements and commands at least equal prominence when balanced against operational and commercial considerations.

This Environmental Policy shall be applied at all Sterling’s locations. PetroTal will review and audit all aspects of the management system to ensure that it is being complied with and to seek improvements to the system. The management system will continue to be actively developed in line with the development of Sterling’s business activities.

Although overall responsibility for environmental issues rests with Sterling, and ultimately the CEO, every employee and contractor must recognize their own responsibilities (in particular, any specific responsibilities under legislation, or delegated to them as individuals) to ensure sound environmental performance.


The management of environmental issues is an integral part of the PetroTal's management arrangements.


Management

Executive
Management 

Manuel Zúñiga is a petroleum engineer with 30 years of industry experience. Mr. Zúñiga was a founder and the President and Chief Executive Officer of BPZ when oil was discovered in the Corvina field of the Z-1 Block, brought online in less than two years using the first floating production storage and offloading (FPSO) unit ever used in Peru and developed with a buoyant drilling and production platform. Prior to completion of the Arrangement, Mr Zúñiga had been the President and Chief Executive Officer and Chairman of the Managers of PetroTal LLC since January 2016.

He started his career as a junior engineer with Occidental Petroleum where he worked in Block 1-AB, located in the northern jungle of Peru. He was born and raised in Talara, Peru and has led exploration and development projects for oil and gas in Peru, as well as other countries in Latin America. He has established relationships with operators in Peru, including owners of the targeted assets, and has good relationships with government agencies in the region. Mr. Zúñiga holds a Bachelor of Science degree in Mechanical Engineering from the University of Maryland and a Masters of Science degree in Petroleum Engineering from Texas A&M University.

Executive Vice President and Chief Financial Officer

Douglas Urch has over 35 years of oil and gas industry experience. Previously, Mr. Urch was the Executive Vice President, Finance and Chief Financial Officer of Bankers Petroleum Ltd. and Vice President, Finance and Chief Financial Officer of Rally Energy Corp. Mr. Urch is a Chartered Professional Accountant (CPA) and a designated member of the Institute of Corporate Directors (ICD). Mr. Urch has been a Director of PetroTal since inception and was Chairman of the Board from June 2018 until November 2019. Mr. Urch graduated from the University of Calgary with a Bachelor of Commerce degree.

Vice President, Exploration and Development
  • Over 35 years of Latin American oil and gas experience with focus on designing and executing exploration and production programs
  • Multiple senior technical and management level roles with Occidental and Repsol
  • Former CEO of CGX Energy

Our team continues to deliver ahead of schedule, which sets the stage for PetroTal to grow for the foreseeable future.


Management and Technical Team with In-depth Expertise and Proven Track Record in Peru


About Us

About
PetroTal 

Company Profile

PetroTal is a publicly-traded oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru.  The Company’s management team has significant experience in developing oil fields in Northern Peru and is led by an independent Board of Directors that is focused on safely and cost effectively developing and exploiting the Bretaña oil field.

Production for Bretaña is estimated to exceed 20,000 barrels of oil per day by 2022. The field holds over 100 million barrels of oil on a 3P basis making it a significant resource for the Company to produce from for years to come even after reaching peak production.


Focused on Acquisition, Development and Exploration of Material Oil Assets in Peru


Operations

PetroTal
Operations

Focused on Peru

PetroTal Corp. is a junior oil and gas company domiciled in Canada with corporate offices in Houston, Texas. The company is focused on development of oil and gas assets in Peru.

Bretaña (Block 95) (100% WI)

  • 51 MMBO 2P reserves
  • 106 MMBO 3P reserves
  • Current production ~14,000 bopd with production estimated to exceed 20,000 in 2022
  • Significant potential to increase production through improved recovery factors

Block 107/133 (100% WI)

  • 534 MMBOE located in the Ucayali basin
    • Contains the Osheki prospect
    • On trend with several large fields
  • Several leads to be de-risked by Osheki that combined could contain 4.6 BBO of unrisked prospective recoverable resources
  • Farmout process underway – targeting first exploration well in late 2022/early 2023


Focused on Acquisition, Development and Exploration of Material Oil Assets in Peru


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Company Profile

PetroTal is a publicly-traded oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru.  The Company’s management team has significant experience in developing oil fields in Northern Peru and is led by an independent Board of Directors that is focused on safely and cost effectively developing and exploiting the Bretaña oil field.


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