PETROTAL CORP ORD - PTALF STOCK NEWS

PetroTal Corp. (PTALF) has completed the acquisition of a 100% working interest in Peru's Block 131 through the purchase of CEPSA Peru. The Los Angeles field at Block 131 has averaged 817 barrels of light oil per day from January to September 2024, with facilities capable of handling up to 5,500 bopd. The field produces 45°API light oil and has estimated Proved reserves of 2.0 million barrels and Proved plus Probable reserves of 4.2 million barrels. The block operates under a license agreement until 2038 with a 23.48% royalty rate for production under 5,000 bopd. The acquisition aims to diversify PetroTal's production base and create synergies with existing Block 95 operations.

PetroTal Corp. (TSX: TAL) has issued a correction to its Q4 2024 dividend payment timetable. The company clarified that the Ex-Dividend date was incorrectly stated as November 28, 2024, in its previous release. For TSX-listed companies, the Ex-Dividend date and Record date must be the same day. The corrected dividend payment schedule includes: Ex-Dividend and Record date on November 29, 2024, with Payment date on December 13, 2024. The cash dividend remains at USD$0.015 per common share, representing a 13% annualized yield based on current share price.

PetroTal Corp reported Q3 2024 financial results with average sales of 14,760 bopd and production of 15,203 bopd, representing a 39% increase from the same period last year. The company generated EBITDA of $47.5 million and free funds flow of $6.5 million. Q3 net income was $7.2 million ($0.01/share), marking the 19th consecutive profitable quarter. The company exited Q3 with $133 million in total cash ($121 million unrestricted) and declared a dividend of $0.015/share payable December 13, 2024. Capital expenditures totaled $43.0 million, primarily for drilling wells 5WD and 20H. The company maintains its 2024 production guidance of 16,500-17,500 bopd.

PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) has released its Q3 2024 operations and liquidity update. Key highlights include:

• Q3 production averaged 15,160 bopd, a 39% increase from Q3 2023
• 2024 annual production on track to meet top end of guidance range
• Total cash of $133 million as of September 30, 2024, an 18% increase from Q3 2023
• Well 20H achieved initial production rates over 5,300 bopd
• President of Peru granted Supreme Decree for transfer of Block 131 to PetroTal

The company maintained strong liquidity throughout Q3 2024, with $121 million in unrestricted cash. PetroTal also entered a hedge agreement and continued its share buyback program. The acquisition of Block 131 is nearing completion, awaiting final regulatory approval.

PetroTal Corp. (TSX: TAL, AIM: PTAL, OTCQX: PTALF) has confirmed its Q3 2024 dividend payment and the grant of performance share units (PSUs) for dividend equivalents. The company paid a dividend of US$0.015 per share on September 13, 2024, to shareholders of record as of August 30, 2024. This dividend represents a 12.8% annualized yield based on a US$0.47 share price.

Additionally, PetroTal issued 546,053 PSUs as dividend equivalents, with 359,990 granted to officers and 186,063 to employees. The company now has a total of 17,411,838 PSUs outstanding. This issuance aligns with PetroTal's performance and restricted share unit plan, demonstrating the company's commitment to aligning employee interests with shareholder value.

PetroTal Corp. (TSX: TAL, AIM: PTAL, OTCQX: PTALF) has provided an operational update on Well 20H at the Bretaña field. The well is being completed in both the Vivian 1 (VS1) and Vivian 2 (VS2) sands, marking the first joint completion of these formations. During a brief production test, the VS1 flowed at an equivalent rate of approximately 320 barrels of oil per day with 18.6 API oil, similar to VS2 oil. This development could potentially lead to including VS1 in Bretaña's future 2P oil reserves certification, potentially adding meaningful production from existing wells and improving reserves and value. The well is expected to be completed by the end of September 2024.

PetroTal announced its Q2 2024 financial and operating results, highlighting significant achievements.

Average production and sales were 18,290 bopd and 18,050 bopd, respectively, generating $69.5 million in EBITDA and $36 million in free funds flow. The company ended the quarter with $96 million in total cash and declared a $0.015/share dividend payable on Sept 13, 2024.

PetroTal drilled two new oil wells, with Well 19H achieving a 30-day average of 6,860 bopd. The acquisition of Block 131 was signed, enhancing its production capabilities. The company's OCP route to Ecuador received all necessary regulatory approvals with actual sales expected in October 2024.

Q2 2024 net income was $35.4 million ($0.04/share). Capital expenditures were $38.9 million. The company repurchased 1.2 million common shares.

Guidance reaffirms 16,500-17,500 bopd production for 2024, with an estimated EBITDA range of $200-$240 million. The company secured a $20 million line of credit with JP Morgan.

PetroTal announced its Q2 2024 operations and corporate updates. The company achieved an average production of 18,290 bopd, despite a brief river blockade, and exited June 2024 with 20,555 bopd. Key highlights include the successful completion of wells 18H and 19H, with 19H achieving initial production rates over 8,500 bopd. PetroTal now totals over 20 million barrels of oil produced since inception.

Significant milestones include securing approvals for the OCP pipeline in Ecuador, with a 100,000 barrel pilot program starting soon. Cash and liquidity stand strong with $96 million, including $84 million unrestricted. The company also bought back 1.2 million shares and paid $13.7 million in dividends. The Q2 2024 results webcast will be held on August 8, 2024.

PetroTal announced that all resolutions at its annual general meeting on June 19, 2024, have been approved. A total of 211,361,360 common shares, representing 23.09% of the issued shares, were represented at the meeting. Shareholders set the number of directors at eight, with each nominee elected with an overwhelming majority. Manuel Pablo Zúñiga-Pflücker received 99.83% of votes, Mark McComiskey received 93.40%, and other nominees such as Gavin Wilson, Eleanor J. Barker, Roger M. Tucker, Jon Harris, Felipe Arbelaez Hoyos, and Emily Morris received between 98.89% and 99.82% of votes. Deloitte LLP was appointed as auditors with 99.85% approval. Detailed voting results are available on SEDAR+.