Press Release

PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) (“PetroTal” or the “Company“) issued the following operational and corporate updates for Q3 2022 Production.

Q3 2022 Production

PetroTal’s Q3 oil production was approximately 1.12 million barrels, representing 12,229 barrels of oil per day (“bopd”), which was the Company’s second best producing quarter to date. The current technical production capacity of the Bretana oilfield is approximately 18,000 bopd, prior to the upcoming completion of well 13H. The third quarter is a seasonally dry quarter, but this year the river water levels were unusually low, so PetroTal took the precaution of loading barges to a reduced capacity to ensure their safe operation while traveling. As a result, production was constrained during this period to match reduced export capacity, which has been impacted from the continued closure of the Northern Peruvian Pipeline (“ONP”). As the dry period passes and water levels rise, the Company expects to return to increased levels of barge capacity.

Well 13H Update

On October 4, 2022, well 13H reached its total depth and is now being completed. At an unconstrained level, the Company expects to again have production capacity of over 20,000 bopd that can be quickly activated once river levels normalize, and additional barges are made available.

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

“We continue to work with our trader to increase their overall available contracted barging fleet size to alleviate oil export constraints, which have been compounded by the unavailability of the ONP since early 2022. We are adjusting our 2022 guidance to reflect a conservative sales scenario, which we hope to exceed should the ONP become a viable sales option in Q4 2022. Under this conservative scenario, cash flow is still very strong allowing the Company to deliver on its promised shareholder return program in 2023. Additionally, we are looking forward to finalizing the ongoing successful working table discussions related to the social trust.”


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

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