REG - PetroTal Corp. - Grant of Performance Share Units

PetrotalAnnouncement

17/06/2024 07:15

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RNS Number : 5977S  PetroTal Corp.  17 June 2024

 

PetroTal Announces Grant of Performance Share Units for Dividend Equivalents

 

 

Calgary, AB and Houston, TX - June 17, 2024-PetroTal Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces the grant of
performance share units ("PSUs") to employees and officers of the Company, in
accordance with the Company's performance and restricted share unit plan.

Q1 2024 dividend declaration and PSU Dividend Equivalents.

 

As announced on May 9, 2024, the Company is pleased to confirm that a total
dividend payment of approximately US$13.7 million, representing
US$0.015/share, was paid on June 14, 2024 to shareholders on record at May 31,
2024.  This equates to a 10.9% annualized yield based on a US$0.56/share
trading price. Shareholders should confirm with their brokers to verify their
ownership status on May 31, 2024.

 

In accordance with PetroTal's PSU plan ("PSU"), the Company's June 14, 2024
dividend distribution resulted in an additional 522,120 PSUs being issued, of
which 315,276 PSUs are to Officers.  The remaining 206,844 PSUs are issued to
employees, and all will vest according to their original grant date.

 Manuel Pablo Zuniga-Pflucker  President and CEO                 250,163
 Camilo McAllister             Executive Vice President and CFO  12,883
 Jose Contreras                Chief Operating Officer           52,230

 

 

The Company has a total of 10,598,317 PSUs outstanding.

 

ABOUT PETROTAL

 

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

 

For further information, please see the Company's website at
www.petrotal-corp.com (http://www.petrotal-corp.com) , the Company's filed
documents at www.sedarplus.ca (https://www.sedarplus.ca/landingpage/) , or
below:

 

 

 

 

Camilo McAllister

Executive Vice President and Chief Financial Officer

Cmcallister@PetroTal-Corp.com

T: (713) 253-4997

 

Manolo Zuniga

President and Chief Executive Officer

Mzuniga@PetroTal-Corp.comT: (713) 609-9101

 

PetroTal Investor Relations

InvestorRelations@PetroTal-Corp.com

 

Celicourt Communications

Mark Antelme / Jimmy Lea

petrotal@celicourt.uk

T : 44 (0) 20 7770 6424

 

Strand Hanson Limited (Nominated & Financial Adviser)

Ritchie Balmer / James Spinney / Robert Collins

T: 44 (0) 207 409 3494

 

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart / Simon Mensley / Ashton Clanfield

T: +44 (0) 20 7710 7600

 

Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900

 

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: oil production levels;
PetroTal's drilling, completions, and other activities; plans and expectations
with respect to the OCP and Ecuador export pilot (including the expectation
that pilot oil will travel approximately 1,000 km by barge to Block 19);
PetroTal's expectations with respect to projects and key initiatives to be
financed with contributions from the Social Trust Fund; and anticipated future
disclosure regarding PetroTal's wells (including relating to the Company's
plans to communicate initial rates on well 19H and the timing thereof). 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",
"intend" and similar expressions. The forward-looking statements provided in
this press release are based on management's current belief, based on
currently available information, as to the outcome and timing of future
events. The forward-looking statements are based on certain key expectations
and assumptions made by the Company, including, but not limited to,
expectations and assumptions concerning the ability of existing infrastructure
to deliver production and the anticipated capital expenditures associated
therewith, the ability of government groups to effectively achieve objectives
in respect of reducing social conflict and collaborating towards continued
investment in the energy sector, reservoir characteristics, recovery factor,
exploration upside, prevailing commodity prices and the actual prices received
for PetroTal's products, including pursuant to hedging arrangements, the
availability and performance of drilling rigs, facilities, pipelines, other
oilfield services and skilled labour, royalty regimes and exchange rates, the
impact of inflation on costs, the application of regulatory and licensing
requirements, the accuracy of PetroTal's geological interpretation of its
drilling and land opportunities, current legislation, receipt of required
regulatory approval, the success of future drilling and development
activities, the performance of new wells, future river water levels, the
Company's growth strategy, general economic conditions and availability of
required equipment and services. PetroTal cautions that forward-looking
statements relating to PetroTal are subject to all of the risks, uncertainties
and other factors, which may cause the actual results, performance, capital
expenditures or achievements of the Company to differ materially from
anticipated future results, performance, capital expenditures or achievement
expressed or implied by such  forward-looking statements. Factors that could
cause actual results to differ materially from those set forth in the
forward-looking statements 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), business performance, legal and legislative developments
including changes in tax laws and 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,
credit ratings and risks,  fluctuations in interest rates and currency
values, changes in the financial landscape both domestically and abroad,
including volatility in the stock market and financial system, wars (including
Russia's war in Ukraine and the Israeli-Hamas conflict), regulatory
developments, commodity price volatility, price differentials and the actual
prices received for products, exchange rate fluctuations, legal, political and
economic instability in Peru, access to transportation routes and markets for
the Company's production, changes in legislation affecting the oil and gas
industry, changes in the financial landscape both domestically and abroad
(including volatility in the stock market and financial system) and the
occurrence of weather-related and other natural catastrophes. Readers are
cautioned that the foregoing list of factors is not exhaustive. Please refer
to the annual information form for the year ended December 31, 2023 and the
management's discussion and analysis for the three months ended March 31, 2024
for additional risk factors relating to PetroTal, which can be accessed either
on PetroTal's website at www.petrotal-corp.com (http://www.petrotal-corp.com/)
or under the Company's profile on www.sedarplus.ca
(https://www.sedarplus.ca/landingpage/) . The forward-looking statements
contained in this press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

 

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or
sales in this press release mean "heavy crude oil" as defined in NI 51-101.

 

SHORT TERM RESULTS: References in this press release to peak rates, initial
production rates, current production rates, 10-day 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 of PetroTal. The Company cautions that
such results should be considered to be preliminary.

 

 

 

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