REG - PetroTal Corp. - Q3 2024 Dividend Payment

PetrotalAnnouncement

16/09/2024 07:00

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RNS Number : 2274E  PetroTal Corp.  16 September 2024

PetroTal Announces Q3 2024 Dividend Payment & Grant of Performance Share
Units for Dividend Equivalents

 

Calgary, AB and Houston, TX - September 16, 2024-PetroTal Corp. ("PetroTal" or
the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to confirm
its Q3 2024 dividend payment, along with 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.

Q3 2024 Dividend Payment

As previously announced on August 8, 2024, the Company confirms that a
dividend payment of US$0.015/share was paid on September 13, 2024 to
shareholders on record as of August 30, 2024. This equates to a 12.8%
annualized dividend yield, based on a US$0.47/share trading price.
Shareholders should confirm with their brokers to verify their ownership
status on August 30, 2024.

Issuance of Dividend Equivalent PSUs

In accordance with PetroTal's PSU plan, the Company's September 13, 2024
dividend distribution resulted in an additional 546,053 PSUs being issued, of
which 359,990 were to Officers.  The remaining 186,063 PSUs were issued to
employees, and will vest according to their original grant date.

 Manuel Pablo Zuniga-Pflucker  President and CEO                 281,167
 Camilo McAllister             Executive Vice President and CFO  14,480
 Jose Contreras                Chief Operating Officer           58,703
 Sudan Maccio                  Chief Legal Counsel               5,640

 

The Company has a total of 17,411,838 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.com

T: (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
and production capacity; PetroTal's 2024 program for 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); and PetroTal's expectations with
respect to projects and key initiatives to be financed with contributions from
the Social Trust Fund. 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 to obtain and maintain necessary permits and
licenses, 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 National
Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI
51-101").

 

SHORT TERM RESULTS: References in this press release to peak rates, initial
production rates, current production rates, 30-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.

 

FOFI DISCLOSURE: This press release contains future-oriented financial
information and financial outlook information (collectively, "FOFI") about
PetroTal's prospective results of operations and production results, 2024
drilling program and budget, well investment payback, cash position, liquidity
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
and its management believe that FOFI has been prepared on a reasonable basis,
reflecting management's best estimates and judgments, and represent, to the
best of management's knowledge and opinion, the Company's expected course of
action. However, because this information is highly subjective, it should not
be relied on as necessarily indicative of future results. 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. Changes in forecast commodity prices, differences in the
timing of capital expenditures, and variances in average production estimates
can have a significant impact on the key performance measures included in
PetroTal's guidance. The Company's actual results may differ materially from
these estimates.

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