TIDMPTAL

RNS Number : 2233A

PetroTal Corp.

28 May 2019

PetroTal Provides Update on Earthquake Affecting Northern Peru

Calgary and Houston - May 27, 2019-PetroTal Corp. ("PetroTal" or the "Company") (TSX-V: TAL), a development and production company focused on oil assets in Peru, is providing an update to the earthquake that struck Northern Peru on Sunday May, 26, 2019.

The Company was notified that no injuries were sustained by personnel at the Bretana oil field, and the drilling and production teams report no impact to the operations. The Bretana platform was engineered to be able to withstand situations such as this. The Company is currently conducting tests to drilling and production equipment to assure safe and efficient operations.

PetroTal, through its Corporate Social Responsibility ("CSR") team, is reaching out to the surrounding communities to assess damage. PetroTal is committed to assuring that our operations are safe and environmentally secure, as well as providing assistance to the local communities.

Manolo Zuniga, President and Chief Executive Officer, said:

"PetroTal's operations are ongoing as normal. This includes our drilling of the BN 95-3H well as well as production from the two oil wells at the location. We are concerned about the local communities and the damage they may have suffered, but I am extremely proud of our CSR team who acted immediately to initiate contact, assess damage, and provide assistance as we can to the local people."

ABOUT PETROTAL

PetroTal is a publicly-traded independent 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 focused on safely and cost effectively developing and exploiting the Bretaña oil field in Block 95 and to continue to evaluate the Osheki prospect in Block 107.

For further information, please contact:

 
 Greg Smith 
 Executive Vice President and Chief Financial Officer 
 Gsmith@Petrotal-Corp.com 
 T: (713) 609-9101 
 Manolo Zuniga 
 President and Chief Executive Officer 
 Mzuniga@Petrotal-Corp.com 
 T : (713) 609-9101 
 
  Mark Antelme / Henry Lerwill 
  Celicourt Communications 
  petrotal@celicourt.uk 
  T : 44 207 520 9261 
 
  James Spinney / Ritchie Balmer / Eric Allan 
  Strand Hanson Limited (Nominated & Financial Adviser) 
  T: 44 (0) 207 409 3494 
 
  John Prior / Emily Morris / George Price 
  Numis Securities Limited (Joint Broker) 
  T: +44 (0) 207 260 1000 
 
  Jonathan Wright / Hugh R. Sanderson 
  GMP FirstEnergy (Joint Broker) 
  T: +44 (0) 20 7448 0200 
 http://www.petrotal-corp.com/ 
  FORWARD-LOOKING STATEMENTS: This press release may contain certain 
  statements that may be deemed to be forward-looking statements. 
  Such statements relate to possible future events, including, 
  but not limited to PetroTal's business strategy, objectives, 
  strength and focus and the impact of the declaration of commerciality 
  in respect of the Bretana oil field. 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" and similar expressions. In addition, statements 
  relating to expected production, reserves, resources, recovery, 
  costs and valuation are deemed to be forward-looking statements 
  as they involve the implied assessment, based on certain estimates 
  and assumptions that the reserves and resources described can 
  be profitably produced in the future. 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, reservoir characteristics, recovery factor, 
  exploration upside, prevailing commodity prices and the actual 
  prices received for PetroTal's products, the availability and 
  performance of drilling rigs, facilities, pipelines, other oilfield 
  services and skilled labour, royalty regimes and exchange rates, 
  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, the Company's growth 
  strategy, general economic conditions, availability of required 
  equipment and services and prevailing commodity prices. Although 
  the Company believes that the expectations and assumptions on 
  which the forward-looking statements are based are reasonable, 
  undue reliance should not be placed on the forward-looking statements 
  because the Company can give no assurance that they will prove 
  to be correct. Since forward-looking statements address future 
  events and conditions, by their very nature they involve inherent 
  risks and uncertainties. Actual results could differ materially 
  from those currently anticipated due to a number of factors and 
  risks. These 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), 
  commodity price and 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 and uncertainties resulting 
  from potential delays or changes in plans with respect to exploration 
  or development projects or capital expenditures. Please refer 
  to the risk factors identified in the Company's annual information 
  form for the year ended December 31, 2017 and management's discussion 
  and analysis for the three and nine months ended September 30, 
  2018, which are available on SEDAR at www.sedar.com. 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. 
  Neither the TSX Venture Exchange nor its Regulation Services 
  Provider (as that term is defined in the policies of the TSX 
  Venture Exchange) accepts responsibility for the adequacy or 
  accuracy of this press release. 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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May 28, 2019 02:01 ET (06:01 GMT)

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