TIDMPTAL
RNS Number : 0688S
PetroTal Corp.
04 November 2019
PetroTal Enhances Financial Leadership
Calgary and Houston - November 4, 2019-PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL) is pleased
to announce the addition of Mr. Douglas Urch, a seasoned financial
executive, as Executive Vice President and Chief Financial Officer
of the Company, effective immediately. PetroTal continues to
benefit from successful drilling and operations and, by enhancing
its financial leadership, the Company is preparing for further
growth, especially now that production continues to be above 7,500
barrels of oil per day ("BOPD") with a target of 10,000 BOPD by
year-end.
Background of Douglas Urch:
Mr. Urch brings over 35 years of international oil and gas
experience to the executive team of PetroTal. From 2008 to 2018, he
was EVP and CFO of Bankers Petroleum Ltd. (TSX and AIM listed),
operating in Albania. From 2000 to 2008 he was VP and CFO of Rally
Energy Corp. (TSX listed), operating in Egypt. His international
experience also includes Colombia, Pakistan, Turkey, Hungary and
the USA. Being an initial investor in PetroTal, Mr. Urch has served
as a director of the Company since inception, and as Chairman of
the Board for the past year and a half. He is a Chartered
Professional Accountant (CPA), a designated member of the Institute
of Corporate Directors (ICD), and graduate from the University of
Calgary (B.Comm. -1980).
Mr. Urch commented: "I'm pleased to be engaged in this role and
appreciate the confidence and support shown by the Board. Being a
founding investor, I'm very familiar with PetroTal and look forward
to my contribution to the continued success that Manolo and the
PetroTal team have achieved to date."
Changes to the Board:
Concurrent with his appointment as EVP and CFO of the Company,
Mr. Urch will resign as a director and Chairman of the Board. Mr.
Mark McComiskey, an existing director since inception, will assume
the Chairman's role. Mr. McComiskey has been an investor in and
served on the board of numerous energy companies, with operations
in North and South America, Europe, Asia and Africa. He has led
over $6 billion of investment in the energy sector, raising over
$10 billion of capital. Currently, Mr. McComiskey is a partner at
AVAIO Capital, a firm that focuses on build-to-core infrastructure
investment.
The Board would like to thank Greg Smith, PetroTal's former
Executive Vice President and Chief Financial Officer, for his
contribution to the Company and wish him every success in his
future endeavors.
Manolo Zuniga, President and Chief Executive Officer,
commented:
"I'd like to welcome Mr. Urch as the new CFO of PetroTal; his
vast international background and successful financial track record
will be extremely valuable to PetroTal during its continued growth
from being a start-up operation. Additionally, with Doug having
been a director of PetroTal since inception, he is fully aware of
the Company's operations and corporate strategy. I have enjoyed
working closely with him during the past year and a half while he
was Chairman of the Board and look forward to continuing working
with him now as CFO.
I'd like to sincerely thank Greg for his valuable contribution
over the years and acknowledge his dedication to the Company. I
join with the Board in wishing Mr. Smith future success."
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--listed (TSXV: TAL and AIM:
PTAL) oil and gas development and production company domiciled in
Calgary, Alberta, focused on the development of oil assets in Peru.
PetroTal's development asset is the Bretaña oil field in Peru's
Block 95 where oil production was initiated in June 2018, six
months after acquisition. Additionally, the Company has large
exploration prospects and is engaged in finding a partner to drill
the Osheki prospect in Block 107. The Company's management team has
significant experience in developing and exploring for oil in
Northern Peru and is led by a Board of Directors that is focused on
safely and cost effectively developing the Bretaña oil field. More
information on the Company can be found at
www.PetroTal--Corp.com.
For further information, please contact:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@Petrotal-Corp.com
T: (403) 616-7411
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@Petrotal-Corp.com
T: (713) 609-9101
Mark Antelme / Jimmy Lea
Celicourt Communications (Financial PR)
petrotal@celicourt.uk
T: 44 (0) 208 434 2643
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
READER ADVISORIES
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; management changes and future
additions to the board of directors; and future development and
growth prospects. 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. 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 and availability of required
equipment and services. 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, 2018 and management's discussion and analysis
for the three and six months ended June 30, 2019 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
STRCKQDKBBDKBDK
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November 04, 2019 02:00 ET (07:00 GMT)
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