TIDMPTAL
RNS Number : 7502W
PetroTal Corp.
13 December 2019
PetroTal Announces Grant of Performance Share Units
Calgary, Alberta and Houston, Texas - December 13, 2019-PetroTal
Corp. ("PetroTal" or the "Company") (TSXV: TAL and AIM: PTAL)
announces the grant of performance share units ("PSUs") to officers
and employees of the Company.
The Company has granted an aggregate of 8,441,659 PSUs, of which
4,489,013 are to officers of the Company in accordance with the
provisions of the Company's PSU plan. The PSUs to the officers will
vest three years from the date of grant and each PSU will entitle
the holder to acquire, for nil cost, between zero and two common
shares of the Company ("Shares"), subject to the achievement of
performance conditions relating to the Company's total shareholder
return, net asset value and certain production and operational
milestones. The Corporate Governance and Compensation Committee of
the Board is charged with overseeing the PSU plan.
Further details regarding the PSU plan are set out in the
management information circular of the Company dated April 24,
2019, which is available on SEDAR at www.sedar.com. The Board of
PetroTal has amended the PSU plan to include the following
restrictions: (i) the aggregate number of Shares that may be issued
under the PSU plan will not exceed 50,000,000 Shares; (ii) no
securities will be issued to any participants who are engaged in
investor relations activities; (iii) the number of Shares issued to
any one participant, within any one year period, will not exceed 1%
of the issued and outstanding Shares; and (iv) the number of Shares
issued to insiders as a group, within any one year period, will not
exceed 2% of the issued and outstanding Shares. Shareholders of the
Company will be asked to ratify the amended PSU plan reflecting
these additional terms at the next annual shareholder meeting of
the Company in 2020.
Following this grant and a forfeiture of 1,016,667 PSUs in
November 2019 held by a former officer, the Company has a total of
10,871,353 PSUs outstanding.
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--quoted (TSX--V: 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 flagship asset is the 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.
For further information, please see the Company's website at
www.petrotal-corp.com, the Company's filed documents at
www.sedar.com, or contact:
Douglas Urch
Executive Vice President and Chief Financial Officer
durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer / Eric Allan
T: 44 (0) 207 409 3494
Numis Securities Limited (Joint Broker)
John Prior / Emily Morris
T: +44 (0) 207 260 1000
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Nicholas Rhodes / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
This announcement contains inside information.
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 the Company's objectives; future development and
growth prospects; PSU grants and Share entitlements related
thereto; and amendments to the PSU plan to be ratified at the next
annual shareholder meeting of the Company. 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 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 most recent management's discussion
and analysis and annual information form of the Company 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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December 13, 2019 03:00 ET (08:00 GMT)
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