PTAL Petrotal Corporation

TIDMPTAL

RNS Number : 0712B

PetroTal Corp.

27 January 2020

Issue of Equity, Exercise of Warrants and TVR

Calgary and Houston - January 27, 2020-PetroTal Corp. ("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL), the Peruvian focused E&P company, announces that it has issued 150,776 Common Shares at a price of CAD$0.30 per Common Share in relation to the Company's employee Performance Stock Units 2018 Plan.

The Company also announces that it received an exercise notice for the exercise of warrants over 1,000,000 Common Shares at a price of US$0.1869 per Common Share (the "Warrant Exercise") on January 23, 2020 from a former officer. Accordingly, PetroTal received $186,790 in respect of Warrant Exercise and issued 1,000,000 new Common Shares.

The Company has also discovered, due to an administrative oversight, 5,000 restricted Common Shares were not admitted to trading on AIM at the time of the Company's admission to trading on AIM in December 2018. Application is therefore also being made today for the admission of these 5,000 Common Shares.

Accordingly, application has been made for admission of, in aggregate, 1,155,776 new Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"). It is expected that Admission will become effective and trading will commence at 8.00 a.m. on 31 January 2020.

Following Admission, the Company will have 673,351,810 Common Shares in issue and there are no shares held in treasury. For the purposes of the Disclosure Guidance and Transparency Rules, the total number of voting rights in the Company is calculated as the number of outstanding Common Shares, less the Common Shares not able to be voted on due to restrictions applicable to certain holders which results in a total voting rights figure of 629,257,353. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

ABOUT PETROTAL

PetroTal is a publicly--traded, dual--quoted (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 flagship asset is the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition, and within 18 months has exceeded the initial 10,000 bopd goal. Additionally, the Company has large exploration upside and is actively engaged to find a partner to drill the Osheki prospect and other prospects in Block 107. The Company's management team has significant experience in developing and exploring for oil in all of Peru's oil producing basins 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 see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

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

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

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements. More particularly, and without limitation, this news release contains statements concerning PetroTal's assessment of future plans and operations and the appointment of new directors of the Company. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by PetroTal. Although PetroTal believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: PetroTal may not obtain the required approvals from the TSX Venture Exchange and other factors more fully described from time to time in the reports and filings made by PetroTal with securities regulatory authorities. 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 September 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

STREAPFXAELEEFA

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January 27, 2020 13:06 ET (18:06 GMT)

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