PetroTal Announces Renewal of
Share Buyback Program and other Corporate Updates
Calgary, AB
and Houston, TX - May 22, 2024-PetroTal Corp.
("PetroTal" or the
"Company") (TSX: TAL, AIM:
PTAL and OTCQX: PTALF) is pleased to announce leadership team
enhancements, the renewal of its normal course issuer bid (the
"NCIB") of approximately
US$3 million per quarter (up to a maximum of US$12 million),
following approval by the Toronto Stock Exchange ("TSX"), and other corporate
updates.
Leadership Team
Enhancements
Effective May 15, 2024, Mr. Sudan I. Maccio joined
PetroTal Corp as Chief Legal Counsel and Corporate Secretary. Mr.
Maccio brings over 30 years of extensive legal expertise in global
energy, encompassing a wide range of legal, commercial, and
leadership roles, including strategic projects, advising the board
on corporate governance, risk management strategy, high-exposure
litigation, cross-border matters, and internal investigations.
Mr. Maccio recently served as General Counsel and
Corporate Secretary of Ecopetrol USA Inc., based in Houston Texas.
Before Ecopetrol, Mr. Maccio was in private practice where he
provided legal support to multibillion dollar M&A transactions
in the refining and petrochemical sectors. His prior roles included
serving as Assistant General Counsel at Eni US Operating Company,
as well as in-house roles with Valerus Compression Services LP, BJ
Services Company, Baker Hughes Inc., and Harvest Natural Resources,
where he developed a strong track record supporting US domestic and
international (Latin America) oil and gas transactions and
operations.
Mr. Maccio is a candidate for an Executive MBA from
Mays Business School at Texas A&M University, holds an LL.M.
from the University of Illinois College of Law, and a law degree
from the Táchira Catholic University School of Law. He is a member
of the Texas Bar (2008).
In addition, effective March 31, 2024 Mr. Jose
Contreras was promoted to Chief Operating Officer from his previous
role as Senior Vice President, Operations. Mr. Contreras will
oversee all of PetroTal's operations and lead the overall
operational growth strategy for the Company.
Renewal of Normal
Course Issuer Bid
PetroTal expects that the NCIB will continue to
provide an additional tool to enhance total long-term shareholder
returns. The Company believes that, at times, the prevailing share
price does not reflect the underlying value of its common shares
("Common Shares") and the
repurchase of Common Shares for cancellation represents an
attractive opportunity to improve PetroTal's per share metrics and
thereby increase the value of the Common Shares.
Based on internal approvals, PetroTal intends to
purchase up to 14,600,000 Common Shares, representing approximately
2% of its issued and outstanding Common Shares as at May
10, 2024, over a 12-month period commencing on May 24, 2024
and ending no later than May 23, 2025. Under the
NCIB, purchases of Common Shares may be made
through the facilities of the TSX, alternative trading
systems in Canada, if eligible, and AIM, a market operated by the
London Stock Exchange in accordance with applicable regulatory
requirements. Purchases under the NCIB will be made through
open market transactions at market price, as well as by other means
as may be permitted under applicable securities laws.
The actual number of Common Shares that may be purchased
under the NCIB and the timing of any such purchases will be
determined by management of the Company. Any Common Shares purchased under the NCIB will be
cancelled.
Under the TSX rules, the total number of Common
Shares PetroTal is permitted to purchase on the TSX is subject to a
daily purchase limit of 128,666 Common Shares (representing 25% of
the average daily trading volume of 514,665 Common Shares on the
TSX calculated for the six months ended April 30, 2024); provided
that PetroTal may make one block purchase per calendar week that
exceeds such limits.
In connection with the NCIB, the Company renewed a
buyback agreement with Stifel Nicolaus Europe Limited
("Stifel"), who will
continue to conduct the NCIB on PetroTal's behalf and entered into
an automatic purchase plan (the "ASPP") with Stifel. The ASPP allows for
the purchase of Common Shares under the NCIB at times when PetroTal
would ordinarily not be permitted to purchase Common Shares due to
regulatory restrictions and self-imposed blackout periods. Under
the ASPP, before entering into a blackout period, PetroTal
may, but is not required to, instruct Stifel to make purchases
under the NCIB within specified parameters. Such purchases would be
at the discretion of Stifel based on parameters provided by the
Company prior to the blackout period in accordance with the terms
of the ASPP and in compliance with the rules and regulations of the
TSX, AIM and applicable securities laws. Any purchase of
Common Shares on the TSX or alternate trading systems
in Canada will continue to be completed by Stifel Nicolaus Canada
Inc. acting as agent for Stifel. The
ASPP has been pre-cleared by the TSX. All
purchases made pursuant to the terms of the ASPP will be included
in computing the number of Common Shares purchased under the NCIB.
Outside any blackout period, Common Shares may be purchased under
the NCIB based on the discretion of the Company's management in
compliance with applicable exchange rules and securities laws.
The Company was permitted to repurchase up to
44,230,205 Common Shares under its current NCIB that ran from
May 18, 2023 to May 17, 2024. As at May 14, 2024, the
Company had repurchased an aggregate 17,702,694 Common Shares under
the expiring NCIB on the open market at a volume weighted average
price per Common Share of approximately $0.58USD per share.
Ex Dividend Date for
Q2 2024 Dividend
Based on new shortened security settlement rules in
effect on May 27, 2024, which apply to Canadian securities
industries, PetroTal is issuing an adjusted dividend timetable for
its upcoming Q2 2024 dividend:
Ex dividend
date: May 31, 2024 (previously May 30, 2024)
Record
date: May 31, 2024 (unchanged)
Payment
date: June 14, 2024 (unchanged)
2024 Virtual and in
Person AGM
The Company is pleased to announce its 2024 annual
general and special meeting of shareholders ("AGM") will be held on June 19, 2024
(10:00am MT/15:00 UK) at the offices of Stikeman Elliott LLP in
Calgary, Alberta. The Company's Management Information
Circular and Proxy Statement in respect of the AGM is available at
www.sedarplus.ca and the
Company's website (www.petrotalcorp.com).
Interested attendees can click on the virtual link below.
https://brrmedia.news/PTAL_AGM24
Dial in
number(s)
USA Local: +1 786 697 3501
USA Toll Free: 866 580 3963
Canada Toll Free: 1 866 378 3566
UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
Password (if prompted) - Quote 'PetroTal AGM' if
prompted
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,
the Company's filed documents at www.sedarplus.ca,
or below:
Camilo
McAllister
Executive Vice
President and Chief Financial Officer
Cmcallister@PetroTal-Corp.com
T: (386) 383 1634
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
relating to the renewal of the NCIB and the ASPP, including, but
not limited to: the duration of the NCIB and potential purchases
thereunder (including those made under the ASPP); anticipated
advantages of the NCIB to the Company's shareholders including in
respect of the Company's expectations of enhanced total long-term
shareholder returns, increased Common Share value correlating with
improved per share metrics and positive impact on shareholder
sentiment. 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.
PetroTal cautions that its intention to proceed with the NCIB
and other 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,
including the Company's intentions regarding the NCIB and its
ability to achieve related anticipated benefits. Factors that
could cause actual results to differ materially from those
set forth in the forward-looking statements include, but are not
limited to, business performance, legal
and legislative developments including changes in tax laws and
legislation affecting the oil and gas industry, 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
or under the
Company's profile on www.sedarplus.ca.
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.
