TIDMPTAL
RNS Number : 4425O
PetroTal Corp.
08 October 2021
PetroTal Announces Exercise of Investor and Performance Warrants
and Total Voting Rights
Calgary, AB and Houston, TX - October 8, 2021- PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTC:
PTALF) announces that it received a notice to exercise 1,000,000
Investor Warrants over 1,000,000 Common Shares at a price of 16
pence per Common Share from an investor in relation to the Investor
Warrants issued on June 12, 2020 as part of the fundraising
announced on June 12, 2020.
In addition, PetroTal received notice to exercise 668,650
Performance Warrants at a price of $0.1869 USD per Common
Share.
Accordingly, PetroTal received 160,000 GBP and 124,970 USD,
respectively, for both of the Warrant Exercises, and issued a total
of 1,668,650 new Common Shares ("Warrant Shares") to the investors.
Subsequent to both warrant exercises, the Company will have
69,101,946 Investor Warrants and 25,081,350 Performance Warrants
outstanding.
Application will be made for admission of the 1,668,650 Warrant
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 am on October
13, 2021.
Following Admission, the Company will have 820,205,515 Common
Shares issued and there are no shares held in treasury. This figure
may be used by shareholders as the denominator for the calculations
to 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, tri--quoted (TSXV: TAL, AIM: PTAL
and OTC: 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 2020, Petrotal
became the second 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.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
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
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
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449
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, including, but
not limited to: PetroTal's business strategy, objectives, strength
and focus; oil production levels, well payout production and the
ability of the Company to achieve near term production targets;
anticipated future production and revenue; continued operation of
the ONP and PetroTal's access thereto, the Company's expectations
regarding netbacks and free cash flow; and future development and
growth prospects. All statements other than statements of
historical fact may be forward-looking statements. In addition,
statements relating to expected production, reserves, 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 described can be profitably produced
in the future. 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, the ability
of the Ministry of Energy to effectively achieve its objectives in
respect of reducing social conflict and collaborating towards
continued investment in the energy sector, reservoir
characteristics, recovery factor, exploration upside, prevailing
commodity prices and the actual prices received for PetroTal's
products, including pursuant to hedging arrangements, 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 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 and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. In addition, the Company cautions
that current global uncertainty with respect to the spread of the
COVID-19 virus and its effect on the broader global economy may
have a significant negative effect on the Company. While the
precise impact of the COVID-19 virus on the Company remains
unknown, rapid spread of the COVID-19 virus may continue to have a
material adverse effect on global economic activity, and may
continue to result in volatility and disruption to global supply
chains, operations, mobility of people and the financial markets,
which could affect interest rates, credit ratings, credit risk,
inflation, business, financial conditions, results of operations
and other factors relevant to the Company. Please refer to the risk
factors identified in the most recent management's discussion and
analysis and the most recent annual information form 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.
OIL AND GAS INFORMATION: References in this press release to
short--term production rates are useful in confirming the presence
of hydrocarbons, however such rates are not determinative of the
rates at which such wells will commence production and decline
thereafter and are not indicative of long term performance or of
ultimate recovery. While encouraging, readers are cautioned not to
place reliance on such rates in calculating the aggregate
production for PetroTal. The Company cautions that such results
should be considered to be preliminary.
RESERVES DISCLOSURE: The reserve estimates contained herein were
derived from a reserves assessment and evaluation prepared by
Netherland Sewell Associates, Inc., a qualified independent
reserves evaluator, with an effective date of December 31, 2020
(the "NSAI Reserves Report"). The NSAI Reserves Report has been
prepared in accordance with definitions, standards and procedures
contained in National Instrument 51-101 - Standards of Disclosure
for Oil and Gas Activities ("NI 51 101") and the most recent
publication of the Canadian Oil and Gas Evaluation Handbook (the
"COGE Handbook") The reserve estimates contained herein are
estimates only and there is no guarantee that the estimated
reserves will be recovered. Volumes of reserves have been presented
based on the Company's total working interest. Readers should give
attention to the estimates of individual classes of reserves and
appreciate the differing probabilities of recovery associated with
each category. The estimates of reserves for individual properties
may not reflect the same confidence level as estimates of reserves
for all properties, due to the
effects of aggregation.
TYPE CURVES: Certain type curve disclosure presented herein
represents estimates of the production decline and ultimate volumes
expected to be recovered from wells over the life of the well. The
type curves represent what management thinks an average well will
achieve, based on methodology that is analogous to wells with
similar geological features. Individual wells may be higher or
lower but over a larger number of wells, management expects the
average to come out to the type curve. Over time type curves can
and will change based on achieving more production history on older
wells or more recent completion information on newer wells.
Additional details on well performance and management's type curves
are available in the presentation on PetroTal's website at
www.petrotal-corp.com.
OIL REFERENCES: All references to "oil" or "crude oil"
production, revenue or sales in this press release mean "heavy
crude oil" as defined in NI 51-101. All references to Brent
indicate Intercontinental Exchange ("ICE") Brent.
NON-GAAP MEASURES: This press release contains financial terms
that are not considered measures under generally accepted
accounting principles ("GAAP") such as operating netback and free
cash flow that do not have any standardized meaning under GAAP and
may not be comparable to similar measures presented by other
companies. Management uses these non-GAAP measures for its own
performance measurement and to provide shareholders and investors
with additional measurements of the Company's efficiency and its
ability to fund a portion of its future capital expenditures.
Netback is calculated by dividing net operating income by barrels
sold in the corresponding period. Free cash flow is operating cash
flow before hedging minus maintenance capital expenditures. Please
refer to the most recent management's discussion and analysis for
additional information relating to non-GAAP measures.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations, production and well payout production, 2021 capital
program and budget, free cash flow and components thereof, all of
which are subject to the same assumptions, risk factors,
limitations and qualifications as set forth in the above
paragraphs. FOFI contained in this press release was approved by
management as of the date of this press release and was included
for the purpose of providing further information about PetroTal's
anticipated future business operations. PetroTal disclaims any
intention or obligation to update or revise any FOFI contained in
this press release, whether as a result of new information, future
events or otherwise, unless required pursuant to applicable law.
Readers are cautioned that the FOFI contained in this press release
should not be used for purposes other than for which it is
disclosed herein. All FOFI contained in this press release complies
with the requirements of Canadian securities legislation, including
NI 51-101.
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END
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