PetroTal Announces Grant of
Performance Share Units for Dividend Equivalents
Calgary, AB and Houston, TX -
June 17, 2024-PetroTal
Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM:
PTAL and OTCQX: PTALF) announces the grant of performance share
units ("PSUs") to employees and officers of the Company, in
accordance with the
Company's performance and restricted share unit plan.
Q1
2024 dividend declaration and PSU Dividend
Equivalents.
As announced on May 9, 2024, the
Company is pleased to confirm that a total dividend payment of
approximately US$13.7 million, representing US$0.015/share, was
paid on June 14, 2024 to shareholders on record at May 31,
2024. This equates to a 10.9% annualized yield based on a
US$0.56/share trading price. Shareholders should confirm with their
brokers to verify their ownership status on May 31,
2024.
In accordance with PetroTal's PSU
plan ("PSU"), the Company's June 14, 2024 dividend distribution
resulted in an additional 522,120 PSUs being issued, of which
315,276 PSUs are to Officers. The remaining 206,844 PSUs are
issued to employees, and all will vest according to their original
grant date.
Manuel Pablo Zuniga-Pflucker
|
President and
CEO
|
250,163
|
Camilo McAllister
|
Executive Vice President and
CFO
|
12,883
|
Jose Contreras
|
Chief Operating
Officer
|
52,230
|
The Company has a total of
10,598,317 PSUs outstanding.
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: (713) 253-4997
Manolo Zuniga
President and Chief Executive
Officer
Mzuniga@PetroTal-Corp.comT: (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 , including, but not limited to: oil production
levels; PetroTal's drilling, completions, and
other activities; plans and expectations with respect to the OCP
and Ecuador export pilot (including the expectation that pilot oil
will travel approximately 1,000 km by barge to Block 19);
PetroTal's expectations with respect to projects and key
initiatives to be financed with contributions from the Social Trust
Fund; and anticipated future disclosure regarding PetroTal's wells
(including relating to the Company's plans to communicate initial
rates on well 19H and the timing thereof). 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. 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 government groups to
effectively achieve 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 impact of inflation
on costs, 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, future river
water levels, the Company's growth strategy, general economic
conditions and availability of required equipment and
services. PetroTal cautions that
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. Factors that
could cause actual results to differ materially from those set
forth in the forward-looking statements 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),
business performance, legal and legislative
developments including changes in tax laws and 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, 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.
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.
SHORT TERM RESULTS: References in this press release to peak
rates, initial production rates, current production
rates, 10-day production rates and other 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 of PetroTal. The
Company cautions that such results should be considered to be
preliminary.