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PetroTal Recognized for ESG Efforts
Conditional Approval Received for Graduation to the Toronto Stock Exchange

Calgary, Alberta and Houston, Texas–(Newsfile Corp. – January 26, 2023) – PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) (“PetroTal” or the “Company“) is happy to announce the discharge of PetroTal’s 2021 ESG Report, which has been posted on the Company’s web site (www.petrotal-corp.com).

PetroTal is dedicated to offering a sustainable marketing strategy that delivers significant alternatives for all stakeholders, which incorporates; dedicating important consideration, consideration and sources to environmental stewardship and social accountability, with a relentless and uncompromising dedication to security, ethics and transparency.

2021 marked a big step ahead when it comes to ESG reporting and requirements achieved, because the Company is now calibrating its reporting to the Global Reporting Initiative (“GRI”) and the Sustainability Accounting Standards Board (“SASB”) frameworks, in addition to for the United Nations’ Sustainable Development Goals (“SDG”).

In simply 5 years, the Company has elevated manufacturing from zero to over 25,000 barrels of oil per day. ESG is an integral a part of PetroTal’s brief and long-term technique and determination making. The key highlights from the Company’s second annual ESG report are famous beneath.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

“We have materially advanced our ESG initiatives from the inception of our business plan only a few years ago. We are now calibrating our strategy to the global standards for ESG that is impactful to our four pillars of sustainability. We are proud that our Peruvian subsidiaries are led and operated by Peruvians, committed to its people and communities, and, consequently, to the sustainable development of Peru. We are extremely pleased with the sustainable footprint our operations have in the remote and environmentally sensitive areas near our field, and we are instilling a continuous improvement culture within the team. We look forward to reporting further ESG milestones to the market over the coming months.”

2021 ESG report highlights:

  • The report presents an in-depth 2030 sustainability plan underpinned by a dedication to the setting, protected operations, clear governance, and shared values with our communities and distributors, for the advantage of all;

  • This is the Company’s second annual ESG report, which particulars how PetroTal’s actions contribute in the direction of attaining 11 of the 17 SDGs, that are the common name to motion to finish poverty and shield the planet in a peaceable and affluent means;

  • Transparent management in Peru for worker empowerment and accountability, equality, range and retention by fostering and rewarding worker innovation;

  • A dedication to native worth creation with a robust Peruvian employment historical past, comprising a gifted and native Peruvian workforce, with out prejudice no matter race, incapacity, sexual orientation, or age;

Other key milestones:

  • Delivered a peer-leading Scope 1 carbon depth footprint of 11.4 kg/bbl for 2021 equating to only over 37,000 tones of Scope 1 carbon emissions for 2021, with important alternatives in future years for discount by way of know-how and working improvements.

PetroTal acknowledged for ESG Efforts:

PetroTal is happy to announce it has not too long ago been awarded two ESG awards. The first, in biodiversity conservation for its Biodiversity Monitoring Program and the second, for its Fishing Innovation Program within the Puinahua District, each from the Peruvian National Mining, Oil and Energy Society (“SNMPE”). For extra data on these tasks please discuss with our 2021 ESG report now posted on the Company web site.

PetroTal receives conditional TSX commencement approval:

PetroTal is happy to announce that it has obtained conditional approval from the Toronto Stock Exchange (“TSX”) to graduate its itemizing from the TSX Venture Exchange (“TSXV”) to the TSX. Final approval of the itemizing is topic to the Company fulfilling sure normal and customary situations required by the TSX. PetroTal’s administration group is working diligently to fulfill such itemizing situations. A timeline for the commencement might be introduced as soon as the Company receives ultimate approval. Transition to the TSX itemizing might be seamless for shareholders, and there might be no change to the buying and selling image “TAL” or CUSIP.

ABOUT PETROTAL

PetroTal is a publicly traded, tri quoted (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gasoline improvement and manufacturing Company domiciled in Calgary, Alberta, targeted on the event of oil property in Peru. PetroTal’s flagship asset is its 100% working curiosity in Bretana oil discipline in Peru’s Block 95 the place oil manufacturing was initiated in June 2018. In early 2020, PetroTal turned the most important crude oil producer in Peru. The Company’s administration group has important expertise in creating and exploring for oil in Peru and is led by a Board of Directors that’s targeted on safely and affordably creating the Bretana oil discipline. It is actively constructing new initiatives to champion neighborhood delicate power manufacturing, benefiting all stakeholders.

For additional data, please see the Company’s web site at www.petrotal-corp.com, the Company’s filed paperwork at www.sedar.com, or beneath:

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)
Ritchie Balmer / James Spinney / Robert Collins
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 launch accommodates sure statements that could be deemed to be forward-looking statements. Such statements relate to attainable future occasions, together with, however not restricted to: PetroTal’s enterprise technique, aims, power and focus; the affect of social disruption on the Company’s operations; drilling, completions, workovers together with of oil producing and water disposal wells and the outcomes and timing of such actions; and different actions and the anticipated prices and outcomes of such actions; PetroTal’s 2023 finances and monetary/operational steering; PetroTal’s anticipated operational outcomes for 2023 together with, however not restricted to, anticipated manufacturing ranges, capital expenditures and drilling plans; the Company’s intentions with respect to return of capital, together with returning $100 million to shareholders utilizing dividends and share buybacks; the graduation of a traditional course issuer bid and receipt of inventory change approval thereof; the dividend coverage; PetroTal’s liquidity and monetary place; the capability for elevated manufacturing within the occasion further gross sales capability is recognized; PetroTal’s plans to ship robust operational efficiency and to generate free money move and progress; capital necessities; the flexibility of the Company to attain drilling success in step with administration’s expectations; the flexibility of the Company to attain close to time period manufacturing targets and function at unrestricted ranges; anticipated future manufacturing and income; drilling plans together with the timing of drilling, commissioning, and startup and the affect of delays thereon; oil manufacturing ranges, together with common and exit manufacturing in 2023; gross sales enlargement by way of various exports routes, together with barging; the Company’s proposals for collaboration with native communities and capital contributions in relation thereto together with in respect of its investments in neighborhood, schooling, and help applications; and future improvement and progress prospects. All statements apart from statements of historic truth could also be forward-looking statements. In addition, statements referring to anticipated manufacturing, reserves, restoration, prices and valuation are deemed to be forward-looking statements as they contain the implied evaluation, primarily based on sure estimates and assumptions that the reserves described might be profitably produced sooner or later. Forward-looking statements are sometimes, however not all the time, recognized by way of phrases resembling “anticipate”, “believe”, “expect”, “plan”, “estimate”, “target”, “potential”, “will”, “should”, “continue”, “may”, “objective” and related expressions. Without limitation of the foregoing, future dividend funds and share buybacks,, if any, and the extent thereof, are unsure, because the Company’s return of capital and dividend coverage and the funds accessible for the fee of such actions every now and then relies upon, amongst different issues, free money move monetary necessities for the Company’s operations and the execution of its progress technique, fluctuations in working capital and the timing and quantity of capital expenditures, debt service necessities and different elements past the Company’s management. Further, the flexibility of PetroTal to pay dividends and buyback shares might be topic to relevant legal guidelines (together with the satisfaction of the solvency check contained in relevant company laws) and contractual restrictions contained within the devices governing its indebtedness. The forward-looking statements are primarily based on sure key expectations and assumptions made by the Company, together with, however not restricted to, expectations and assumptions in regards to the capacity of present infrastructure to ship manufacturing and the anticipated capital expenditures related therewith, the flexibility of the Ministry of Energy to successfully obtain its aims in respect of lowering social battle and collaborating in the direction of continued funding within the power sector, reservoir traits, restoration issue, exploration upside, prevailing commodity costs and the precise costs obtained for PetroTal’s merchandise, together with pursuant to hedging preparations, the supply and efficiency of drilling rigs, amenities, pipelines, different oilfield providers and expert labour, royalty regimes and change charges, affect of inflation on prices, the appliance of regulatory and licensing necessities, the accuracy of PetroTal’s geological interpretation of its drilling and land alternatives, present laws, receipt of required regulatory approval, the success of future drilling and improvement actions, the efficiency of recent wells, the Company’s progress technique, normal financial situations and availability of required tools and providers. Although the Company believes that the expectations and assumptions on which the forward-looking statements are primarily based are cheap, undue reliance shouldn’t be positioned on the forward-looking statements as a result of the Company can provide no assurance that they may show to be appropriate. Since forward-looking statements handle future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Actual outcomes might differ materially from these at the moment anticipated because of quite a few elements and dangers. These embrace, however usually are not restricted to, dangers related to the oil and gasoline trade basically (e.g., operational dangers in improvement, exploration and manufacturing; delays or modifications in plans with respect to exploration or improvement tasks or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections referring to manufacturing, prices and bills; and well being, security and environmental dangers), commodity worth volatility, worth differentials and the precise costs obtained for merchandise, change charge fluctuations, authorized, political and financial instability in Peru, wars (together with Russia’s army actions in Ukraine), entry to transportation routes and markets for the Company’s manufacturing, modifications in laws affecting the oil and gasoline trade and uncertainties ensuing from potential delays or modifications in plans with respect to exploration or improvement tasks or capital expenditures. Ongoing army actions between Russia and Ukraine have the potential to threaten the provision of oil and gasoline from the area. The long-term impacts of the actions. In addition, the Company cautions that present international uncertainty with respect to the unfold of the COVID-19 virus and its impact on the broader international economic system could have a big damaging impact on the Company. While the exact affect of the COVID-19 virus on the Company stays unknown, fast unfold of the COVID-19 virus could proceed to have a cloth adversarial impact on international financial exercise, and could proceed to end in volatility and disruption to international provide chains, operations, mobility of individuals and the monetary markets, which might have an effect on rates of interest, credit score scores, credit score threat, elevated working and capital prices because of inflationary pressures, enterprise, monetary situations, outcomes of operations and different elements related to the Company. Please discuss with the danger elements recognized within the Company’s annual data kind for the 12 months ended December 31, 2021 and administration’s dialogue and evaluation for the three and 9 months ended September 30, 2022 which can be found on SEDAR at www.sedar.com. The forward-looking statements contained on this press launch are made as of the date hereof and the Company undertakes no obligation to replace publicly or revise any forward-looking statements or data, whether or not on account of new data, future occasions or in any other case, except so required by relevant securities legal guidelines.

FOFI DISCLOSURE: This press launch accommodates future-oriented monetary data and monetary outlook data (collectively, “FOFI”) about PetroTal’s finances and steering, potential outcomes of operations, manufacturing and manufacturing capability, free money move, income, NOI, adjusted EBITDA, debt reimbursement, liquidity, shareholder returns and parts thereof, all of that are topic to the identical assumptions, threat elements, limitations and {qualifications} as set forth within the above paragraphs. FOFI contained on this press launch was authorised by administration as of the date of this press launch and was included for the aim of offering additional details about PetroTal’s anticipated future enterprise operations. PetroTal disclaims any intention or obligation to replace or revise any FOFI contained on this press launch, whether or not on account of new data, future occasions or in any other case, except required pursuant to relevant regulation. Readers are cautioned that the FOFI contained on this press launch shouldn’t be used for functions apart from for which it’s disclosed herein. All FOFI contained on this press launch complies with the necessities of Canadian securities laws, together with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. Changes in forecast commodity costs, variations within the timing of capital expenditures, and variances in common manufacturing estimates can have a big affect on the important thing efficiency measures included in PetroTal’s steering. The Company’s precise outcomes could differ materially from these estimates.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this press launch.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/152502

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