Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 4, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to announce the addition of Mr. Douglas Urch, a seasoned financial executive, as Executive Vice President and Chief Financial Officer of the Company, effective immediately. PetroTal continues to benefit from successful drilling and operations and, by enhancing its financial leadership, the Company is preparing for further growth, especially now that production continues to be above 7,500 barrels of oil per day ("BOPD") with a target of 10,000 BOPD by year-end.
Background of Douglas Urch:
Mr. Urch brings over 35 years of international oil and gas experience to the executive team of PetroTal. From 2008 to 2018, he was EVP and CFO of Bankers Petroleum Ltd. (TSX and AIM listed), operating in Albania. From 2000 to 2008 he was VP and CFO of Rally Energy Corp. (TSX listed), operating in Egypt. His international experience also includes Colombia, Pakistan, Turkey, Hungary and the USA. Being an initial investor in PetroTal, Mr. Urch has served as a director of the Company since inception, and as Chairman of the Board for the past year and a half. He is a Chartered Professional Accountant (CPA), a designated member of the Institute of Corporate Directors (ICD), and graduate from the University of Calgary (B.Comm. -1980).
Mr. Urch commented: "I'm pleased to be engaged in this role and appreciate the confidence and support shown by the Board. Being a founding investor, I'm very familiar with PetroTal and look forward to my contribution to the continued success that Manolo and the PetroTal team have achieved to date."
Changes to the Board:
Concurrent with his appointment as EVP and CFO of the Company, Mr. Urch will resign as a director and Chairman of the Board. Mr. Mark McComiskey, an existing director since inception, will assume the Chairman's role. Mr. McComiskey has been an investor in and served on the board of numerous energy companies, with operations in North and South America, Europe, Asia and Africa. He has led over $6 billion of investment in the energy sector, raising over $10 billion of capital. Currently, Mr. McComiskey is a partner at AVAIO Capital, a firm that focuses on build-to-core infrastructure investment.
The Board would like to thank Greg Smith, PetroTal's former Executive Vice President and Chief Financial Officer, for his contribution to the Company and wish him every success in his future endeavors.
Manolo Zuniga, President and Chief Executive Officer, commented:
"I'd like to welcome Mr. Urch as the new CFO of PetroTal; his vast international background and successful financial track record will be extremely valuable to PetroTal during its continued growth from being a start-up operation. Additionally, with Doug having been a director of PetroTal since inception, he is fully aware of the Company's operations and corporate strategy. I have enjoyed working closely with him during the past year and a half while he was Chairman of the Board and look forward to continuing working with him now as CFO.
I'd like to sincerely thank Greg for his valuable contribution over the years and acknowledge his dedication to the Company. I join with the Board in wishing Mr. Smith future success."
PetroTal is a publicly‐traded, dual‐listed (TSXV: TAL) (AIM: PTAL) oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's development asset is the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru 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 contact:
Executive Vice President and Chief Financial Officer
T: (403) 616-7411
President and Chief Executive Officer
T: (713) 609-9101
Mark Antelme / Jimmy Lea
Celicourt Communications (Financial PR)
T: 44 (0) 208 434 2643
James Spinney / Ritchie Balmer / Eric Allan
Strand Hanson Limited (Nominated & Financial Adviser)
T: 44 (0) 207 409 3494
John Prior / Emily Morris / George Price
Numis Securities Limited (Joint Broker)
T: +44 (0) 207 260 1000
Jonathan Wright / Hugh R. Sanderson
GMP FirstEnergy (Joint Broker)
T: +44 (0) 20 7448 0200
FORWARD-LOOKING STATEMENTS: This press release may contain 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; management changes and future additions to the board of directors; and future development and growth prospects. 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" 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, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, 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 and 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. 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 June 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.
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