Latest news with #PetroTal
The Market Online
4 days ago
- Business
- The Market Online
A dependable dividend stock yielding over 10 per cent
The often ignored fact about high-dividend stocks, largely among retail investors, is that the underlying companies offering them are usually in some kind of trouble. Perhaps the stock recently tanked because of one too many earnings misses, causing the yield on the dividend to balloon. Perhaps capital allocation isn't management's strongest trait, and they're too scared to cut the dividend, despite profits being on a downward trend. Whatever the case may be, a high dividend is usually a red flag for due diligence to address, not a green flag to load up on shares. A company that bucks this trend is PetroTal (TSX:TAL), market cap C$586.09 million, Peru's largest crude oil producer, whose consistent dividend of over 10 per cent, distributing over US$130 million to investors since May 2023, rests on a solid balance sheet and income statements with a long-term runway. Through a financial lens, the company doubled revenue from US$150.23 million in 2021 to US$333.99 million in 2024, while almost doubling net income from US$63.97 million to US$111.45 million, respectively, and is guiding for continued profitability in 2025 (slide 13). Through a production lens, PetroTal has compounded output by a staggering 56 per cent annually since 2018, while growing reserves at 59 per cent per year, granting it an estimated 10.3 years of proven reserve life. Management is guiding for between 21,000-23,000 barrels of oil per day (bopd) in 2025, up from 17,785 bopd in 2024, with a dividend yield of 13 per cent more than covered by US$60 million in after-tax free funds flow. The company owns an estimated 114 million barrels in proven and probable reserves still to be extracted, which are valued at US$1.17 billion or US$1.89 per share, highlighting what investors gain exposure to for free at the current share price of only C$0.64. Guided by a management team well-versed in capital efficiency (slide 15) and the Peruvian oil industry, PetroTal's long-term runway to continue generating profitable growth and reliable income has no business trading at the lower end of its peer group on an enterprise value-to-EBITDA-basis (slide 47). If oil demand continues to climb through 2030 – as detailed in a recent report by The Oxford Institute for Energy Studies – supporting the consensus forecast of just over US$70 per barrel at decade's end, look for PetroTal stock to undergo a significant re-rating while rewarding investor patience along the way. Join the discussion: Find out what everybody's saying about this Peruvian oil stock on the PetroTal Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
30-05-2025
- Business
- Yahoo
PetroTal Announces Renewal of Share Buyback Program
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 30, 2025) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce the renewal of its normal course issuer bid (the "NCIB"), following approval by the Toronto Stock Exchange ("TSX"). All amounts are in US dollars unless stated otherwise. 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. The NCIB allows PetroTal to purchase up to 45,776,656 Common Shares, representing approximately 5% of its 914,988,946 issued and outstanding Common Shares as at May 26, 2025, over a 12-month period commencing on June 3, 2025 and ending no later than June 2, 2026. 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 either be cancelled or, where appropriate, temporarily held in treasury to satisfy employee share awards. 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 163,942 Common Shares (representing 25% of the average daily trading volume of 655,771 Common Shares on the TSX calculated for the six months ended April 30, 2025); 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. Stifel intends to instruct Stifel Nicolaus Canada Inc. as its agent to conduct purchases of Common Shares on the TSX. 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 14,600,000 Common Shares under its current NCIB that commenced on May 23, 2024 and ended on May 22, 2025. As at May 20, 2025, the Company had repurchased an aggregate 5,361,533 Common Shares under the expiring NCIB on the open market at a volume weighted average price per Common Share of approximately USD$0.4669 per share. ABOUT PETROTAL PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (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 the Bretaña Norte 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 its portfolio of assets. 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 the Company's filed documents at or below: Camilo McAllisterExecutive Vice President and Chief Financial OfficerCmcallister@ (713) 253-4997 Manolo ZunigaPresident and Chief Executive OfficerMzuniga@ (713) 609-9101 PetroTal Investor RelationsInvestorRelations@ Celicourt CommunicationsMark Antelme / Jimmy Leapetrotal@ T : +44 (0) 20 7770 6424 Strand Hanson Limited (Nominated & Financial Adviser)Ritchie Balmer / James Spinney / Robert CollinsT: +44 (0) 207 409 3494 Stifel Nicolaus Europe Limited (Joint Broker)Callum Stewart / Simon Mensley / Ashton ClanfieldT: +44 (0) 20 7710 7600 Peel Hunt LLP (Joint Broker)Richard Crichton / Georgia LangoulantT: +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, 2024 and the management's discussion and analysis for the three months ended March 31, 2025 for additional risk factors relating to PetroTal, which can be accessed either on PetroTal's website at or under the Company's profile on 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. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
PetroTal Provides Additional Details on $65 Million Term Loan to Finance Erosion Control Investments at Bretana
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 13, 2025) - Further to its announcement on May 12, 2025, PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to provided additional details on the syndicated term loan facility it has entered into with Banco Interamericano de Finanzas ("BanBif") and Corporacion Financiera de Desarrollo ("COFIDE"), the Development Bank of Peru. All amounts are in US dollars unless stated otherwise. Key Highlights The Term Loan has been established for the purpose of financing PetroTal's ongoing investments in erosion control infrastructure in the vicinity of the Bretana oil field; for the common benefit of the operations and the community; Drawable in two tranches ($50 million and $15 million), with total commitments of up to $65 million, for a 4-year amortizing term; Fixed annual percentage rate of 8.65%, with manageable covenants and no material restrictions on distributions to shareholders - highly competitive terms in a challenging macro environment; and This is COFIDE's first loan focused on environmental and social financing in Peru's extractive resource sector. PetroTal's long-standing commitment to the district of Puinahua, and the permanent benefits of the erosion control project for the village of Bretana, were key factors in the Company's ability to secure the credit facility. Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer of PetroTal, commented: "We are very happy to work with BanBif and COFIDE on this credit facility. Since PetroTal began operations in 2017, our stakeholders in the district of Puinahua have been integral to the success of our Company. Our ongoing commitment to the residents of Puinahua has been evidenced by the establishment of the 2.5% social fund, through which we have now returned a total of $21 million to the district. The erosion control project, which will benefit the village of Bretana for decades to come, is a continuation of our commitment to the region." Camilo McAllister, Executive Vice President and Chief Financial Officer of PetroTal, commented: "PetroTal has evaluated a number of options to finance our ongoing investments in erosion control, and we are pleased to have found valued partners in BanBif and COFIDE. This term loan will be used to fund the construction of critical erosion control infrastructure, allowing us to unlock the full value of the Bretana field, while protecting the surrounding community. Importantly, this loan reinforces our liquidity position and should relieve any doubt about our ability to finance this project without compromising our ongoing development program." Jose Antonio Sarmiento Giove, General Manager COFIDE, commented: "PetroTal has played an important role in the district of Puinahua since 2017. The Company has always sought to ensure that the local communities benefit from production at Bretana, through improvements in education, health, infrastructure, and sustainability, and this erosion control project is another example of that. The project will aim to reduce further erosion along the river line, protecting local communities and ensuring that villagers can continue to go about their day to day lives without further worry. We look forward to working with the PetroTal team on this project." Juan C. García-Vizcaíno, General Manager of BanBif, commented: "This loan represents a milestone in our commitment to strengthening collaboration and trust between the private banking sector and the extractive resources industry. The recent formalization of the loan with PetroTal reflects our shared dedication to a stronger and more sustainable energy future." Rationale for the Term Loan Although PetroTal remains well capitalized to execute its 2025 capital program, which includes investments in erosion control infrastructure, the Company has been evaluating alternate means of financing the project. PetroTal sees the erosion control project as critical infrastructure that will ensure the Company captures the full value of Bretana resource for years to come. However, these costs are ultimately expected to be non-recurring, and the Company acknowledges investor concerns that the project represents a drain on near-term free cash flow. With that in mind, this loan essentially ring-fences erosion control expenses within a credit facility, allowing PetroTal to repay project costs over the next four years on favorable terms. There are no material changes to cost estimates for the erosion control project at this time; PetroTal continues to guide to total project costs of $65-75 million, of which $35-40 million has been budgeted for 2025. Additional Information on the Term Loan The Term Loan is drawable in two tranches, the first for $50 million and the second for $15 million. With the signing of the contract and the disbursement documents, the amount of the first tranche will be deposited in the escrow account, from which PetroTal will be able to withdraw amounts corresponding to the disbursements already paid. The balance will be held in the escrow account until it is withdrawn to fund cash expenses associated with the erosion control project. The project will begin with the construction of breakwaters 1, 2, and 3, which are for the benefit of the community and in which COFIDE is involved. The second tranche can be drawn within 18 months of the first tranche and will come due at the same date. This is an amortizing term loan, with a maturity date of April 2029. The loan is being extended to PetroTal's Peruvian subsidiary, PetroTal Peru, with a parent guarantee in place. The term loan carries a fixed annual interest rate of 8.65%, plus a 1.4% structuring fee payable at loan execution. Key covenants include a liquidity ratio greater than 1.2x, a debt ratio less than 2.0x, and a debt service coverage ratio greater than 1.2x. Dividends may be distributed as long as this does not lead to a breach of financial covenants. ABOUT BANBIF Banco Interamericano de Finanzas ("BanBif") is one of Peru's leading private banks, offering a comprehensive portfolio of financial services to individuals, small and medium-sized enterprises ("SMEs"), and corporations. Established in 1990 and headquartered in Lima, BanBif is a subsidiary of the Spanish Fierro Group and ranks among the top five banks in Peru by market share in loans and deposits. The bank is known for its customer-centric approach, innovative financial solutions, and commitment to responsible banking. BanBif actively supports sustainable development through its green finance initiatives and maintains partnerships with global institutions such as the International Finance Corporation ("IFC"). With a focus on transparency, efficiency, and growth, BanBif continues to play a vital role in Peru's financial ecosystem. ABOUT COFIDE COFIDE (Corporación Financiera de Desarrollo S.A.) is Peru's national development bank, dedicated to promoting sustainable and inclusive economic growth. Established in 1971, COFIDE plays a critical role in strengthening the country's financial ecosystem by facilitating access to financing for micro, small, and medium-sized enterprises ("MSMEs"), as well as supporting projects aligned with environmental, social, and governance ("ESG") principles. Through strategic partnerships and innovative financial instruments-such as social and thematic bonds-COFIDE drives investments in renewable energy, financial inclusion, and climate resilience. The strategy is grounded in a triple bottom line approach, aiming to create positive impacts across economic, social and environmental dimensions, focused on closing gaps. ABOUT PETROTAL PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (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 the Bretaña Norte 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 its portfolio of assets. 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 the Company's filed documents at or below: Camilo McAllisterExecutive Vice President and Chief Financial OfficerCmcallister@ (713) 253-4997 Manolo ZunigaPresident and Chief Executive OfficerMzuniga@ (713) 609-9101 PetroTal Investor RelationsInvestorRelations@ Celicourt CommunicationsMark Antelme / Jimmy Leapetrotal@ T : +44 (0) 20 7770 6424 Strand Hanson Limited (Nominated & Financial Adviser)Ritchie Balmer / James Spinney / Robert CollinsT: +44 (0) 207 409 3494 Stifel Nicolaus Europe Limited (Joint Broker)Callum Stewart / Simon Mensley / Ashton ClanfieldT: +44 (0) 20 7710 7600 Peel Hunt LLP (Joint Broker)Richard Crichton / Georgia LangoulantT: +44 (0) 20 7418 8900 READER ADVISORIESFORWARD-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 and production capacity; PetroTal's 2025 development program for drilling, completions and other activities; plans and expectations with respect to the erosion control project; and PetroTal's expectations with respect to dividends and share buybacks. 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 to obtain and maintain necessary permits and licenses, 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 or under the Company's profile on 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 National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). SHORT TERM RESULTS: References in this press release to peak rates, initial production rates, current production rates, 30-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. FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations and production results, 2024 drilling program and budget, well investment payback, cash position, liquidity 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 and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. 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. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in PetroTal's guidance. The Company's actual results may differ materially from these estimates. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-04-2025
- Business
- Yahoo
PetroTal Announces Q1 2025 Operations and Financial Updates
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - April 10, 2025) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to provide the following operational and financial updates. All amounts are in US dollars unless stated otherwise. Key Highlights PetroTal group production averaged approximately 23,280 barrels of oil per day ("bopd") in Q1 2025, including a full quarter contribution from Block 131; Bretana Q1 2025 production averaged approximately 22,660 bopd, a 17% increase on Q4 2024 and a 22% increase on Q1 2024; Total cash of $114 million as of March 31, 2025, essentially flat to YE 2024; Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented: "PetroTal's production continues to reach new highs in 2025. We established a new quarterly production record in Q1 2025 and are tracking ahead of our annual production guidance range of 21,000 - 23,000 bopd. Our operations team is hard at work preparing for two projects that will ramp up during the second quarter. We are currently mobilizing equipment and steel components for the erosion control project, where field work should commence at Bretana next month. At Block 131, we are preparing a workover program at the Los Angeles field, before our new drilling rig arrives around mid-year. That said, PetroTal is closely monitoring the oil price outlook. As disclosed previously, we have hedges on nearly 40% of our remaining 2025 oil production. We also have a high degree of flexibility to manage our capital program in line with our funding capabilities. We remain committed to developing our assets at a responsible pace, in tandem with a stable return of capital program, and will provide additional updates to guidance as necessary." Q1 2025 Production Update PetroTal's group production averaged 23,280 bopd in Q1 2025, including 22,660 bopd from the Bretana field and 620 bopd from the Los Angeles field. Bretana production increased 17% relative to Q4 2024 and 22% relative to Q1 2024, establishing a new record quarterly high for the field. Bretana production averaged approximately 23,100 bopd in March 2025, a record monthly high for the field. Los Angeles field production was flat relative to Q4 2024 and down from an average of approximately 950 bopd in Q1 2024. Bretana field production remains supported by contributions from PetroTal's active 2024 development drilling campaign. Well 23H, which was brought onstream in the last week of February, produced an average of 3,363 bopd in March 2025, reaching a maximum daily high of 5,110 bopd. Well 22H, which was brought onstream in mid-January, produced an average of 4,386 bopd in March 2025. Cash and Liquidity Update PetroTal ended Q1 2025 with a total cash position of $113.6 million, of which approximately $103 million was unrestricted. This compares to total cash of $114.5 million at the end of Q4 2024 and $85 million one year ago. Stability in the Company's cash position compared to YE 2024 is due to a relatively light development program in Q1 2025, offset by the settlement of payables from prior quarters. As of March 31, PetroTal's unaudited accounts payable and receivable were approximately $60 million and $87 million, respectively (vs. comparable values at YE 2024 of $88 million and $85 million, respectively). As disclosed previously, PetroTal has entered into production hedges on approximately 40% of its forecast 2025 production volumes. The costless collars have a Brent floor price of $65.00/bbl and a ceiling of $82.50/bbl, with a cap of $102.50/bbl. As of Monday April 7, PetroTal's production hedges had a present value of approximately $11 million. Corporate Presentation Update The Company has updated its Corporate Presentation, available for download or viewing at Q1 2025 Webcast on May 12, 2025 PetroTal's management team will host a webcast to discuss Q1 2025 results on May 12, 2025 at 9am CT (Houston) and 3pm BST (London). Please see the link below to register. ABOUT PETROTAL PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (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 the Bretaña Norte 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 its portfolio of assets. 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 the Company's filed documents at or below: Camilo McAllisterExecutive Vice President and Chief Financial OfficerCmcallister@ (713) 253-4997 Manolo ZunigaPresident and Chief Executive OfficerMzuniga@ (713) 609-9101 PetroTal Investor RelationsInvestorRelations@ Celicourt CommunicationsMark Antelme / Jimmy Leapetrotal@ : +44 (0) 20 7770 6424 Strand Hanson Limited (Nominated & Financial Adviser)Ritchie Balmer / James Spinney / Robert CollinsT: +44 (0) 207 409 3494 Stifel Nicolaus Europe Limited (Joint Broker)Callum Stewart / Simon Mensley / Ashton ClanfieldT: +44 (0) 20 7710 7600 Peel Hunt LLP (Joint Broker)Richard Crichton / David McKeown / Georgia LangoulantT: +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 and production capacity, including wells 22H and 23H; PetroTal's 2025 development program for drilling, completions and other activities, including Block 131 and CPF-4 at Bretana; plans and expectations with respect to the erosion control project; and PetroTal's expectations with respect to dividends and share buybacks. 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 to obtain and maintain necessary permits and licenses, 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 or under the Company's profile on 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 National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). SHORT TERM RESULTS: References in this press release to peak rates, initial production rates, current production rates, 30-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. FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations and production results, 2024 drilling program and budget, well investment payback, cash position, liquidity 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 and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. 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. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in PetroTal's guidance. The Company's actual results may differ materially from these estimates. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
04-04-2025
- Business
- Yahoo
PetroTal Announces Amendment to Share Buyback Program
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - April 4, 2025) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") announces a procedural update to its normal course issuer bid (the "NCIB"). Further to the NCIB renewal announcement on May 22, 2024, Common Shares purchased under PetroTal's NCIB will either be cancelled or, where appropriate, temporarily held in treasury to satisfy employee share awards. All other details of the NCIB remain unchanged from the renewal announcement on May 22, 2024. ABOUT PETROTAL PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (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 the Company's filed documents at or below: Camilo McAllisterExecutive Vice President and Chief Financial OfficerCmcallister@ (386) 383 1634 Manolo ZunigaPresident and Chief Executive OfficerMzuniga@ (713) 609-9101 PetroTal Investor RelationsInvestorRelations@ Celicourt CommunicationsMark Antelme / Jimmy Leapetrotal@ T : 44 (0) 20 7770 6424 Strand Hanson Limited (Nominated & Financial Adviser)Ritchie Balmer / James Spinney / Robert CollinsT: 44 (0) 207 409 3494 Stifel Nicolaus Europe Limited (Joint Broker)Callum Stewart / Simon Mensley / Ashton ClanfieldT: +44 (0) 20 7710 7600 Peel Hunt LLP (Joint Broker)Richard Crichton / David McKeown / Georgia LangoulantT: +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, 2024 and the management's discussion and analysis for the three and twelve months ended December 31, 2024 for additional risk factors relating to PetroTal, which can be accessed either on PetroTal's website at or under the Company's profile on 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. To view the source version of this press release, please visit
