CALGARY and HOUSTON, TX, Dec. 13, 2018 /CNW/ - PetroTal
Corp. ("PetroTal" or the "Company") (TSXV: TAL), an
exploration and production company focused on oil
assets in Peru, is pleased to
announce the Company has notified Perupetro of a declaration of
commerciality in respect of the Bretana oil field in Block 95, an
important event for the Company as it has focused significant
effort and capital to bring this area into commercial
production.
The declaration of commerciality in Bretana was a result
of the successful ongoing long-term testing and the stability of
production. The notification allows the Company's Peruvian
subsidiary to formally record revenue and operating costs on the
statement of income, rather than a capital cost
reduction.
Manolo Zuniga, President
and Chief Executive Officer, said:
"This is yet another milestone for PetroTal and is a
result of the success of our team. This is both a positive
for PetroTal as well as the country of Peru. The declaration
of commerciality has positive financial implications for the
Company, and Peru benefits from
having yet another producing company in country that reduces the
reliance on oil imports. We have positioned PetroTal to make
an even greater impact for the country as we grow production in
Peru."
ABOUT PETROTAL
PetroTal is a publicly-traded independent oil and gas
development and production company domiciled in Calgary, Alberta, focused on the development
of oil assets in Peru. The Company's management team has
significant experience in developing oil fields in Northern Peru and is focused on safely and
cost effectively developing and exploiting the Bretaña
oil field in Block 95 and to continue to evaluate the Osheki
prospect in Block 107.
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 and the impact of the declaration of
commerciality in respect of the Bretana oil field. 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. In
addition, statements relating to expected production, reserves,
resources, 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 and
resources described can be profitably produced in the future. 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, availability of required equipment and services and
prevailing commodity prices. 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, 2017 and management's discussion and analysis for the
three and nine months ended September 30,
2018, 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.
SOURCE PetroTal Corporation
