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PetroTal Announces Completion of 8H Horizontal Well With Record Production of Nearly 8,000 Barrels of Oil Per Day

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Bretana oil field production surpasses 2019 highwater mark

CALGARY, Alberta & HOUSTON, September 17, 2021--(BUSINESS WIRE)--PetroTal Corp. ("PetroTal" or the "Company") (TSXV: TAL, AIM: PTAL and OTC: PTALF) has completed the BN-8H ("8H") well, PetroTal’s fourth horizontal well in the Bretana oil field.

Bretana field achieves record production of approximately 15,400 bopd

PetroTal commenced production of its fourth horizontal well 8H on September 4, 2021, with unrestricted flow rates of approximately 7,600 barrels of oil per day ("bopd") over a ten-day period. Selected highlights are as follows:

  • Initial 8H production rates of 7,500 - 8,000 bopd; and,

  • Total current field production is now approximately 15,400 bopd, a record production level for PetroTal.

Completion of well 8H below budget

  • The 8H well cost came in 3% under budget, at US$11.8 million;

  • 8H estimated payout of 8-10 weeks production based on current Brent oil strip, assuming unrestricted rates;

  • Well 8H targeted oil sand intersected 4 meters higher than prognosed; and,

  • The horizontal section of the 8H well was completed with autonomous inflow control device technology ("AICD"), which will better control water influx.

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSXV: TAL, AIM: PTAL and OTC: 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 2020, PetroTal became the second 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 the full release and reader advisories, please visit: https://petrotal-corp.com/petrotal-announces-completion-of-8h-horizontal-well-with-record-production-of-nearly-8000-barrels-of-oil-per-day.
The Company's filed documents at http://www.sedar.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005948/en/

Contacts

PetroTal Investor Relations
Douglas Urch
InvestorRelations@PetroTal-Corp.com

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