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PetroTal Announces 2020 Year - End Financial and Operating Results PetroTal emerges stronger after a collapse in world oil prices and the COVID - 19 pandemic Calgary , Alberta and Houston , Texas -- ( Newsfile Corp. - April 22 , 2021 ) - PetroTal Corp. ( TSXV : TAL ) ( AIM : PTAL ) ( " PetroTal " or the " Company " ) is pleased to announce its financial and operating results for the year and the three months ( " Q4 " ) ended December 31 , 2020 . Selected financial , reserves and operational information is outlined below and should be read in conjunction with the Company's audited consolidated financial statements ( " Financial Statements " ) , management's discussion and analysis ( " MD & A " ) and annual information form ( " AIF " ) for the year ended December 31 , 2020 , which are available on SEDAR at www.sedar.com and on the Company's website at www.PetroTal-Corp.com . Reserves numbers presented herein were derived from an independent reserves report ( the " NSAI Report " ) prepared by Netherland , Sewell & Associates , Inc. ( " NSAI " ) effective December 31 , 2020. All amounts herein are in United States dollars ( " USD " ) unless otherwise stated . 2020 Highlights • Drilled and completed the 6H well on schedule and within budget achieving a 10 - day flush production average of approximately 4,500 bopd ; • Successfully and seamlessly reopened the Bretana field in late September 2020 after COVID 19 , social , and Northern Oil Pipeline ( " ONP " ) maintenance related issues . There was no additional downtime or related safety issues once startup commenced , with field production rising back to approximately 11,000 bopd ( pre shut down levels ) ten days later ; • • Completed commissioning of the enhanced central production facilities ( " CPF - 1 " ) , bringing overall oil production capacity to between 16,000 and 18,000 bopd ; Optimized the 2020 capital program to maximize liquidity and operational performance due to the COVID 19 pandemic , ongoing government social related issues , and shut down of the ONP ; • Signed an extended oil sales contract with Petroperu outlining improved terms , including reduced pipelined tariffs and fees during periods of low oil prices ; • Raised approximately $ 18 million in equity to provide 2020 liquidity support ; • Delivered a material lift in 2020 year ended 3P oil reserves with a lower 2P operating cost profile based on positive technical revisions , historical well performance , and field cost reduction initiatives ; • Concluded historic collaboration between the local Bretana residents and communities , aligning their goals and objectives with the Company's ; and , • Executed a route to market diversification strategy through Brazil with comparable margins to the ONP route . Events Subsequent to December 31 , 2020 • On January 19 , 2021 , the Company executed a final agreement with Petroperu , restructuring the contingent derivative liability over three years . The amount of the contingent liability represented $ 16.6 million ( based on the November 30 , 2020 valuation ) and was subsequently paid out ( along with the $ 3 million Peruvian - government COVID emergency response loan ) , from the $ 100 million bond offering referred to below . Since that time , the Company through Petroperu , has recently placed hedges , solidifying approximately $ 30 million of true - up revenue on the 1.8 million barrels in the ONP that originally caused the contingent liability ; • On February 2 , 2021 , the Company announced completion of a 3 - year $ 100 million senior secured bond with an annual 12 % coupon , issued at a 5 % discount . The bonds issued by PetroTal are the