Page 1

PetroTal Announces Q3 2021 Financial and Operating Results petrotal-corp.com/petrotal-announces-q3-2021-financial-and-operating-results PetroTal delivers 8 % production growth , robust net operating income , continued balance sheet strength , and operational excellence from well 8H performance November 18 , 2021 Calgary , Alberta and Houston , Texas- ( Newsfile Corp. - November 18 , 2021 ) – PetroTal Corp. ( " PetroTal " or the " Company " ) ( TSXV : TAL ) ( AIM : PTAL ) ( OTC Pink : PTALF ) is pleased to announce its financial and operating results for the nine and three months ( " Q3 " ) ended September 30 , 2021 . Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements ( " Financial Statements " ) , and management's discussion and analysis ( " MD & A " ) for Q3 2021 , which are available on SEDAR at www.sedar.com and on the Company's website at www.PetroTal-Corp.com . All amounts herein are in United States dollars ( " USD " ) unless otherwise stated . Key Highlights : • Achieved Q3 2021 production of 9,508 barrels of oil per day ( “ bopd " ) , within 2 % of Q3 2021 guidance and 8 % above Q2 2021 production of 8,839 bopd , under constrained production levels ; • Generated record daily oil production of 16,140 barrels on September 24 , 2021 , demonstrating PetroTal's ability to handle increased fluid levels , in advance of CPF - 2 final commissioning ; • Attained payback on the recently drilled well ( “ 8H ” ) in approximately 40 days from completion ; Commenced drilling well 9H on September 23 , 2021 , PetroTal's longest reach horizontal well to date . The well is estimated to cost approximately $ 15.5 million with first production estimated in early December 2021 ; ● Q4 2021 production guidance is now revised to approximately 12,500 bopd due to a drilling delay for 9H that required a sidetrack resulting from recalibration and optimization of the new synthetic mud system ; • Current average production is approximately 11,775 bopd , over the five days ending November 16 , 2021 ; Updated 2021 EBITDA ( ¹ ) guidance is between $ 105 – $ 110 million for 2021 , up materially from the original 2021 $ 90 million budget and includes deferred 9H production into 2022 , along with timing delays in the realization of the positive true - up revenue from the Petroperu operated North Peruvian Pipeline ( “ ONP ” ) sales at the Bayovar Port ; ● 1/11