Calgary, AB and Houston, TX – November 9, 2026 – PetroTal Corp. (“PetroTal” or the “Company”) (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces its financial and operating results for the three and nine months ended September 30, 2026.
The Company reported average third-quarter production of 11,797 barrels of oil per day (bopd), Adjusted EBITDA of $33.7 million and Free Funds Flow of $21.2 million, while maintaining a strong liquidity position and advancing its development drilling program at the Bretaña oil field in Peru.
Third Quarter 2026 Highlights
- Average oil production: 11,797 bopd, with average sales of 11,446 bopd.
- Year-to-date production: 13,076 bopd, approximately 3% ahead of budget.
- Adjusted EBITDA: $33.7 million, equivalent to $31.96 per barrel.
- Free Funds Flow: $21.2 million, equivalent to $20.15 per barrel.
- Net loss: $5.5 million, primarily reflecting commodity derivative losses, including non-cash fair value adjustments.
- Capital expenditures: $11.8 million during the quarter, bringing year-to-date investment to $27.4 million.
- Unrestricted cash: $115.6 million as of September 30, 2026, representing a 9.6% quarterly increase.
- Development drilling: Commencement of well 25-H as part of the Company’s eight-well development campaign.
Following the quarter, PetroTal also repaid the outstanding balance of its BanBif-COFIDE syndicated loan facility and was awarded a Technical Evaluation Agreement (TEA) for Area CXVII.
Operational Performance and Development Activities
Production at the Bretaña oil field in Block 95 averaged 11,465 bopd during the third quarter. The reduction compared with the preceding quarter was primarily attributable to expected natural production declines.
During the period, PetroTal completed a well intervention campaign involving the replacement of production tubing and electric submersible pumps in five wells. The activities were completed on schedule and within budget.
The Company also undertook stimulation work on two water injection wells. Average water injection reached approximately 187,000 barrels per day in September, representing a 6% increase from August.
These activities support PetroTal’s longer-term objective of increasing water injection capacity at Bretaña to approximately 320,000 barrels per day by the end of 2028.
Development Drilling Campaign
PetroTal commenced drilling development well 25-H on September 21, 2026, marking an important milestone in its production growth program.
The well is progressing safely, with the Company expecting to reach target depth during November. Following completion, the next development well, 24-H, is scheduled to commence drilling.
The eight-well campaign is expected to support the restoration of Bretaña field production to approximately 20,000 bopd by the end of the first quarter of 2027, subject to operational performance and execution.
Financial Position and Capital Management
PetroTal ended the third quarter with total cash of $151.4 million, including $115.6 million in unrestricted cash, compared with total cash of $136.9 million and unrestricted cash of $105.4 million at the end of the second quarter.
Following the reporting period, the Company repaid the remaining $36.6 million balance of its BanBif-COFIDE syndicated loan facility using existing resources. The early repayment is expected to eliminate approximately $3.9 million in future interest costs.
The Company continues to manage its commodity price exposure through a hedging program designed to provide greater cash flow visibility while supporting its capital investment plans.
Outlook
PetroTal remains focused on disciplined capital allocation, operational reliability and the execution of its development drilling campaign.
Key priorities include increasing production at Bretaña, expanding water injection capacity, progressing the erosion control project and evaluating opportunities associated with Area CXVII.
The Company continues to refine its 2027 budget and expects to provide further details in due course.
Q3 2026 Results Webcast
PetroTal’s management team will host a webcast to discuss its third-quarter results on November 9, 2026, at 9:00 a.m. CT (Houston) / 3:00 p.m. GMT (London).
Webcast registration:https://stream.brrmedia.co.uk/broadcast/6abce7be5ac17c0013f067fe
About PetroTal
PetroTal Corp. is a publicly traded oil and gas development and production company, listed on the Toronto Stock Exchange (TSX: TAL), AIM (PTAL) and OTCQX (PTALF), focused on the development of oil assets in Peru.
The Company’s flagship asset is its 100% working interest in the Bretaña Norte oil field in Block 95, Peru, where production commenced in June 2018.
PetroTal is committed to the safe and efficient development of its operations while supporting initiatives that benefit local communities and stakeholders.
Investor Relations
Emily Morris
Head of Investor Relations
InvestorRelations@PetroTal-Corp.com
Corporate Website: https://www.petrotal-corp.com
Important Notice: This article summarizes PetroTal’s Q3 2026 reporting package. Financial measures such as Adjusted EBITDA and Free Funds Flow are non-GAAP measures. Forward-looking information is subject to risks, uncertainties and assumptions. Readers should consult the complete official reporting package, including the financial statements, MD&A and applicable reader advisories, for the full disclosures.