PetroTal Announces Management Appointment Jose Contreras as Senior Vice President, Operations

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 2, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") announces the appointment of José L Contreras as Senior Vice President, Operations effective May 1, 2023.

Mr. Contreras is an executive in the international oil and gas industry with over 25 years of experience and a successful track record managing large and complex field and technical upstream operations for various sized energy companies.

Since 2017, Mr. Contreras has held various executive roles ranging from guiding international safety, security, and sustainability performance for projects and drilling; ensuring safe and efficient upstream and midstream onshore operations in the U.S. while implementing bottom line improvement programs; to managing low carbon (blue) ammonia/hydrogen new value chain opportunities.

Mr. Contreras holds a Bachelor of Science in Chemical Engineering from the Universidad Central de Venezuela and a Master of Science in Petroleum Engineering and Project Development from the Institut Français du Pétrole.

PSU grants

PetroTal has granted 760,111 Performance Share Unit ('PSUs") to Mr. Contreras, which will vest three years from the date of grant with each PSU entitling the holder to acquire, for nil cost, between zero and two common shares of the Company, subject to achievement, as evaluated by the Corporate Governance and Compensation Committee, of 2023 Key Performance Indicators relating to the Company's total shareholder return, net asset value and certain production and operational milestones.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"On behalf of the management team and board we want to extend a warm welcome to Mr. Contreras. José has a very impressive background in energy and complements our existing leadership team extremely well. José is based in the Houston area and will be integral to building out future operating and development plans with the team in Lima and Houston."

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (OTCQX: 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 2022, PetroTal became the 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 further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164402