Average production of over 8,000 bopd during the first week
Calgary, AB and Houston, TX – November 3, 2022 – PetroTal Corp. (“PetroTal” or the “Company”) (TSX-V: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to announce the successful testing results of well 13H, the Company’s thirteenth producing well.
Well 13H highlights
· Well 13H has successfully tested at approximately 8,000 barrels of oil per day (“bopd”) over its first week of production, placing it in the top horizonal producers drilled by the Company, with the November 2, 2022 rate at 7,825 bopd;
· To optimize operations, well 13H was drilled ahead of well 12H to save time and cost related to skidding the rig to the corresponding cellar;
· The well was drilled to a total measured depth of 4,864 meters, including a 1,152 meter lateral section making it the longest reach horizontal well the Company has drilled;
· The total cost of the well was $14.4 million, within budget and completed on time without any operational issues;
· Well 13H was successfully completed on October 13, 2022, however, it could not be fully tested until October 27, 2022 when internal storage capacity became available. Barging logistics continue to improve with the Company now expecting to raise production levels by mid-November;
· Current field production capacity is over 20,000 bopd; and,
· Well 13H encountered the target producing formation approximately three meters higher than prognosis and approximately five meters higher at the end of the horizontal section which could have a positive impact on the oil-in-place estimates and reserves.
PetroTal continues its active drilling program to further increase its low cost, high margin production at Bretana. On October 16, 2022, the Company commenced drilling well 12H with an approximate cost of $14.0 million and an estimated completion in mid-December 2022.
Q3 2022 Financial and Operating Results
The Company will release its Q3 2022 financial and operating results on November 17, 2022 and will host a live webcast at 9am CDT time. Please see the webcast link below:
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
“We are pleased to announce the successful and productive 13H oil well, our longest horizontal well to date. We look forward to seeing the 12H well deliver similar results. We will continue to operate and develop our assets with prudent and safe operational practices that deliver best in class productivity for employees and shareholders.”
PetroTal is a publicly traded, tri quoted (TSXV: TAL, AIM: PTAL and 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 2020, 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.
Executive Vice President and Chief Financial Officer
T: (713) 609-9101
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