Houston, TX -
April 22, 2021-PetroTal Corp. ( PetroTal or the Company ) (TSXV: TAL and AIM: PTAL) 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
- Further to the Company s press release dated
March 31, 2021, the remaining 1.4 million barrels of oil in the North Peruvian Pipeline ( ONP ) have now been hedged by Petroperu, thereby securing future total true-up revenue payments of approximately
USD$31 million for the original 1.8 million barrels;
- At the corporate level, over 1.2 million barrels in total are now hedged, representing 32% of forecast oil production for
April 2021 to
December 2021. PetroTal completed a second layer of its oil hedging program for 2021. Approximately 338,000 barrels have been hedged (representing 9% of forecast oil production covering
August 2021 to
December 2021) in a Put structure with a
$60/bbl strike. In addition, 284,000 barrels have been hedged (representing 8% of forecast oil production covering