Business
PetroTal Announces 2019 Year-End Financial and Operating Results
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - June 15, 2020) - PetroTal Corp. (TSX...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces 2019 Year-End Financial and Operating ResultsRecord levels of oil production, cash flow and incomeCalgary, Alberta and Houston, Texas--(Newsfile Corp. - June 15, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\") is pleased to announce its financial and operating results for the year and the three months (\"Q4\") ended December 31, 2019. 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, 2019, which are available on SEDAR at www.sedar.com and 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 December 31, 2019. All amounts herein are in United States dollars (\"USD\") unless otherwise stated.2019 HIGHLIGHTSThe Company reached several key operational and financial achievements during 2019 as described below:Q4 HighlightsDrilled and completed the Company's first horizontal well (4H), having a 500 meter lateral and utilizing autonomous inflow control device (\"AICD\") valves to maximize oil production;Drilled and completed the 5H well, the longest horizontal well drilled in Peru. The well reached the target Vivian formation at a vertical depth of 2,696 meters and then with an 863 meter horizontal section inside the main productive oil reservoir; Commissioning of the new $31.6 million Central Production Facility (\"CPF\") commenced on December 22, 2019 with the successful hydrostatic test of the new 20,000 barrel oil storage tank;Earned net income of $18.2 million ($0.03 per share basic) compared to a net loss of $2.2 million in Q4 2018;Higher operating net back of $28.6 million compared to $2.3 million in Q4 2018; For Q4 2019 the Company recognized funds flow generated of $22.2 million, as compared to utilization of negative $1.9 million in Q4 2018;Achieved a record quarterly oil production of 7,767 bopd, an increase of 670% over Q4 2018 (1,158 bopd), and an increase of 63% over Q3 2019 (4,760 bopd);Q4 2019 sales volumes averaged 9,50...