Business
PetroTal Announces 2022 Year-End Financial and Operating Results
Delivered annual average production of 12,200 bopd representing a 36% growth rate over 2021 Incre...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces 2022 Year-End Financial and Operating ResultsDelivered annual average production of 12,200 bopd representing a 36% growth rate over 2021Increased 2022 2P reserves to 97 million barrels (24%) and after tax NPV-10 to US$1.75/share (46%)Established a new record production level of over 26,000 bopdGenerated 2022 free funds flow of $162 million (~38% of exit 2022 market capitalization)Brought four highly productive horizontal oil wells online in 2022 to exit the year with 20,000 bopdBonds now fully repaid and return of capital program announced subsequent to 2022 year-endCalgary, Alberta and Houston, Texas--(Newsfile Corp. - March 30, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to report its operating and audited financial results for the three months (\"Q4\") and year ended December 31, 2022.Select 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, 2022, 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 (\"NSAI Report\") prepared by Netherland, Sewell & Associates, Inc. (\"NSAI\") effective December 31, 2022. All amounts herein are in United States dollars (\"USD\") unless otherwise stated.Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:\"I am proud of our performance in 2022, a year in which the Company was resilient despite facing a number of challenges. We are pleased with 2022's operational and financial results, having significantly improved the operating stability of the Company in recent months from both a sales and balance sheet perspective. In addition, it was equally important that we fulfilled our promise to investors to fully repay our bonds and initiating a return of capital program to our patient and deserving shareholder group. \"In closing, I would like to thank our shareholders for their continued support, the PetroTal team for their considerable contributions to the Company, and our Board for strategic guida...