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PetroTal Announces Declaration of Commerciality in Respect of the Bretana Oil Field
PetroTal Announces Declaration of Commerciality in Respect of the Bretana Oil Field ...
About this update from Petrotal Corp.
[{"type":"text","content":"\n\n\n\nPetroTal Announces Declaration of Commerciality in Respect of the Bretana Oil Field\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY and HOUSTON, TX, Dec. 13, 2018\n\n\n\nCALGARY and HOUSTON, TX, Dec. 13, 2018 /CNW/ - PetroTal Corp. (\"PetroTal\" or the \"Company\") (TSXV: TAL), an exploration and production company focused on oil assets in Peru, is pleased to announce the Company has notified Perupetro of a declaration of commerciality in respect of the Bretana oil field in Block 95, an important event for the Company as it has focused significant effort and capital to bring this area into commercial production.\nThe declaration of commerciality in Bretana was a result of the successful ongoing long-term testing and the stability of production.  The notification allows the Company's Peruvian subsidiary to formally record revenue and operating costs on the statement of income, rather than a capital cost reduction.\nManolo Zuniga, President and Chief Executive Officer, said: \n\"This is yet another milestone for PetroTal and is a result of the success of our team.  This is both a positive for PetroTal as well as the country of Peru.  The declaration of commerciality has positive financial implications for the Company, and Peru benefits from having yet another producing company in country that reduces the reliance on oil imports.  We have positioned PetroTal to make an even greater impact for the country as we grow production in Peru.\"\nABOUT PETROTAL\nPetroTal is a publicly-traded independent oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru.  The Company's management team has significant experience in developing oil fields in Northern Peru and is focused on safely and cost effectively developing and exploiting the Bretaña oil field in Block 95 and to continue to evaluate the Osheki prospect in Block 107.\nFORWARD-LOOKING STATEMENTS: This press release may contain certain statements that may be deemed to be forward-looking statement...