Business
PetroTal Announces First Quarter Financial Results and Operations Update
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 28, 2019) - PetroTal Corp. (TSXV: T...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces First Quarter Financial Results and Operations UpdateCalgary, Alberta and Houston, Texas--(Newsfile Corp. - May 28, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"Petrotal\" or the \"Company\") is pleased to provide a summary of its financial and operating results for the three months ended March 31, 2019. Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements (\"Financial Statements\") and management's discussion and analysis (\"MD&A\") for the three months ended March 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, 2018. All figures referred to in this press release are denominated in U.S. dollars.2019 FIRST QUARTER HIGHLIGHTSProduced approximately 85,000 barrels of oil during the first quarterSuccessfully mobilized the drilling rig to the drilling pad at Bretaña to begin drilling the BN 95-2-2-2XD well in FebruaryIncreased the net present value discounted to 10 percent (pre-tax \"NPV10\") of the Company's proved plus probable (\"2P\") reserves year over year by 90 percent to $535 million as of December 31, 2018OPERATIONS UPDATEThe Company continued the initial testing phase at the Bretaña oil field and produced an average of 944 barrels of oil per day (\"BOPD\") during the quarter. The Company mobilized a drilling rig to the Bretaña field to begin development and appraisal. The Company successfully drilled and completed the BN 95-2XD well in the northern section of the field. As previously reported, the well came online at 2,250 BOPD and over the past 30 days averaged over 2,300 BOPD. The follow up well, BN 95-3H was spud on April 21, 2019 and the Company is currently drilling the horizontal section of the well. The BN 95-3H is being drilled to the offset side of the northern portion of the field and will be completed as a horizontal well in the Vivian formation.Manolo Zuniga, President and Chief Executive Officer stated:\"The first quarter was all about execution and the team did an excellent job delivering the first well on time a...