Business
PetroTal Announces Fiscal Year-end Financial Results and Operations Update
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - April 24, 2019) - PetroTal Corp. (TSXV:...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Fiscal Year-end Financial Results and Operations UpdateCalgary, Alberta and Houston, Texas--(Newsfile Corp. - April 24, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\") is pleased to provide a summary of its 2018 year-end financial and operating results. 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, 2018, 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.2018 HIGHLIGHTS Commenced operation of Bretaña oil field assets, bringing the field on production in five months;Completed the Long-Term Testing facility installation and initiated production, 25 percent under budget;Full field oil production facilities brought online in October 2018;Declared commercialty in the Bretaña field in November 2018;176,000 barrels (\"bbl\") of oil produced during 2018, and approximately 280,000 barrels to date;Proved (\"1P\") Reserves estimated at approximately 17.9 million(1) bbl of oil gross;Proved + Probable (\"2P\") Reserves estimated at approximately 39.4 million(1) bbl of oil gross;Proved + Probable + Possible (\"3P\") Reserves estimated at approximately 78.7 million(1) bbl of oil gross;Pre-tax NPV-10 of approximately $535 million for 2P Reserves and $1.25 billion for 3P Reserves; and2P Reserves NPV-10 increase of 90%.Note:Reserves include a total of approximately 2,963.6 Mbbl (3P) of oil for surface facility use across all categories (960.7 Mbbl (1P) and 1,818.2 Mbbl (2P)). See \"Summary of Oil Reserves and Net Present Values as of December 31, 2018\" for a summary of Company reserves, which exclude these amounts.OPERATIONS UPDATEThe Company's objective of developing the Bretaña oil field on a modular basis and putting the field online by year-end 2018 was accomplished ahead of schedule and u...