Business
PetroTal Announces Third Quarter Financial Results and Operations Update
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 19, 2019) - PetroTal Corp. (TS...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Third Quarter Financial Results and Operations UpdateCalgary, Alberta and Houston, Texas--(Newsfile Corp. - November 19, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\") is pleased to provide a summary of its financial and operating results as of September 30, 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 and nine months ended September 30, 2019, which are available on SEDAR at www.sedar.com and the Company's website at www.petrotal-corp.com. All figures referred to in this press release are denominated in U.S. dollars.2019 THIRD QUARTER HIGHLIGHTS and OPERATIONAL UPDATEThird Quarter Highlights:Oil production increased to an average of 4,760 barrels of oil per day (\"BOPD\"), a 58% increase from Q2, 2019.Recorded net income of US$3.0 million for the third quarter and US$1.9 million for the nine months period.Drilled a new water disposal well.Completed a workover on the existing water disposal well to convert the well into an oil producer. Upon completion, this well produced approximately 2,300 BOPD over a 30-day test period.Continued with facility expansion and development of various oil sales venues.Executed first transaction under the terms of the contract with Petroperu to utilize the North-Peruvian Oil Pipeline and placed 200,001 barrels of crude oil in the pipeline on August 25, 2019.The Company's cash and cash equivalents position as at September 30, 2019 was $20.5 million and not approximately $40 million, as stated in the Company's RNS dated October 21, 2019 as set out below.Subsequent to the Third Quarter:Completed the BN 95‐4H (\"4H\") horizontal well on time and under budget by approximately $3.0 million using new technology to maximize oil production.The 4H initial four‐day production rate of 6,200 BOPD exceeded management's expectations, as well as its 30-day average of 6,000 BOPD.Interim upgrades to production facilities has increased production capacity.Current Bretaña oil field production reached new record production with the last 30-days averaging over 8,500 BOPD, now with all five oil wells online.Commenced drilling the B...