Business
PetroTal Postpones Release Date for 2019 Year-End Results
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - April 29, 2020) - PetroTal Corp.&#...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Postpones Release Date for 2019 Year-End ResultsCalgary, Alberta and Houston, Texas--(Newsfile Corp. - April 29, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\") advises that, due to the impact of the global COVID-19 pandemic, it is necessary to delay its 2019 year-end corporate filings, as provided for by Canadian Securities Administrators.2019 Year-end FilingsThe Company, as a result of delays related to access to information from mandatory stay at home orders in Peru, will postpone the filing of its audited consolidated financial statements (\"Financial Statements\"), management's discussion and analysis (\"MD&A\") and annual information form (\"AIF\") for the year ended December 31, 2019 (inclusive of the reserves disclosure required by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities) until no later than June 12, 2020, in reliance on the exemption provided in ASC Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (and similar exemptions provided by the other Canadian securities regulators).Until the Company has filed the Financials Statements, MD&A and AIF, members of the Company's Board, management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. An update on material business developments since the filing of the Company's interim financial statements and accompanying management's discussion and analysis for the period ended September 30, 2019 is described below, the majority of which have already been disclosed in prior press releases: Drilled and completed two successful horizontal oil wells as previously disclosed on announcements dated December 16, 2019 and April 21, 2020; Completed commissioning of the enhanced central production facilities, to bring overall oil production capacity to between 16,000 bopd and 18,000 bopd;Announced increases to its 2019 year-end reserves evaluation on February 18, 2020;Oil production updates were announced in press releases dated January 13, 2020, February 18, 2020, February 27, 2020 and April 21, 2020;On January 21, 2020, PetroTal announced its 2020 Budget which included $99 million of capital...