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PetroTal Announces Q1 2026 Operations and Financial Updates
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - April 14, 2026) - PetroTal Corp. (TSX...
About this update from Petrotal Corp.
PetroTal Announces Q1 2026 Operations and Financial UpdatesCalgary, Alberta and Houston, Texas--(Newsfile Corp. - April 14, 2026) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to provide the following operational and financial updates. All amounts are in US dollars unless stated otherwise.Key HighlightsGroup production averaged 14,907 barrels of oil per day ("bopd") in Q1 2026, down 2% QoQ;Total cash of $128.1 million as of March 31, 2026 ($104.2 million unrestricted), compared to $139.1 million at YE25.Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:"I am pleased to report that PetroTal delivered a strong start to 2026, with average production in the first quarter of approximately 15,000 barrels of oil per day, slightly ahead of our internal expectations. This performance has allowed us to maintain $128.1 million of total cash, which has been further supported by a constructive commodity price environment, with our sale prices averaging approximately $90.00 per barrel in March 2026.Looking ahead, our focus over the next six months is on advancing our development program at Bretana. We are in the final stages of securing a contract with a third-party drilling contractor and expect to mobilize a rig to the field in the coming months, with drilling activities targeted to resume by October.We look forward to providing a more comprehensive update when we report our full first quarter 2026 financial results on May 7." Q1 2026 Production and Operations UpdatePetroTal's group production averaged 14,907 bopd in Q1 2026, including 14,490 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 417 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). As disclosed previously, Bretana field production remains constrained by water reinjection capacity, which currently stands at approximately 170,000 bwpd. PetroTal's 2026 guidance includes planned downtime to replace production tubing in three producing horizontal wells; the Company is considering undertaking these tubing replacements in Q2 2026, prior to the expected arrival of the drilling rig in Q3 2026.Cash and Liquidity UpdatePetroTal ended Q1 2026 with a total cash position of $128.1 million, of which approximately $104.2 million was unrestricted. This compares to unrestricted cash of $139.1 million at the end of Q...