PetroTal Announces Additional Director Nominees & Retirements for Upcoming

Shareholder Meeting and Provides Virtual Meeting Details

                      Virtual AGM on September 15, 2022 at 10:00am MT, 15:00 UK Time

Calgary, AB and Houston, TX - September 7, 2022-PetroTal Corp. ("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to announce Messrs. Luis Carranza and Jon Harris as additional director nominees for election at the upcoming shareholder meeting ("AGM") to be held on Wednesday, September 15, 2022 at 10:00 am Mountain Time, 15:00 UK time. 

In addition, the Company is also announcing the retirement of Messrs. Gary Guidry and Ryan Ellson, who will not be standing for re-election at the AGM and will step off the Board of the Company at the close of the AGM.  PetroTal sincerely thanks Gary Guidry and Ryan Ellson for their significant contributions and guidance since inception of PetroTal in late 2017.   

In addition to the five nominees (all of which are existing directors) described in the Company's Management Information Circular and Proxy Statement dated August 3, 2022 (the "Circular"), which is available on SEDAR (www.sedar.com) and the Company's website (www.petrotal-corp.com), the new nominee backgrounds are as follows:

Luis Carranza

Mr. Carranza, a resident of Lima, Peru, brings a wealth of financial and Peruvian regulatory expertise to the Company.  Mr. Carranza was formerly the Director of the Institute of Government and Public Management at the University of San Martín de Porres, Peru.  During 2017-2021, he served as CEO of CAF, Development Bank of Latin America.  Mr. Carranza was also CEO of Sigma Capital, an infrastructure advisory firm, Chief Economist for Latin America and Emerging Markets at BBVA, and a Director of several companies.   

He has been Peru's Minister of Finance on two occasions, Deputy Minister of Finance and Director of the Central Reserve Bank of Peru and is highly educated on many government mandates, laws and regulatory workings.

We anticipate Mr. Carranza will be critical in recommending commercial policy within the Company to navigate the Peruvian financial and social landscape.  He holds a PhD in Economics from the University of Minnesota, USA.

Jon Harris

Mr. Harris, a resident of London, England, is an executive and industry leader in the oil and gas industry, and since January 2021, has been Chief Executive Officer of Gulf Keystone Petroleum, a London-listed company.  Mr. Harris has over 30 year's experience in the oil and gas industry at SASOL Limited, an integrated energy and chemicals company based in South Africa where he was Executive Vice President, Upstream.  Previously, he spent 25 years with BG Group in various international roles, including Executive Vice President Technical and General Manager Production Operations, as well as senior management assignments in the United States, Trinidad/Tobago and Egypt. 

With a history of delivering success and shareholder value in international E&P, Jon will provide critical technical and commercial guidance as PetroTal continues with ongoing development and growth.  Jon received a Master of Engineering in Fuel and Energy (with distinction) from the University of Leeds, UK.

Management intends to rely on its discretionary authority granted in proxies currently being solicited in conjunction with the Circular, to vote in favour of the election of Messrs. Carranza and Harris.  A ballot will be taken at the AGM in connection with the election of the directors of the Company and resolving to set the number of directors to be elected at seven.

2022 Virtual AGM Link:

Shareholders are invited to attend the AGM virtually using the following meeting link:

https://stream.brrmedia.co.uk/broadcast/62e1182486ba30292435cd1d

Dial in options are as follows:

+44 203 481 5240 United Kingdom

+44 203 901 7895 United Kingdom

+1 587 328 1099 Canada

+1 647 374 4685 Canada

+1 647 558 0588 Canada

+1 778 907 2071 Canada

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented

"We would like to sincerely thank Gary and Ryan for their significant contributions to PetroTal.  They have been with the Company since inception and have provided excellent guidance over the years.  The PetroTal team and I would like to extend a warm welcome to Luis Carranza and Jon Harris. Both bring extensive industry and management experience to complement our existing Board and I look forward to delivering PetroTal's growth objectives, together, in the future."

Further information on Director appointments:

The following details in relation to the new Director appointments are disclosed in accordance with AIM Rule 17 and Schedule 2(g) of the AIM Rules:

Luis Julian Martin Carranza Ugarte (aged 55) holds or has held the following directorships and/or partnerships in the past five years.

As of the date of this announcement, Mr. Carranza holds no ordinary shares or options in the Company.

Jonathan Reay Harris (aged 56) holds or has held the following directorships and/or partnerships in the past five years.

As of the date of this announcement, Mr. Harris holds no ordinary shares or options in the Company. 

There is no further information to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.

ABOUT PETROTAL

PetroTal is a publicly traded, tri quoted (TSXV: TAL, AIM: PTAL and OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru.  PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch

Executive Vice President and Chief Financial Officer

[email protected]

T: (713) 609-9101

Manolo Zuniga

President and Chief Executive Officer

[email protected]

T: (713) 609-9101

PetroTal Investor Relations

[email protected]

Celicourt Communications

Mark Antelme / Jimmy Lea

[email protected]

T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)

Ritchie Balmer / James Spinney / Robert Collins

T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart / Simon Mensley / Ashton Clanfield

Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)

Jonathan Wright

T: +44 (0) 7711 627449

Reader Advisories

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to: PetroTal's business strategy, objectives, strength and focus; and the AGM.  Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Please refer to the risk factors identified in the Corporation's most recent annual information form and MD&A, which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.