PetroTal Announces Third Annual ESG Sustainability Report and Drilling Commencement of Well 16H

Scope 1 emissions of 6.96 kg CO2eq/bbl

Material carbon offset project evaluations initiated

Calgary, AB and Houston, TX - November 30, 2023-PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces the release of its 2022 ESG Sustainability Report, which has been posted on the Company's website (www.petrotal-corp.com).

2022 marked another significant step forward in terms of ESG reporting and standards achieved, aligning key projects with the UN Sustainable Development Goals ("SDG") and improving the quality of life for many Peruvians.

PetroTal is committed to providing a sustainable business plan that delivers meaningful opportunities for all stakeholders, which includes dedicating significant attention, consideration and resources to environmental stewardship and social responsibility, with a constant and uncompromising commitment to safety, ethics and transparency.

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

"PetroTal is very pleased to present its third annual ESG report covering operations for 2022.  We have trended portions of our ESG data from previous reports, and feel these trends show a significant advancement in our ESG practices and reporting from three years ago.  We are particularly pleased with our ability to scale scope 1 carbon emissions down to 6.96 kg CO2eq/bbl from 11.4 kg CO2eq/bbl in 2021.  The Company has many exciting ESG related projects in development and is looking forward to communicating them in 2024 and beyond."

The key highlights from the Company's third annual 2022 ESG report are noted below.

·    Distributed economic value in Peru of US$92.7 million in 2022 encompassing operating costs, salaries and benefits, payments to government and community investments including amounts related to the 2.5% development fund created by PetroTal in late 2021;

·    Significant climate change related projects which include but are not limited to:

o  An evaluation of the Bretana oilfield's geothermal energy generation potential, driven from the near boiling water produced from the Company's fluid production;

o  A diesel to solar panel transition at the Bretana oilfield and nearby communities;

o  A field wide reduction of flare gas from gas to power investments in infrastructure; and,

o  A carbon sequestration project partnership with Servicio Nacional de Areas Naturales Protegidas ("SERNANP") that utilizes peat bogs in the Pacaya Samiria National Reserve adjacent to the field.

·    A commitment to achieving net-zero biodiversity loss by 2030, by implementing a robust flora and fauna hydrobiological monitoring program around 400 meters surrounding the area of operating influence near the Bretana oilfield;

·    Completion of the Taricaya Genetic Study which allowed for the discovery of a new species of bird called a Batara de Cocha, which, the Company was awarded for by the Sociedad Nacional de Mineria Petroleo Y Energia ("SNMPE");

·    Initiation of a reforestation project in 7 de Junio community;

·    Improvement of the Company's climate change goals by reiterating a 40% reduction of greenhouse gases of scope 1 and 2 by 2030, which aligns with Peru's environmental targets;

·    A reduction in scope 1 emissions intensity to a peer leading 6.96 kg CO2eq/bbl from 11.40 kg CO2eq/bbl in 2021;

·    A commitment to local value creation with a strong Peruvian workforce irrespective of race, disability, sexual orientation, or age; and,

·    No fatalities or work related near misses during 2022 despite total number of hours worked increasing to nearly 2.8 million in 2022 from 2.1 million in 2021 by employees and contractors.

Drilling Commenced on well 16H

PetroTal is also pleased to announce the drilling commencement of well 16H, the first well to be drilled from the new L2 West platform.  The well is expected to cost approximately $15 million with completion and initial production expected in January 2024.

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSX: 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 2022, 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) 20 7770 6424

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

T: +44 (0) 20 7710 7600

Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900

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, oil production levels and guidance, including the ramp up and resumption of shut-in production. All statements other than statements of historical fact may be forward-looking statements. 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. Without limitation, this press release contains forward-looking statements pertaining to: the appointment of an additional director during the forthcoming year; expectations surrounding disrupted barge logistics and the consequences in respect thereof, including in relation to the Company's ability to maintain production at about 22,000 bopd; effects of the illegal blockade removal and release of oil convoys in respect of overall safety in the Loreto area; PetroTal's recommendations and expectations surrounding furniture negotiations with AIDECOBAP and future social fund allocation decisions. In addition, statements relating to expected production, reserves, recovery, replacement, costs and valuation are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the ability of existing infrastructure to deliver production and the anticipated capital expenditures associated therewith, the ability of government groups to effectively achieve objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, including pursuant to Acta, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, the impact of inflation on costs, the application of regulatory and licensing requirements, the accuracy of PetroTal's geological interpretation of its drilling and land opportunities, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of new wells, future river water levels, the Company's growth strategy, general economic conditions and availability of required equipment and services. 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. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures; changes in the financial landscape both domestically and abroad, including volatility in the stock market and financial system; and wars (including Russia's war in Ukraine). Please refer to the risk factors identified in the Company's most recent AIF 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.

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined in NI 51-101.