CALGARY and HOUSTON, April 9,
2019 /CNW/ - PetroTal Corp. ("PetroTal" or the
"Company") (TSX-V: TAL and AIM: PTAL) is pleased to announce
that the BN 95-2-2-2XD oil development well (the "well") which
commenced drilling operations on February
26, 2019, has reach total depth.
The well is being completed as a producer in the Vivian
formation in the northern portion of the Bretaña
structure. This is the second oil well in the first
phase of development of the Bretaña oilfield. The well was
directionally drilled to approximately 3,040 meters total
depth. Initial logs indicate a total gross oil column of 24
meters with estimated net oil pay of 18.7 meters, in line with the
Company's expectations. The indicated oil water contact in
the well was in direct correlation to the other four wells
previously drilled in the field.
Once completed the well will be placed online, expected in
approximately one week. The Company will provide details on
flow rates with the fourth quarter and year-end earnings release
scheduled for the week of April 22,
2019.
The discovery well, which came online in mid-2018, is producing
in line with management's expectations at an average of 950 - 1,000
barrels per day and has accumulated over 260,000 barrels of oil
produced to date.
Manolo Zuniga, President and
Chief Executive Officer, commented:
"We are pleased that the operations team was able to drill
this well on time and on budget. This is a testament to the
entire team from drillers, to contractors, to our corporate social
responsibility team who worked tirelessly to ensure safe and
efficient operations. The well logs provide an early
indication that the reservoir is as we expected, with good oil
shows in the mud logs and good indications from the full suite of
logs obtained. We expect this well to be online within the
week and then we will proceed with drilling the BN-95-3H
development oil well."
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release may contain
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; drilling and completion activities
and the results and timing of such activities; the ability of the
Company to achieve drilling success consistent with management's
expectations; anticipated future production and revenue; future
development and growth prospects; and the timing of the Company's
year-end earnings press release. 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. 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, reservoir characteristics, recovery factor,
exploration upside, prevailing commodity prices and the
actual prices received for PetroTal's products, the availability
and performance of drilling rigs, facilities, pipelines, other
oilfield services and skilled labour, royalty regimes and exchange
rates, 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, 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 and 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. Please
refer to the risk factors identified in the Company's annual
information form for the year ended December
31, 2017 and management's discussion and analysis for the
three and nine months ended September 30,
2018 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.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations, production, and components thereof, all of which are
subject to the same assumptions, risk factors, limitations and
qualifications as set forth in the above paragraphs. FOFI contained
in this press release was made as of the date of this press release
and was provided for the purpose of providing further information
about PetroTal's anticipated future business operations. PetroTal
disclaims any intention or obligation to update or revise any FOFI
contained in this press release, whether as a result of new
information, future events or otherwise, unless required pursuant
to applicable law. Readers are cautioned that the FOFI contained in
this press release should not be used for purposes other than for
which it is disclosed herein. All FOFI contained in this press
release complies with the requirements of Canadian securities
legislation, including Canadian Securities Administrators' National
Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities..
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.
SOURCE PetroTal Corporation
