Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 9, 2026) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to report its operating and financial results for the three and nine months ended September 30, 2026. All amounts herein are in United States dollars unless stated otherwise.

Selected financial and operational information outlined below should be read in conjunction with the Company's unaudited consolidated financial statements and management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2026, which are available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.petrotalcorp.com.

Key Highlights

• Average Q3 2026 sales and production of 11,446 and 11,797 barrels of oil per day ("bopd"), respectively;

• Year to date production averaged 13,076 bopd, tracking 3% ahead of budget;

• Q3 Adjusted EBITDA⁽¹⁾ and Free Funds Flow^(1} of $33.7 million ($31.96/bbl) and $21.2 million ($20.15/bbl) respectively;

• Net loss of $5.5 million ($5.27/bbl), due to a total commodity price derivative loss of $14.9 million. A significant portion of this relates to unrealized fair value adjustments on the Company's commodity hedging program, with no impact on cash flows;

• Capital expenditures of $11.8 million, bringing 2026 YTD capital investment to $27.4 million, and;

• Unrestricted cash of $115.6 million, an increase of 9.6% in the quarter.

• Commencement of the drilling of development well 25-H

• Post quarter end events:

  • Repayment of $36.6 million balance of BanBif-COFIDE syndicated facility from existing resources

  • Award of Area CXVII Technical Evaluation Agreement (TEA).

(1) Non-GAAP (defined below) measure that does not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures presented by other entities. See "Selected Financial Highlights" section.

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

"PetroTal delivered a solid third quarter, with Adjusted EBITDA of $33.7 million and Free Funds Flow of $21.2 million reflecting higher year on year pricing and continued cost discipline. Year to date production averaged 13,076 bopd, slightly ahead of our internal plan, putting us in an encouraging position to meet our annual production guidance. The first development well of our production growth campaign, 25-H, is drilling ahead safely and we look forward to sharing the results once it has completed. We are also pleased to have voluntarily prepaid in full the outstanding balance of our BanBif-COFIDE syndicated loan facility, and to have been awarded a TEA in Area CXVII. Looking ahead, we remain focused on disciplined capital allocation and advancing our drilling campaign, returning to production growth."

Selected Financial Highlights

Additional financial and operational updates during and subsequent to the quarter ending September 30, 2026:

Block 95 Update

PetroTal produced an average of 11,465 bopd from the Bretaña field (Block 95; PetroTal 100% WI) in Q3 2026. Bretana production declined by approximately 725 bopd relative to the prior quarter, mainly due to natural declines, and in-line with expectations. In the first nine months of 2026, PetroTal's total production averaged 13,076 bopd, approximately 3% ahead of budget expectations.

During the quarter, PetroTal concluded a pulling campaign at the Bretaña field, replacing production tubing and electric submersible pumps in five wells. Remediation work in the wells improved production deliverability and was completed on schedule and on budget. Subsequently, PetroTal conducted stimulations over two water injection wells, with a view to increasing water injection capacity at the field. Following the completion of this work, PetroTal injected an average of 187,000 barrels of water per day in the month of September, a 6% increase compared with the prior month. These efforts are part of a larger, ongoing initiative to increase the Bretaña field's water injection capacity to a total of 320,000 barrels per day by the end of 2028.

PetroTal's development drilling campaign continues, with well 25-H having spud on September 21, 2026. The well is drilling ahead safely and is expected to reach target depth this month. It will then be placed on production, and the next well in our eight well campaign, 24-H, will spud shortly thereafter. This drilling campaign is expected to result in Bretaña field production of approximately 20,000 bopd by the end of the first quarter of 2027. PetroTal will update the market as appropriate.

Erosion Control Project

PetroTal has secured a significant proportion of the equipment and resource required to complete this key project and is negotiating with service providers to recommence the remainder of the construction work.

Financial Update

PetroTal ended Q3 2026 with a total cash position of $151.4 million, of which $115.6 million was unrestricted. This compares to $136.9 million total cash ($105.4 million unrestricted) at the end of Q2 2026.

Post period end PetroTal repaid the $36.6 million outstanding balance of the BanBif-COFIDE syndicated loan, resulting in unrestricted cash decreasing by approximately $11 million. The early repayment of this loan eliminates $3.9 million of future interest costs.

PetroTal reported a net loss of $5.5 million ($5.27/bbl) for Q3 2026 due to a total commodity price derivative loss of $14.9 million reflecting unrealized fair value losses on hedging of $10.6 million and realized losses of $4.8 million, partially offset by a $0.5 million gain on outstanding embedded derivatives. These unrealized losses do not affect operating cash flows, liquidity, covenant compliance or free funds flow generation and will fluctuate with changes in forward oil prices until settlement.

PetroTal initiated new hedges on approximately 0.9 million barrels of oil in Q3 2026. As at September 30, 2026, the Company maintains hedges on approximately 338,000 barrels over the remainder of 2026 and a total of 1.7 million barrels through 2027. The three way collars have a weighted average Brent floor price of $60/bbl and a ceiling of $78/bbl, with a cap of $98/bbl.

PetroTal continues to refine the 2027 budget plan and will provide additional details in due course.

Q3 2026 Webcast Link for November 9, 2026

PetroTal's management team will host a webcast to discuss Q3 2026 results on November 9, 2026 at 9am CT (Houston) and 3pm GMT (London). Please see the link below to register.

https://brrmedia.news/PTAL_Q3_26

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 the Bretaña Norte 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 Bretaña oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

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 production capacity; PetroTal's drilling, completions and other activities; well 25H drilling and timing; the sequencing and timing of the eight-well development drilling campaign; timing to restore Bretana production to approximately 20,000 bopd; water injection capacity targets; Area CXVII evaluation plans; plans and expectations with respect to the erosion control project; and expected interest savings from the repayment of the BanBif-COFIDE loan. In addition, statements relating to expected production, reserves, recovery, 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. 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", "intend" and similar expressions. The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. 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 to obtain and maintain necessary permits and licenses, the ability of government groups to effectively achieve objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, 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. PetroTal cautions that forward-looking statements relating to PetroTal are subject to all of the risks, uncertainties and other factors, which may cause the actual results, performance, capital expenditures or achievements of the Company to differ materially from anticipated future results, performance, capital expenditures or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements 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), business performance, legal and legislative developments including changes in tax laws and 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, credit ratings and risks, fluctuations in interest rates and currency values, changes in the financial landscape both domestically and abroad, including volatility in the stock market and financial system, wars (including Russia's war in Ukraine and the Israeli-Hamas conflict), regulatory developments, 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, changes in the financial landscape both domestically and abroad (including volatility in the stock market and financial system) and the occurrence of weather-related and other natural catastrophes. Readers are cautioned that the foregoing list of factors is not exhaustive. Please refer to the annual information form for the year ended December 31, 2025 and the management's discussion and analysis for the three months and nine months ended September 30, 2026 for additional risk factors relating to PetroTal, which can be accessed either on PetroTal's website at www.petrotal-corp.com or under the Company's profile on www.sedarplus.ca. 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 National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

SHORT TERM RESULTS: References in this press release to peak rates, initial production rates, current production rates, 30-day production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of PetroTal. The Company cautions that such results should be considered to be preliminary.

FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations and production results, cash position, liquidity 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 approved by management as of the date of this press release and was included for the purpose of providing further information about PetroTal's anticipated future business operations. PetroTal and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. 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 NI 51-101. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in PetroTal's guidance. The Company's actual results may differ materially from these estimates.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323019