PetroTal Corp. - Q1 2024 Financial and Operating Results
09/05/2024 07:00
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RNS Number : 7005N PetroTal Corp. 09 May 2024
PetroTal Announces Q1 2024 Financial and Operating Results
Q1 2024 average sales and production of 18,347 bopd and 18,518 bopd,
respectively
Generated Q1 2024 free funds flow of $53 million (10% quarterly yield)
Signed purchase and sale agreement to acquire Block 131
Declaring dividend of $0.015/share payable June 14, 2024
Calgary, AB and Houston, TX - May 09, 2024-PetroTal Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to report its
operating and financial results for the three months ended March 31, 2024
("Q1").
Selected financial and operational information is outlined below and should be
read in conjunction with the Company's unaudited consolidated financial
statements and management's discussion and analysis ("MD&A") for the three
months ended March 31, 2024, which are available on SEDAR+ at www.sedarplus.ca
and on the Company's website at www.PetroTal‐Corp.com. All amounts herein
are in United States dollars unless otherwise stated.
Selected Q1 2024 Highlights
· Average Q1 2024 sales and production of 18,347 and 18,518 barrels
("bbls") of oil per day ("bopd"), respectively; PetroTal's second best quarter
to date and within the Company's guidance;
· Generated Q1 2024 EBITDA((1)) and free funds flow((1)) of $71.6
million ($42.85/bbl) and $52.6 million ($31.48/bbl), respectively, materially
surpassing Q4 2024 levels due to higher sales volumes realized in the quarter;
· Exited Q1 2024 in a strong cash position with $85.2 million in total
cash ($62.5 million unrestricted), with over $93 million in short term
receivables due subsequent to March 31;
· Delivered strong operating cost metrics with lifting and variable
transportation costs under $7.00/bbl in the quarter helping generate a near
80% net operating income margin;
· Capital expenditures ("Capex") totaled $30.4 million in Q1 2024 and
were focused on drilling well 17H, and continued infrastructure projects
including water handling upgrades;
· Successfully drilled one and completed two new oil wells in the
quarter, both of which met Company expectations and continue to perform at
strong rates. Well 17H has averaged approximately 4,050 bopd for the month of
April 2024;
· Delivered strong Q1 2024 net income of $47.6 million ($0.05/share);
and,
· Paid total dividends of $0.02/share and repurchased 5.2 million
common shares in Q1 2024, representing approximately $21.5 million of total
capital returned to shareholders (approximately 4% of March 31, 2024, market
capitalization).
(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 Measures" section.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer,
commented:
"Q1 2024 was an exceptional and near record quarter for PetroTal. Cash flow
was stronger than projected in previously announced guidance, allowing the
Company some additional flexibility to plan for upcoming heavier Capex
quarters likely to be seen under dry season conditions. As in previous
years, the Company will reassess its guidance once the first half year results
are finalized.
In addition to the strong quarterly results, we are extremely excited to
execute the purchase and sale agreement for the first acquisition in the
Company's history. This transaction is highly strategic from an operational,
financial, and social perspective. We look forward to incorporating it into
our story when the transaction closes."
Selected Financial Highlights
The table below summarizes PetroTal's comparative financial position.
Three Months Ended
Q1-2024 Q4-2023
$/bbl $ 000 $/bbl $ 000
Average Production (bopd) 18,518 14,865
Average sales (bopd) 18,347 15,033
Total sales (bbls)((1)) 1,669,537 1,383,061
Average Brent price $81.01 $82.21
Contracted sales price, gross $81.14 $81.05
Tariffs, fees and differentials ($20.89) ($20.28)
Realized sales price, net $60.25 $60.77
Oil revenue((1)) $60.25 $100,583 $60.77 $84,046
Royalties((2)) $5.69 $9,500 $7.00 $9,676
Operating expense("Opex") $5.56 $9,278 $7.24 $10,010
Direct Transportation:
Diluent $0.94 $1,567 $1.46 $2,020
Barging $0.60 $1,005 $0.60 $828
Diesel $0.05 $80 $0.10 $142
Storage ($0.27) ($457) $1.45 $2,001
Total Transportation $1.32 $2,195 $3.61 $4,991
Net Operating Income((3,4)) $47.68 $79,610 $42.92 $59,369
G&A $4.83 $8,071 $6.21 $8,588
EBITDA((3)) $42.85 $71,539 $36.71 $50,781
Adjusted EBITDA((3,5)) $49.66 $82,913 $29.13 $40,284
Net Income $28.52 $47,619 $15.57 $21,529
Basic Shares Outstanding (000) 914,104 912,314
Market Capitalization((6)) $511,898 $556,512
Net Income/Share ($/share) $0.05 $0.02
Capex $30,352 $32,157
Free Funds Flow((3) (7)) $31.48 $52,561 $5.87 $8,127
% of Market Capitalization((6)) 10.3% 1.5%
Total Cash((8)) $85,151 $111,299
Net Surplus (Debt) ((3) (9)) $55,522 $57,298
1. Approximately 87% of Q1 2024 sales were through the Brazilian route vs
85% in Q4 2023.
2. Royalties at year to date March 31, 2024 and December 31, 2023 include
the impact of the 2.5% community social trust.
3. 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 Measures" section.
4. Net operating income represents revenues less royalties, operating
expenses, and direct transportation.
5. Adjusted EBITDA is net operating income less general and administrative
("G&A") and plus/minus realized derivative impacts.
6. Market capitalization for Q1, 2024 and Q4 2023, assume share prices of
$0.56 and $0.61 respectively on the last trading day of each quarter.
7. Free funds flow is defined as adjusted EBITDA less capital expenditures.
See "Selected Financial Measures" section.
8. Includes restricted cash balances.
9. Net Surplus (Debt) = Total cash + all trade and net VAT receivables +
short and long term net derivative balances - total current liabilities - long
term debt - non current lease liabilities - net deferred tax - other long term
obligations.
Q1 2024 Financial Variance Summary
Three Months Ended
US$/bbl Variance Summary Q1 2024 Q4 2023 Variance
Oil Sales (bopd) 18,347 15,033 3,314
Contracted Brent Price $81.14 $81.05 $0.09
Realized Sales Price $60.25 $60.77 ($0.52)
Royalties $5.69 $7.00 ($1.31)
Total Opex and Transportation $6.88 $10.85 ($3.97)
Net Operating Income((1,2)) $47.68 $42.92 $4.76
G&A $4.83 $6.21 ($1.38)
EBITDA((1)) $42.85 $36.71 $6.14
Net Income $28.52 $15.57 $12.95
Free Funds Flow((1,3)) $31.48 $5.87 $25.61
Q1 2024 Financial Variance Commentary
· An 18% increase in sales volume drove favorable per bbl metrics in Q1
2024 compared to prior quarter.
· Q1 operating and transportation costs returned to a more normalized
level of $6.88/bbl due to increased oil sales, and with the return of higher
river levels late in 2023. Opex and transportation costs were $10.85/bbl in
Q4 2023.
· Capital spending in the quarter decreased by 6% to $30.3 million from
the prior quarter of $32.2 million due to rescheduling minor facilities
projects into the second half of 2024.
· Q1 2024 production and robust oil pricing generated significant free
funds flow in the quarter of approximately $52.6 million compared to $8.1
million in Q4 2023.
· Liquidity decreased in Q1 2024 compared to Q4 2023, with total cash
decreasing by approximately $26 million to $85.2 million due to sizable
receivables being collected subsequent to quarter end.
· PetroTal maintained a strong balance sheet in Q1 2024 with no long
term bank debt and a net surplus ((1,4)) ( )of $55.5 million, flat from the
prior quarter and inclusive of a $50 million net deferred tax liability.
1. See "Selected Financial Measures".
2. Net operating income represents revenues less royalties, operating
expenses, and direct transportation.
3. Free funds flow is defined as adjusted EBITDA less capital expenditures.
4. Net Surplus (Debt) = Total cash + all trade and net VAT receivables +
short and long term net derivative balances - total current liabilities - long
term debt - non current lease liabilities - net deferred tax - other long term
obligations.
( )
Financial and Operating Updates Subsequent to March 31, 2024
Strategic Acquisition of Block 131
On May 8, 2024 the Company announced the execution of a definitive agreement
to acquire a 100% working interest in Peru's Block 131, including the light
oil producing Los Angeles oil field, through the acquisition of CEPSA Peruana,
S.A.C. The acquisition is expected to close upon receipt of applicable
regulatory items. Selected key highlights include:
· Low cost entry into a synergistic producing Block ($5 million((1))
cash purchase price);
· Current production of approximately 900 bopd and generating a
favorable acquisition price payback;
· Light oil recoverable reserves around 4.9 million bbls ;((2,3))
· Synergies with Bretana operations that include potential netback
enhancements from stronger differentials and capacity increases for Bretana
crude at the Iquitos refinery; and,
· Additional drillable locations.
(1) Subject to adjustment as set forth in the definitive acquisition
agreement
(2) Based on the Reserves Report (defined below).
Leadership Buildout
PetroTal is strengthening its leadership group by welcoming Mr. Camilo
McAllister as Executive Vice President and Chief Financial Officer and Mr.
Emilio T. Acin Daneri as Vice President, Business Development. Both
individuals bring over 25 years of executive and leadership experience in
international energy to the current leadership team and will help lead the
Company's accelerated growth strategy and financial excellence mandates.
Concurrent with both appointments, Mr. Douglas Urch, who was instrumental to
the Company's past achievements, retired as PetroTal's Executive Vice
President and Chief Financial Officer.
Operations Update
Bretana continues to produce at guidance, with April 2024 average production
of approximately 18,200 bopd and a Q2 2024 average target of approximately
19,000 bopd. Well 18H, which is nearing completion, is expected to commence
production in mid May, serving as a catalyst to help the Company achieve Q2
2024 guidance.
The Bretana oilfield continues experiencing riverbank erosion, which has
surpassed initial expectations. The Company has competed the detailed
engineering work to address this issue effectively. The proposed solution
involves designing larger and deeper groynes to redirect river currents away
from the riverbank. The estimated total project cost has been adjusted to a
range of $65 to $75 million, up from the previous estimate of $50 to $60
million. $45 to $55 million of the total project erosion control costs are
anticipated to be incurred in 2025 with the remaining $20 million estimated
in 2024 and still allocated approximately 60% to Opex and 40% to Capex.
Originally scheduled for late Q2 2024, the rig release of the currently
contracted drilling rig cannot proceed as planned due to dry dock constraints
caused by the erosion. Therefore, the Company is accelerating its planned
water handling and drilling program to avoid rig standby costs, minimize water
disposal risk, and increase production in 2025. Therefore, in Q3/Q4 2024
PetroTal is now planning a fifth water disposal well with associated tie in
infrastructure, and an additional oil well. Total estimated 2024 capital
spend, inclusive of the changes outlined above, will now be in the range of
$150 to $160 million, up from $134 million.
Q2 2024 dividend declaration. A cash dividend of USD$0.015 per common share
has been declared to be paid in Q2 2024. This represents a 10% annualized
yield based on the current share price and includes the recurring USD$0.015
per common share amount but no liquidity sweep this quarter due to anticipated
heavier cash requirements over the next two quarters. The total dividend of
USD$0.015 per common share will be paid according to the following timetable:
· Ex dividend date: May 30, 2024
· Record date: May 31, 2024
· Payment date: June 14, 2024
The dividend is an eligible dividend for the purposes of the Income Tax Act
(Canada) and investors should note that the excess liquidity sweep portion of
all future dividends may be subject to fluctuations up or down in accordance
with the Company's return of capital policy. Shareholders outside of Canada
should contact their respective brokers or registrar agents for the
appropriate tax election forms regarding this dividend.
Renewal of Share Buyback Plan
PetroTal is pleased to announce the intention to renew its share buyback plan
of up to approximately US$3 million per quarter (up to a maximum of US$12
million in the current program), subject to formal approval by the Company's
board and the TSX. Stifel Nicolaus Europe Limited ("Stifel"), will conduct
the Program on PetroTal's behalf.
Corporate Presentation Update
The Company has updated its Corporate Presentation, which is available for
download or viewing at www.petrotalcorp.com.
Q1 2024 Webcast Link for May 9, 2024
PetroTal will host a webcast for its Q1 2024 results and to discuss the Block
131 acquisition on May 9, 2024 at 9am CT (Houston) and 3pm BST (London).
Please see the link below to register.
https://stream.brrmedia.co.uk/broadcast/660bc6a92eae5d4dcf2e6319
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 (http://www.petrotal-corp.com) , the Company's filed
documents at www.sedarplus.ca
(file:///C%3A/Users/Kfami/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/AOA4GGX0/www.sedarplus.ca)
, or below:
Camilo McAllister
Executive Vice President and Chief Financial Officer
Cmcallister@PetroTal-Corp.com
T: (386) 383 1634
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
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. 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: PetroTal's
drilling, completions, workovers and other activities; anticipated future
production and revenue; drilling plans including the timing of drilling,
commissioning, and startup; PetroTal's 2024 guidance; expectations regarding
the strategic acquisition of CEPSA Peruana, S.A.C (the "Acquisition"),
including in respect of its terms, timing, benefits and closing (including
that it will close pending regulatory approvals); expectations with respect to
well 18H including in respect of completion and timing thereof including the
Company's plans to begin production at well 18H in May of 2024; the Company's
expectation to meet Q2 2024 production guidance; expectations surrounding
PetroTal's short term receivables and when they become due; Q2 2024 dividend
declaration of $0.015/share payable June 14, 2024 and expectations in respect
of thereof (including timing); the renewal of the share buyback plan;
expectations surrounding PetroTal's new leadership team; and average 2024
production. 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 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. 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: counterparty risk to closing the
Acquisition and unforeseen difficulties in integrating the assets pursuant to
such acquisition into PetroTal's operations; incorrect assessments of the
value of benefits to be obtained from acquisitions and exploration and
development programs (including the Acquisition); 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 and the Israeli-Hamas conflict). Please refer to the
risk factors identified in the Company's most recent annual information form
and MD&A which are available on SEDAR+ at 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 "light oil" in this press release mean
"light crude oil" as defined in NI 51-101. All references to "heavy oil" in
this press release mean "heavy crude oil" as defined in NI 51-101. All
references to Brent indicate Intercontinental Exchange ("ICE") Brent. Recovery
factor percentages include historical production.
RESERVES DISCLOSURE. All reserves values and ancillary information contained
in this press release relating to assets to be acquired pursuant to the
Acquisition are derived from the are derived from an independent assessment of
reserves attributable to such assets, which was completed by Netherland Sewell
and Associates Inc. ("NSAI"), a qualified independent reserves evaluator as
defined in Canadian National Instrument 51-101 - Standards of Disclosure for
Oil and Gas Activities ("NI 51-101"), with an effective date of March 31, 2024
(the "Reserves Report"), and prepared in accordance with the most recent
publication of the Canadian Oil and Gas Evaluation Handbook ("COGEH") and the
standards established by NI 51-101. Estimates of reserves for individual
properties may not reflect the same level of confidence as estimates of
reserves for all properties, due to the effect of aggregation. There is no
assurance that the forecast price and cost assumptions applied by NSAI in
evaluating PetroTal's reserves will be attained and variances could be
material. See the Company's May 8, 2024 press release for additional
information.
SHORT TERM RESULTS: References in this press release to peak rates, production
rates since inception, current 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.
SPECIFIED FINANCIAL MEASURES: This press release includes various specified
financial measures, including non-GAAP financial measures, non-GAAP financial
ratios and capital management measures as further described herein. These
measures do not have a standardized meaning prescribed by generally accepted
accounting principles ("GAAP") and, therefore, may not be comparable with the
calculation of similar measures by other companies. Management uses these non-
GAAP measures for its own performance measurement and to provide shareholders
and investors with additional measurements of the Company's efficiency and its
ability to fund a portion of its future capital expenditures. "Adjusted
EBITDA" (non-GAAP financial measure) is calculated as consolidated net income
(loss) before interest and financing expenses, income taxes, depletion,
depreciation and amortization and adjusted for G&A impacts and certain
non-cash, extraordinary and non-recurring items primarily relating to
unrealized gains and losses on financial instruments and impairment losses,
including derivative true-up settlements. PetroTal utilizes adjusted EBITDA as
a measure of operational performance and cash flow generating capability.
Adjusted EBITDA impacts the level and extent of funding for capital projects
investments. Reference to EBITDA is calculated as net operating income less
G&A. "Netback" (non-GAAP financial measure) equals total petroleum sales
less quality discount, lifting costs, transportation costs and royalty
payments calculated on a bbl basis. The Company considers netbacks to be a key
measure as they demonstrate Company's profitability relative to current
commodity prices. "Net Operating Income" (non-GAAP financial measure) is
calculated as revenues less royalties, operating expenses, and direct
transportation. The Company considers Net Operating Income measure as they
demonstrate Company's profitability relative to current commodity prices. "Net
surplus (debt)" (non-GAAP financial measure) is calculated by adding together
total cash, trade and VAT receivables, and short and long-term net derivative
balances less total current liabilities, long-term debt, non-current lease
liabilities, deferred tax, and other long-term obligations. Net surplus (debt)
is used by management to provide a more complete understanding of the
Company's capital structure and provides a key measure to assess the Company's
liquidity. "Free funds flow" (non-GAAP financial measure) is calculated as net
operating income less G&A less exploration and development capital
expenditures less realized derivative gains/losses and is calculated prior to
all debt service, taxes, lease payments, hedge costs, factoring, and lease
payments. Management uses free funds flow to determine the amount of funds
available to the Company for future capital allocation decisions. Please refer
to the MD&A for additional information relating to specified financial
measures.
Eligible Dividend: An eligible dividend is one which is characterized as
such by the dividend-paying corporation for Canadian residents. The primary
benefit of an eligible dividend is that it benefits from an enhanced gross-up
and credit regime at the shareholder level (i.e., the shareholder pays less
tax on eligible dividends than non-eligible dividends). This is meant to
compensate for the higher general corporate tax rate paid by non-CCPC's on
their income and generally preserve integration of Canada's tax rates. As an
example, for federal income tax purposes the gross-up rate for eligible
dividends is 38% (as compared to 15% for non-eligible dividends) such that the
amount of the dividend is multiplied by 1.38 to determine the taxable income
to the shareholder. The dividend tax credit for eligible dividends is
additionally increased to 6/11 (or 15.02%), as compared to 9/13 (9%) for
non-eligible dividends, to offset the greater income inclusion to the
taxpayer. Each province provides similar relief on the tax they would
otherwise levy on the dividends, although the effective gross-up and credit
differs by province.
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, free
funds flow, cost estimates, tax rates, budget, EBITDA, netback, dividends,
capex, 2024 average production and production and sales targets, shareholder
returns and components thereof, including pro forma the completion of the
Acquisition, 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.
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