PetroTal Corp. - Q3 2024 Financial and Operating Results
14/11/2024 07:43
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RNS Number : 2442M PetroTal Corp. 14 November 2024
PetroTal Announces Q3 2024 Financial and Operating Results
Q3 2024 average sales and production of 14,760 bopd and 15,203 bopd,
respectively
Generated Q3 2024 EBITDA of $47.5 million
Exited the quarter with $133 million in total cash
Declaring dividend of $0.015/share payable December 13, 2024
Calgary, AB and Houston, TX - November 14, 2024 - 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, 2024.
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
and nine months ended September 30, 2024, which are available on SEDAR+
at www.sedarplus.ca (https://api.newsfilecorp.com/redirect/eLkV2hoPW5) and
on the Company's website at www.PetroTal‐Corp.com
(https://api.newsfilecorp.com/redirect/85nYrSxrgK) . All amounts herein are in
United States dollars unless otherwise stated.
Selected Q3 2024 Highlights
· Average Q3 2024 sales and production of 14,760 and 15,203 barrels
("bbls") of oil per day ("bopd"), respectively;
· Despite record low river levels on PetroTal's primary export
route, production volumes were 39% higher than the same period last year
(10,909 bopd) and 17% ahead of previous Q3 guidance (13,000 bopd);
· Generated Q3 2024 EBITDA((1)) and free funds flow((1)) of $47.5
million ($35.00/bbl) and $6.5 million ($4.82/bbl), respectively;
· Capital expenditures ("Capex") totaled $43.0 million in Q3 2024,
primarily associated with the drilling of wells 5WD and 20H;
· Exited Q3 2024 with $133 million in total cash ($121 million
unrestricted), an increase of $20 million compared to the same period last
year;
· Ended the quarter with a net surplus of $10.1 million, compared
to $50.3 million at the end of the prior quarter, and $86.5 million at the end
of Q3 2023. The decline in net surplus is mainly due to the impact of falling
oil prices on a long-term, unrealized derivative liability, as well as to
working capital adjustments associated with the Company's ongoing capital
program;
· Successfully drilled two new wells in the quarter, including one
water disposal well and one production well. The 20H well has produced an
average of 4,209 bopd over the last 14 days, as Bretaña field production and
exports have returned to capacity;
· For the first time at Bretaña, PetroTal drilled and tested a
lateral into the Upper Vivian sandstone (VS1). The brief production test of
this zone in the 20H well flowed 320 bopd, potentially setting the stage for
incremental reserve additions at year-end 2024;
· Q3 2024 net income totaled $7.2 million ($0.01/share),
representing the 19th straight quarter in which PetroTal has returned net
income profits; and,
· Paid total dividends of $0.015/share and repurchased 1.0 million
common shares in Q3 2024, representing approximately $14.3 million of total
capital returned to shareholders (approximately 3.5% of September 30, 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:
"The third quarter is typically the most challenging period of the year for
PetroTal, due to seasonal declines in river levels which impact our ability to
export crude oil from the Bretaña field. With that in mind, I am proud of the
results our team has delivered this quarter. Although production declined
relative to the prior quarter, we increased output by 39% compared to the same
period last year and our YTD production is now tracking 23% higher than the
first nine months of 2023, all while the Company is building cash and
returning more than $51 million to shareholders through dividends and
buybacks.
"Looking ahead to 2025, PetroTal is well prepared to handle a period of lower
oil prices. We have no debt and a stable, high-margin production base. As
planned, our drilling program at Bretaña is pausing in Q1 2025, while we
import a new, modern drilling rig to Peru. The new drilling rig is expected to
drive material cost savings, while allowing us to control the pace of
development, giving us a higher degree of flexibility to respond to changes in
oil pricing as necessary. We look forward to providing detailed guidance on
our 2025 budget and operational program in January."
Selected Financial Highlights
Three Months Ended Nine Months Ended
Q3-2024 Q2-2024 Q3-2024 Q3-2023
$/bbl $ 000 $/bbl $ 000 $/bbl $ 000 $/bbl $ 000
Average Production (bopd) 15,203 18,290 17,329 14,040
Average sales (bopd) 14,760 18,050 17,044 14,214
Total sales (bbls)((1)) 1,357,961 1,642,578 4,670,076 3,880,424
Average Brent price $77.74 $83.87 $80.85 $81.88
Contracted sales price, gross $78.58 $83.92 $81.37 $80.35
Tariffs, fees and differentials ($20.52) ($21.15) ($20.87) ($20.34)
Realized sales price, net $58.06 $62.76 $60.50 $60.01
Oil revenue((1)) $58.06 $78,850 $62.76 $103,086 $60.50 $282,519 $60.01 $232,865
Royalties((2)) $5.47 $7,433 $6.08 $9,991 $5.77 $26,924 $5.40 $20,972
Opex (excl. Erosion Control) $8.23 $11,176 $6.10 $10,023 $6.53 $30,477 $5.78 $22,436
Opex (Erosion Control) $0.40 $548 $0.12 $548
Direct Transportation:
Diluent $0.90 $1,218 $1.16 $1,898 $1.00 $4,684 $1.25 $4,838
Barging $0.68 $927 $0.58 $951 $0.62 $2,883 $0.68 $2,647
Diesel $0.13 $173 $0.11 $186 $0.09 $439 $0.10 $374
Storage $0.51 $690 $0.01 $12 $0.05 $245 $0.54 $2,114
Total Transportation $2.22 $3,008 $1.86 $3,047 $1.76 $8,251 $2.57 $9,973
Net Operating Income((3,4)) $41.74 $56,685 $48.72 $80,025 $46.32 $216,319 $46.26 $179,484
G&A $6.75 $9,160 $6.41 $10,528 $5.94 $27,757 $5.02 $19,462
EBITDA((3)) $35.00 $47,526 $42.31 $69,499 $40.38 $188,562 $41.24 $160,021
Adjusted EBITDA((3,5)) $36.49 $49,556 $45.78 $75,201 $42.14 $196,805 $42.19 $163,721
Net Income $5.29 $7,179 $21.56 $35,406 $19.32 $90,208 $22.93 $88,975
Basic Shares Outstanding (000) 913,259 914,196 913,259 917,454
Market Capitalization((6)) $429,231 $504,152 $429,231 $522,519
Net Income/Share ($/share) $0.01 $0.04 $0.10 $0.10
Capex $43,019 $38,867 $112,238 $76,296
Free Funds Flow((3) (7)) $4.81 $6,537 $22.12 $36,334 $18.11 $84,567 $22.53 $87,424
% of Market Capitalization((6)) 1.5% 7.2% 19.7% 15.8%
Total Cash((8)) $133,072 $95,859 $133,072 $112,827
Net Surplus (Debt)( (3) (9)) $10,124 $50,324 $10,124 $86,545
1. Approximately 89% of Q3 2024 sales were through the Brazilian
route vs 87% in Q2 2024.
2. Royalties 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 Q3 2024, Q2 2024 and Q3 2023 assume
share prices of $0.53, $0.56, and $0.45 respectively on the last trading day
of the quarter.
7. Free funds flow is defined as adjusted EBITDA less capital
expenditures. See "Selected Financial Measures" section.
8. Includes restricted cash balances.
9. Net Surplus (Debt) = Total cash + all trade and net VAT
receivables + short and long term net derivative balances - total current
liabilities - long term debt - non current lease liabilities - net deferred
tax - other long term obligations.
Q3 2024 Financial Variance Summary
Three months ended Nine months ended
US$/bbl Variance Summary Q3 2024 Q2 2024 Variance Q3 2024 Q3 2023 Variance
Oil Sales (bopd) 14,760 18,050 (3,290) 17,044 14,214 2,830
Average Brent Price $77.74 $83.87 ($6.13) $80.85 $81.88 ($1.03)
Realized Sales Price $58.06 $62.76 ($4.70) $60.50 $60.01 $0.49
Royalties $5.47 $6.08 ($0.61) $5.77 $5.40 $0.37
Total OPEX and Transportation $10.85 $7.96 $2.89 $8.41 $8.35 $0.06
Net Operating Income((1,2)) $41.74 $48.72 ($6.98) $46.32 $46.26 $0.06
G&A $6.75 $6.41 $0.34 $5.94 $5.02 $0.92
EBITDA $35.00 $42.31 ($7.31) $40.38 $41.24 ($0.86)
Net Income $5.29 $21.56 ($16.27) $19.32 $22.93 ($3.61)
Free Funds Flow((1,3)) $4.81 $22.12 ($17.31) $18.11 $22.53 ($4.42)
· Sales volumes declined by 18% QoQ, due to seasonal patterns in
river levels which constrain PetroTal's ability to export crude oil from the
Bretaña field. However, on a YTD basis, sales volumes are tracking 20% above
prior year levels;
· Brent oil prices declined by $6.13/bbl in Q3, compared to Q2
2024. However, PetroTal's realized sale price only declined by $4.70/bbl.
Relative to 2023, Brent oil and PetroTal's realized sale price are essentially
unchanged on a YTD basis;
· Operating and transportation expenses increased by $2.89/bbl in
Q3 2024, mainly due to barging and logistics costs associated with the pilot
shipment of Bretaña crude to the OCP in Ecuador. However, on a YTD basis,
operating and transportation costs are essentially unchanged relative to last
year;
· Net operating income and EBITDA both fell by approximately
$7.00/bbl relative to the prior quarter, due in approximately equal parts to a
decline in realized pricing and higher operating costs.
· Net income fell by $16.27/bbl in Q3 2024, mainly due to a large
unrealized derivative loss ($21.5 million, or $15.82/bbl) related to the
Company's historical crude oil sales with PetroPeru.
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.
Additional Financial and Operating Updates during, and subsequent to September
30, 2024
Current Production
Bretaña field production has averaged 21,136 bopd in the first ten days of
November, and 16,400 bopd on a Q4 2024 to-date basis. Supported by the results
of its ongoing drilling program, PetroTal was able to respond quickly to
rising river levels in mid-October and returned field production to capacity
within a matter of days. The Company continues to observe strong production
response from recently-drilled wells; the 20H well averaged 4,086 bopd over
the last week of October, while wells 18H and 19H averaged 2,589 bopd and
2,774 bopd, respectively. PetroTal is reiterating previous guidance for Q4
2024 production to average approximately 18,500 bopd, on capital spending of
$41-$53 million.
2024 Guidance
PetroTal reaffirms guidance for corporate production to average 16,500 to
17,500 bopd in 2024, on total capital spending of $150-175 million. With Brent
oil prices averaging approximately $78.00/bbl YTD through October, in-line
with the Company's original budget assumption of $77.00/bbl, 2024 annual
EBITDA is still expected to fall within a range of $200-$240 million.
Drilling Update
As disclosed previously, PetroTal commenced drilling well 21H at Bretaña on
September 25, 2024. The well reached Total Depth in early November, and was
brought onstream on November 9. The Company will provide an update on initial
flow rates once the well has been onstream for at least 30 days. PetroTal will
now drill the 22H and 23H locations, before pausing the Bretaña drilling
program in Q1/25. Well 21H was drilled on-time and on-budget, at a cost of
approximately $14.4 million.
Drilling Rig Acquisition
On October 11, 2024, PetroTal executed an agreement to acquire a drilling rig
from a Houston-based equipment company. The purchase of the rig was financed
through a lease agreement with a Peruvian bank, for a term of 36 months at a
payment of approximately $0.5 million per month. PetroTal intends to import
the rig to Peru in Q1 2025, and expects to bear approximately $3.0 million in
one-time costs associated with the transportation and commissioning of the
rig. The new drilling rig is expected to drive several key benefits for
PetroTal, including immediate savings on day rates and improved uptime, while
retaining more flexibility over its drilling program.
Erosion Control Project
Preparation for the erosion control project is ongoing. On October 10, 2024,
PetroTal agreed to contract terms with its construction consortium, which were
subsequently approved by the Company's Board of Directors on October 25. The
key details of the project are consistent with PetroTal's existing public
disclosure; the Company intends to invest $65-$75 million in erosion control
over the next 18 months, with most of the cash impact to be felt in 2025. In
total, it is expected that approximately 60-65% of the project costs will be
allocated to opex, while 35-40% will be allocated to capex. PetroTal completed
the advance purchase of steel components for the erosion control project in Q3
2024, at a cost of $7.3 million; these components have been included in
inventory as of September 30, 2024.
Cash and Liquidity Update
PetroTal ended Q3 2024 with a total cash position of approximately $133
million, of which $121 million was unrestricted. This compares to total cash
of $96 million at the end of Q2 2024, and $113 million at the same time last
year. Net Surplus, a non-IFRS measure which PetroTal uses to describe its
liquidity position net of working capital and various non-current liabilities,
declined to $10.1 million at the end of Q3 2024 (from $50.3 million at the end
of Q2 2024). The quarter-over-quarter decline was due to an unrealized change
in the value of PetroTal's embedded derivative liability, associated with the
Company's historical sales agreement with PetroPeru, and to other working
capital adjustments. The change in value of the derivative liability was
mainly due to a decline in forward oil prices. PetroTal still has 1.9 million
barrels of pending crude sales with PetroPeru, of which 0.4 million barrels
are expected to occur in 2025, and the Company will continue to adjust the
value of this derivative liability at the end of each fiscal quarter.
During the quarter, PetroTal obtained two lines of credit with Peruvian banks,
totaling $30 million. The interest rates are determined by the prevailing
market rate at the time of borrowing, and the lines of credit have payment
terms of 120-180 days. PetroTal now has total credit capacity of $77 million,
which is completely undrawn at the time of this report.
As disclosed previously, PetroTal entered into a hedge agreement during Q3
2024, for an average of 172,000 barrels per month through August 2025. The
costless collars have a Brent floor price of $65.00/bbl and a ceiling of
$84.25/bbl, with a cap of $104.25/bbl. Subsequent to the end of the quarter,
the Company executed hedges on an additional 570,000 barrels, at the same
terms as the initial agreement. PetroTal is now hedged on approximately 50% of
its forecast crude oil sales through January 2025, and approximately 25% of
its oil sales through August 2025.
Share Buyback Plan Update
PetroTal's updated liquidity strategy prioritizes dividend sustainability, the
company's ongoing development program, and erosion control working capital
requirements. In Q3 2024, the Company set additional constraints on the share
buyback program that better align daily buyback execution with lower share
prices. As a result, the volume of buybacks decreased compared to previous
quarters. The Company will continue to monitor buyback levels and will operate
in the quarterly approved bandwidths announced in May 2024.
Q3 2024 dividend declaration
A cash dividend of USD$0.015 per common share has been declared to be paid in
Q4 2024. This represents a 13% annualized yield based on the current share
price. The dividend will be paid according to the following timetable:
· Ex dividend date: November 28, 2024
· Record date: November 29, 2024
· Payment date: December 13, 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.
Corporate Presentation Update
The Company has updated its Corporate Presentation, which is available for
download or viewing at www.petrotalcorp.com
(https://api.newsfilecorp.com/redirect/yEr0gU52K7) .
Q3 2024 Webcast Link for November 14, 2024
PetroTal will host a webcast for its Q3 2024 results on November 14, 2024 at
9am CT (Houston) and 3pm BST (London). Please see the link below to register.
https://brrmedia.news/PTAL_Q3_24
(https://api.newsfilecorp.com/redirect/1pgLkhy2Am)
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (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.
For further information, please see the Company's website
at www.petrotal-corp.com (https://api.newsfilecorp.com/redirect/AMjbmuqJ5r) ,
the Company's filed documents at www.sedarplus.ca
(https://api.newsfilecorp.com/redirect/ZADb2sLjWj) , or below:
Camilo McAllister
Executive Vice President and Chief Financial Officer
Cmcallister@PetroTal-Corp.com (mailto:Cmcallister@PetroTal-Corp.com)
T: (713) 253-4997
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com (mailto:Mzuniga@PetroTal-Corp.com)
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
(mailto:InvestorRelations@PetroTal-Corp.com)
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk (mailto: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 production capacity; PetroTal's 2024 program for drilling, completions and
other activities; plans and expectations with respect to the OCP and Ecuador
export pilot (including the expectation that pilot oil will travel
approximately 1,000 km by barge to Block 19); and PetroTal's expectations with
respect to projects and key initiatives to be financed with contributions from
the Social Trust Fund. 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 achievement
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, 2023 and the
management's discussion and analysis for the three months ended March 31, 2024
for additional risk factors relating to PetroTal, which can be accessed either
on PetroTal's website at www.petrotal-corp.com
(https://api.newsfilecorp.com/redirect/arJN2hepNJ) or under the Company's
profile on www.sedarplus.ca
(https://api.newsfilecorp.com/redirect/2Epo3UR0X7) . 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, 2024
drilling program and budget, well investment payback, 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.
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