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7 Jul 2022 07:00
PetroTal Announces Grant of Performance Share Units
Calgary, AB and Houston, TX - July 7, 2022-PetroTal Corp. ("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTCQX: PTALF) announces the grant of performance share units ("PSUs") to new employees of the Company.
2022 PSU Issuance
PetroTal granted an aggregate of 172,058 PSUs, to new employees of the Company in accordance with the provisions of the Company's PSU plan. The PSUs vest annually, on an equal basis, over the next three years and each PSU will entitle the holder to acquire, for nil cost, between zero and two common shares of the Company ("Shares"), subject to the achievement of performance conditions relating to the Company's total shareholder return, net asset value and certain production and operational milestones. The Corporate Governance and Compensation Committee of the Board is charged with overseeing the PSU plan.
Further details regarding the PSU plan are set out in the management information circular of the Company dated May 13, 2021, which is available on SEDAR at www.sedar.com.
Following this grant, the Company has a total of 27,873,890 PSUs outstanding
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSXV: TAL, AIM: PTAL and OTC: PTALF) operationally prudent and sustainable Peruvian oil operator that owns 100% working interest in Blocks 95 and 107 with its current development focus at the Bretana oilfield in Block 95. The Company is headquartered in Houston, Texas with operational and legal offices in Lima, Peru and Calgary, Alberta Canada, respectively. Over a period of four years, starting in late 2017, the PetroTal team was able to take a greenfield resource project and transform it into Peru's largest crude oil producer reaching over 20,000 bopd in December 2021. PetroTal now has a substantial and de-risked repeatable drilling inventory to provide investors with free cash flow and growth for many years ahead while actively building new initiatives to champion ESG development. 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
Durch@PetroTal-Corp.com
T: (713) 609-9101
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) 208 434 2643
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
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449
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.
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