PetroTal Regulatory News (PTAL)

PetroTal Appoints Two New Independent Directors

Calgary and Houston - December 19, 2019-PetroTal Corp. ("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL) is pleased to announce the appointment of Eleanor Barker and Roger Tucker as Independent Non-Executive Directors, effective today.

Ms. Barker has over 25 years' experience in the international oil and gas business. She is currently the President of Barker Oil Strategies Inc., an oil and gas investment and consulting company, and Chair of the Audit Committee and a Director of Serinus Energy plc (AIM:SENX). Eleanor was previously a Director of Sterling Resources Ltd. (the company which PetroTal reversed into to effect its quotation on the TSX-V), the US National Association of Petroleum Investment Analysts and the former President of the Canadian Association of Investment Analysts. Ms. Barker has held roles with Imperial Oil Limited and Gulf Canada Limited. Ms. Barker holds an Honours B.Sc. in Chemistry from Queen's University in Canada and an MBA from the University of Western Ontario.

Dr. Tucker has over 30 years' experience in international oil and gas operations, financing and acquisitions. Roger has held senior executive positions with a number of companies in the energy industry, including Senior Vice President of BG Group's European business, Chief Executive Officer of African Arabian Petroleum Ltd., Managing Director of Yukos Oil, and President of the Latin American operations of LASMO plc. Dr. Tucker is a graduate of the University of Newcastle upon Tyne with a B.Sc. in Geology and a Ph.D. in Sedimentology and Geochemistry and is a member of the American Association of Petroleum Geologists and the Geological Society of London.

These two appointments effectively increase the Board size by one to seven Directors, following the resignation, as announced on November 4, 2019, of Mr. Douglas Urch from his role as Board Chairman to accept the appointment as Executive Vice President and Chief Financial Officer of the Company. The Board would like to thank Mr. Urch for his guidance as a Director since the Company's inception, and continued leadership as a key member of PetroTal's senior management team.

Mark McComiskey, Chairman of the PetroTal Board of Directors, commented: 

"We are delighted to welcome Eleanor and Roger to the PetroTal Board. Both bring a considerable level of expertise and a range of financial and operational capabilities with them. Their appointments will add further strength to the organisation, as we continue the development of the Bretaña oil field, and with assessing additional growth opportunities."

Further information on Ms. Barker and Mr. Tucker as required in accordance with Schedule 2(g) of the AIM Rules

Eleanor Jean Barker, aged 66

Ms. Barker was a director of Gordon Capital Corporation ("Gordon Capital") from 1993 to 1995. In November 1993, Gordon Capital concluded a settlement agreement under which it agreed to pay CAD 375,000 and CAD 6 million to the Minister of Finance of Ontario and the Canadian Investor Protection Fund, respectively, for malfeasance relating to a bond lending scheme that circumvented collateral requirements. The events giving rise to the settlement occurred between 1989 and 1991, prior to Ms. Barker joining Gordon Capital. Ms. Barker was not implicated in any wrongdoing.

Roger Morris Tucker, aged 63

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules.

ABOUT PETROTAL

PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL and AIM: PTAL) 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field. More information on the Company can be found at www.PetroTal‐Corp.com.

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

Celicourt Communications

Mark Antelme / Jimmy Lea

petrotal@celicourt.uk

T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)

James Spinney / Ritchie Balmer / Eric Allan

T: 44 (0) 207 409 3494

Numis Securities Limited (Joint Broker)

John Prior / Emily Morris

T: +44 (0) 207 260 1000

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

Tel: +44 (0) 20 7710 7600

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements. More particularly, and without limitation, this news release contains statements concerning PetroTal's assessment of future plans and operations and the appointment of new directors of the Company. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by PetroTal. Although PetroTal believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: PetroTal may not obtain the required approvals from the TSX Venture Exchange and other factors more fully described from time to time in the reports and filings made by PetroTal with securities regulatory authorities. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2018 and management's discussion and analysis for the three and six months ended June 30, 2019 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.

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.