Performance Share Units for Dividend Equivalents

Calgary, AB and Houston, TX - December 18, 2023-PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces the grant of performance share units ("PSUs") to employees and officers of the Company, in accordance with the Company's performance and restricted share unit plan.

PSU Dividend Equivalents for Q4 2023

PetroTal's PSU plan ("PSU)" includes a value make whole provision to all PSU holders when dividends are issued to shareholders. The dividend equivalent provision compensates PSU holders with additional PSUs equal to the value of the dividends paid on a per unit basis on the record date. Based on the US$0.02 per share dividend at the record date of November 30, 2023 (payable on December 15, 2023), the Company has issued 688,010 PSUs, of which 520,655 PSUs are to Officers. The PSUs issued will vest according to their grant date and each PSU will entitle the holder to acquire for nil cost, equal common shares of the Company ("Shares"), subject to achievement, as evaluated by the Corporate Governance and Compensation Committee and Key Performance Indicators ("KPIs") relating to the Company's total shareholder return, net asset value and certain production and operational milestones. The remaining 167,355 PSUs are issued to employees. This new PSU issue is approximately 3.3% of the total outstanding PSUs.

Following this grant, the Company has a total of 20,801,920 PSUs outstanding.

December 15, 2023 Dividend Payment Confirmation

As announced on November 13, 2023, the Company is pleased to confirm that a total dividend payment of approximately $18.4 million, representing US$0.02/share, was paid on December 15, 2023 to shareholders on record at November 30, 2023. This equates to a 13.3% annualized yield based on a US$0.60/share trading price. Shareholders should confirm with their brokers to verify their ownership status on November 30, 2023. Inclusive of this dividend payment, approximately $52 million in total dividends has been paid to shareholders in 2023. This is an eligible dividend for the purposes of the Income Tax Act (Canada), and shareholders outside of Canada should contact their respective brokers or register agents for the appropriate tax election forms regarding this dividend.

Douglas Urch

Executive Vice President and Chief Financial Officer

Manolo Zuniga

President and Chief Executive Officer

PetroTal Investor Relations

Celicourt Communications

Mark Antelme / Jimmy Lea

Strand Hanson Limited (Nominated & Financial Adviser)

Ritchie Balmer / James Spinney / Robert Collins

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart / Simon Mensley / Ashton Clanfield

Peel Hunt LLP (Joint Broker)

Richard Crichton / David McKeown / Georgia Langoulant

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