Q1 2025 Operations and Financial Updates

Calgary, AB and Houston, TX - April 10, 2025 - PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to provide the following operational and financial updates. All amounts are in US dollars unless stated otherwise.

Key Highlights

• PetroTal group production averaged approximately 23,280 barrels of oil per day ("bopd") in Q1 2025, including a full quarter contribution from Block 131;
• Bretana Q1 2025 production averaged approximately 22,660 bopd, a 17% increase on Q4 2024 and a 22% increase on Q1 2024;
• Total cash of $114 million as of March 31, 2025, essentially flat to YE 2024;

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"PetroTal's production continues to reach new highs in 2025. We established a new quarterly production record in Q1 2025 and are tracking ahead of our annual production guidance range of 21,000 - 23,000 bopd.

Our operations team is hard at work preparing for two projects that will ramp up during the second quarter. We are currently mobilizing equipment and steel components for the erosion control project, where field work should commence at Bretana next month. At Block 131, we are preparing a workover program at the Los Angeles field, before our new drilling rig arrives around mid-year.

That said, PetroTal is closely monitoring the oil price outlook. As disclosed previously, we have hedges on nearly 40% of our remaining 2025 oil production. We also have a high degree of flexibility to manage our capital program in line with our funding capabilities. We remain committed to developing our assets at a responsible pace, in tandem with a stable return of capital program, and will provide additional updates to guidance as necessary."

Q1 2025 Production Update

PetroTal's group production averaged 23,280 bopd in Q1 2025, including 22,660 bopd from the Bretana field and 620 bopd from the Los Angeles field. Bretana production increased 17% relative to Q4 2024 and 22% relative to Q1 2024, establishing a new record quarterly high for the field. Bretana production averaged approximately 23,100 bopd in March 2025, a record monthly high for the field. Los Angeles field production was flat relative to Q4 2024 and down from an average of approximately 950 bopd in Q1 2024.

Bretana field production remains supported by contributions from PetroTal's active 2024 development drilling campaign. Well 23H, which was brought onstream in the last week of February, produced an average of 3,363 bopd in March 2025, reaching a maximum daily high of 5,110 bopd. Well 22H, which was brought onstream in mid-January, produced an average of 4,386 bopd in March 2025.

Cash and Liquidity Update

PetroTal ended Q1 2025 with a total cash position of $113.6 million, of which approximately $103 million was unrestricted. This compares to total cash of $114.5 million at the end of Q4 2024 and $85 million one year ago. Stability in the Company's cash position compared to YE 2024 is due to a relatively light development program in Q1 2025, offset by the settlement of payables from prior quarters. As of March 31, PetroTal's unaudited accounts payable and receivable were approximately $60 million and $87 million, respectively (vs. comparable values at YE 2024 of $88 million and $85 million, respectively).

As disclosed previously, PetroTal has entered into production hedges on approximately 40% of its forecast 2025 production volumes. The costless collars have a Brent floor price of $65.00/bbl and a ceiling of $82.50/bbl, with a cap of $102.50/bbl. As of Monday April 7, PetroTal's production hedges had a present value of approximately $11 million.

Corporate Presentation Update

The Company has updated its Corporate Presentation, available for download or viewing at www.petrotalcorp.com.

Q1 2025 Webcast on May 12, 2025

PetroTal's management team will host a webcast to discuss Q1 2025 results on May 12, 2025 at 9am CT (Houston) and 3pm BST (London). Please see the link below to register.

Camilo McAllister

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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