Q3 2025 Operations and Financial Updates

Calgary, AB and Houston, TX - October 14, 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

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

"PetroTal's preliminary Q3 results show that the Company continues to deliver steady YoY production growth, even though the Bretana field has been producing below capacity for a substantial portion of the third quarter. I am confident that our technical team has addressed the root cause of the previously disclosed leaks in our production tubing and am pleased to report that a service rig is already back on site, preparing to replace the faulty tubing. We look forward to providing additional updates on our development program with the release of our full Q3 2025 financials on November 13."

Q3 2025 Production and Operations Update

PetroTal's group production averaged 18,414 bopd in Q3 2025, including 17,938 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 476 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). Bretana field production decreased by approximately 2,600 bopd relative to the prior quarter but increased approximately 2,800 bopd relative to the same period last year. Meanwhile, Los Angeles field production declined by approximately 50 bopd compared to Q2 2025. PetroTal's cumulative annual production through September 30 amounted to just over 5.7 million barrels, approximately 21% higher than the first nine months of 2024.

As disclosed previously on September 22, 2025, the Bretana field has been producing below capacity since mid-August, due to leaks in production tubing which have necessitated the shut-in of five producing wells. As a result, corporate production during the first ten days of October has averaged approximately 16,000 bopd. Responding to the production downtime, PetroTal mobilized a service rig from Block 131 to Bretana in the first week of October and will begin a pulling campaign to restore production from shut-in wells by the end of the month. The Company will also proactively replace electric submersible pumps in several wells, as a preventative measure to mitigate against potential future downtime. Bretana field production is expected to ramp up throughout the months of November and December as the shut-in wells are returned to production. At this point, there is no change to PetroTal's 2025 annual average production guidance of 20,000-21,000 bopd, most recently updated with Q2 2025 results on August 7.

Also at Bretana, the erosion control project is well underway. PetroTal's contracted construction consortium has installed a jackup rig in front of the village of Bretana, where it is currently engaged in piling operations for the first of five breakwaters. PetroTal is also finalizing preparations to import its owned drilling rig to Peru during the first quarter of 2026, with development drilling operations expected to resume at Bretana in Q2 2026.

At the Los Angeles field, PetroTal executed a workover campaign during the month of September. The Company is currently evaluating the results and will provide additional updates on the future course of action as necessary.

Cash and Liquidity Update

PetroTal ended Q3 2025 with a total cash position of $141.5 million, of which approximately $108.8 million was unrestricted. This compares to unrestricted cash of $99.3 million at the end of Q2 2025 and $121 million at the same time last year. Of the approximately $32.7 million that PetroTal carried as Restricted Cash on September 30, approximately $25.2 million was related to the escrow account of the COFIDE loan, as previously announced on May 12, 2025.

As of September 30, PetroTal's unaudited accounts payable and receivable were approximately $51.9 million and $56.6 million, respectively (vs. comparable values of $57 million and $66 million as of June 30, 2025, respectively).

PetroTal did not initiate any new production hedges during Q3 2025. As of October 7, the Company maintains hedges on approximately 1 million barrels over the period from October 1, 2025 to March 30, 2026. Consistent with prior disclosure, 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 October 7, PetroTal's production hedges had a present value of approximately $3.2 million.

Corporate Presentation Update

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

Q3 2025 Webcast on Thursday November 13, 2025

PetroTal's management team will host a webcast to discuss its Q3 2025 Results on Thursday November 13, 2025 at 9:00am CT (Houston) and 3:00pm 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 / Charles Denley-Myerson

Strand Hanson Limited (Nominated & Financial Adviser)

Ritchie Balmer / James Spinney / Edward Foulkes

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart / Simon Mensley / Ashton Clanfield

Peel Hunt LLP (Joint Broker)

Richard Crichton / Georgia Langoulant

READER ADVISORIES

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, 2025 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.