Q2 2026 Financial and Operating Results

Calgary, AB and Houston, TX - August 6, 2026 - PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to report its operating and financial results for the three months ended June 30, 2026. All amounts herein are in United States dollars unless stated otherwise.

Selected financial and operational information outlined above should be read in conjunction with the Company's unaudited consolidated financial statements and management's discussion and analysis ("MD&A") for the three months ended June 30, 2026, which are available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.PetroTal‐Corp.com.

Key Highlights

• Average Q2 2026 sales and production of 11,969 and 12,557 barrels of oil per day ("bopd"), respectively;
• H1 2026 production averaged 13,726 bopd, tracking 3% ahead of budget expectations;
• Adjusted EBITDA(1) of $43.5 million ($39.98/bbl) in Q2 2026 and $78.7 million ($33.05/bbl) in H1 2026;
• Free Funds Flow(1) of $32.4 million ($29.72/bbl) in Q2 2026 and $58.1 million ($24.41/bbl) in H1 2026;
• Net Income of $4.8 million ($4.40/bbl), net of a $10.2 million impairment charge relating to the sale of the Amazonia-1 drilling rig;
• Capital expenditures of $8.0 million, bringing 2026 YTD capital investment to $15.6 million, and;
• Unrestricted cash of $105.4 million, an increase of $6.1 million YoY.
• Non-GAAP (defined below) measure that does not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures presented by other entities. See "Selected Financial Measures" section.

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

"PetroTal delivered strong second quarter results, with Adjusted EBITDA of $43.5 million and Free Funds Flow of $32.4 million reflecting stronger realized pricing and continued cost discipline. Production of 12,557 bopd tracked slightly ahead of our internal plan, putting us in good position to meet our annual production and EBITDA guidance. As part of our ongoing work program at Bretana, we recently commenced a pulling campaign to replace tubing and pumps on up to five wells, which will help mitigate forecast production declines in the second half of the year.

I am happy to report that preparations for our development drilling campaign are progressing on schedule. The Estrella drilling rig is now in Peru and we have increasing confidence that drilling will resume in accordance with our October target date. Delivery on these key project milestones reflects strong execution by our operations and drilling teams and lays the groundwork for a return to production growth in 2027. Looking ahead, we remain focused on disciplined capital allocation and advancing our drilling campaign as we work toward that objective."

Selected Financial Highlights

• Approximately 99% of Q2 2026 sales were through the Brazilian route vs 90% in Q2 2025.
• Royalties include the impact of the 2.5% community social trust.
• Non-GAAP (defined below) measure that does not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures presented by other entities. See "Selected Financial Measures" section.
• Market capitalization for Q2 2026, Q1 2026 and Q2 2025 assume share prices of $0.3175, $0.3943, and $0.50 respectively on the last trading day of the quarter.
• Free funds flow is defined as adjusted EBITDA less capital expenditures. See "Selected Financial Measures" section.
• Includes restricted cash balances.

Additional financial and operational updates during and subsequent to the quarter ending June 30, 2026:

Block 95 Update

PetroTal produced an average of 12,190 bopd from the Bretana field (Block 95; PetroTal 100% WI) in Q2 2026. Bretana production declined by approximately 2,300 bopd relative to the prior quarter, mainly due to natural declines and in-line with expectations. Los Angeles field production (Block 131; PetroTal 100% WI) averaged 367 bopd in Q2 2026, a decline of approximately 50 bopd compared to the prior quarter. In the first six months of 2026, PetroTal's corporate production averaged 13,726 bopd, approximately 3% ahead of budget expectations.

In mid-July, PetroTal commenced a pulling campaign at the Bretana field. The objective of the work program, which is classified as an operating expenditure, is to replace production tubing and potentially electric submersible pumps in up to five wells, with a view to improving field production deliverability in H2 2026. The cost and production downtime associated with the pulling campaign are fully contemplated in PetroTal's 2026 budget. Bretana field production averaged 11,107 bopd in July 2026.

PetroTal continues to advance preparations for its H2 2026 development drilling campaign, which remains on track to begin in October. Construction of the L2E platform, which is being built to accommodate surface infrastructure for the new wells, was 78% complete as of July 21. The Estrella drilling rig, which PetroTal has contracted for an 8-well drilling campaign, entered Peru from Leticia, Colombia on August 4, and following a planned barge transshipment in Iquitos is expected to arrive at Bretana by the end of the month. The Company intends to notify the market when the first well has spud.

Erosion Control Project

As disclosed previously, PetroTal has largely suspended construction activities for the erosion control project, after terminating its contract with the previous construction consortium in March 2026. The Company commenced a tender process to source new contractors for the project in May 2026. That process remains ongoing, with updated bids now expected by the end of August. Once PetroTal has agreed to terms with a new contractor, it will guide the market on the cost and timeframe to project completion.

Cash and Liquidity Update

PetroTal ended Q2 2026 with a total cash position of $136.9 million, of which $105.4 million was unrestricted. This compares to $128.3 million total cash ($104.4 million unrestricted) at the end of Q1 2026. The increase in cash reflects strong operating cash flow and $13.4 million of net proceeds from the Amazonia-1 rig sale, offset by the retirement of the $16.9 million lease liability associated with the rig and routine debt service.

PetroTal did not initiate any new production hedges during Q2 2026. As at June 30, 2026, the Company's corporate hedging program consisted of four three-way collars covering approximately 1.1 million barrels through March 2027, with floor prices ranging from $55.00 to $65.00/bbl, ceiling prices from $72.10 to $73.75/bbl, and caps from $92.10 to $93.75/bbl. As of June 30, 2026, these contracts had a fair value of negative $2.2 million.

Q2 2026 Webcast Link for August 6, 2026

PetroTal's management team will host a webcast to discuss Q2 2026 results on August 6, 2026 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 / Charles Denley - Myerson

Strand Hanson Limited (Nominated & Financial Adviser)

Ritchie Balmer / James Spinney

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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