Q3 2026 Operations and Financial Updates

Calgary, AB and Houston, TX – October 14, 2026 – 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 delivered another solid quarter in Q3 2026. Year-to-date production is running about 3% ahead of budget, and our unrestricted cash rose by more than $10 million quarter-over-quarter to $115.6 million. At Bretana, the 25H development well drilling is progressing on schedule and in line with the pre-drill prognosis. The 25H well is the first oil well in the renewed development drilling program that we expect will return Bretana field production to approximately 20,000 bopd by the end of the first quarter of 2027.

We are also pleased to have signed a new TEA with PeruPetro in Area CXVII. It gives us exclusive, low-cost access to evaluate two structures where legacy wells have tested oil, on trend with other major oil fields in the Maranon Basin, including Bretana. We look forward to updating shareholders on Q3 financial results and the 25H well on November 9."

Q3 2026 Production and Operations Update

PetroTal’s group production averaged 11,797 bopd in Q3 2026, including 11,465 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 332 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). As of September 30, 2026, PetroTal’s year-to-date production has averaged 13,076 bopd, approximately 3% ahead of internal budget expectations. Following the completion of stimulation work on two water injection wells at the Bretana field, PetroTal injected an average of 187,000 barrels of water per day in the month of September, a 6% increase compared to the prior month.

As disclosed previously, PetroTal spud the Bretana 25H development well on Monday, September 21. The well is currently drilling at a depth of 3,362 meters, in line with pre-drill prognosis. PetroTal is pleased with drilling progress to date, as the Company moves to restore production to 20,000 bopd by the end of the first quarter of 2027.

Area CXVII TEA Award

On October 1, 2026, PetroTal signed a TEA with PeruPetro, covering Area CXVII in Peru's Maranon Basin, where Block 95 is also located. The TEA runs for an initial 24 months, which PeruPetro may extend by up to 12 months. During the term, PetroTal has exclusive rights to evaluate the area. It also has an exclusive option to negotiate directly for one or more license contracts for the exploration and exploitation of hydrocarbons over all or part of the area. The work program is limited to desk-based technical studies of existing data and excludes any field activities. Planned work includes reprocessing legacy 2D seismic, re-evaluating historical exploration wells, and petroleum system modelling. The area contains two structures where legacy wells have previously tested oil. Both structures have potential in the Vivian formation, which is the producing reservoir at Bretana, and in the deeper Chonta formation that produces oil in Blocks 8 and 192.

Cash and Liquidity Update

PetroTal ended Q3 2026 with a total cash position of $151.4 million, of which approximately $115.6 million was unrestricted. This compares to unrestricted cash of $105.3 million at the end of Q2 2026 and $108.8 million at the end of Q3 2025. As of September 30, 2026, PetroTal’s unaudited trade receivables and trade and other payables were approximately $47.5 million and $55.9 million, respectively (versus comparable values of $50.0 million and $47.6 million as of June 30, 2026, respectively).

PetroTal initiated new hedges on approximately 0.9 million barrels of oil in Q3 2026. As of September 30, 2026, the Company maintains hedges on approximately 338,000 barrels over the remainder of 2026 and a total of 1.7 million barrels through 2027. The costless collars have a weighted average Brent floor price of $60/bbl and a ceiling of $78/bbl, with a cap of $98/bbl. PetroTal’s production hedges had a fair value of negative $12.8 million as of September 30, 2026.

Q3 2026 Results Webcast Scheduled for Monday, November 9

PetroTal’s management team will host a webcast to discuss Q3 2026 financial results on November 9, 2026 at 9am CT (Houston) and 3pm GMT (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 / Sophie Brand

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 / David McKeown / 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, 2026 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.