Calgary, Alberta and Houston, Texas-(Newsfile Corp.-December 6, 2021)-PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) ("PetroTal "Or "Company") is pleased to provide the following updates:

Social protest at PetroTal loading dock ends

After the recent announcement, PetroTal is pleased to announce that the social protests near the PetroTal oil loading facility have ended. The social initiative recently announced by PetroTal contributed to a peaceful settlement.

The barge from Brazil is on site and the oil loading operation will begin on December 3, 2021. This will allow PetroTal to increase production in the next few days, starting with the new 9H horizontal well, which was put into production and resumed sales on December 5, 2021, to the Iquitos refinery and via the Brazilian export route.

Currently, PetroTal has approximately 300,000 barrels of oil on the barge, of which 135,000 barrels are located near Pumping Station 1 ("PS1") in Salamuro, waiting for the reopening of Petroperu's ONP pipeline operation and involving the reopening of PS5. The remaining barrels on the barge will be shipped to the Iquitos refinery or Brazil.

As of December 3, 2021, the PS1 protests have been resolved, which shows the positive momentum of the initiatives that PetroTal is promoting. Regarding Pumping Station No. 5 ("PS5"), the government and the Indigenous Peoples Federation have proposed to hold a meeting on December 10, 2021. The purpose is to develop a worksheet aimed at solving the ongoing protests in the long term because the government does not take it seriously. In exchange for the establishment of this work table, the protesters offered a 30-day truce starting on the same day.

If the 30-day ceasefire cannot be achieved, the company may need to restrict production in the third week of December 2021. PetroTal is also commissioning additional barges to enable the company to produce without restrictions until December 2021. Including the recently drilled flushing production and completion of the 9H well, the company expects to initially produce more than 18,000 bopd, although this may be limited by managed storage and off-take capacity. After December 2021, PetroTal will need to enter Petroperu's ONP pipeline route normally in order to produce unrestricted in 2022.

PetroTal is also pleased to announce that Well 9H has been completed on December 1, 2021 to fill the wellbore with oil and inflate the packer. The most recent initial flow on December 6, 2021 reached a flushing output of approximately 9,000 barrels per day. If available, PetroTal will provide 10-day and 30-day average production rates for well 9H.

PetroTal is pleased to announce that its forward liquidity position remains strong, with a substantial cash buffer in December 2021, which is expected to continue through the first quarter of 2022 through a continuous capital plan. The simulation forecast assumes conservative oilfield closure conditions for the remainder of 2021, restricted oilfield operations, declining Brent crude oil prices, and moderate oil sales from currently loaded barges.

Commented by President and CEO Manuel Pablo Zuniga-Pflucker

"We are very pleased to reach a peaceful resolution with the protest community near the PetroTal terminal. Based on the company's initiatives to promote change and social profitability, confidence and trust have been established between our teams. We look forward to completing the legal and administrative procedures in the rest of 2021. Work to make the social fund operational in early 2022. We also see the government’s commitment to reaching a long-term solution to the ongoing ONP protests at pumping stations 1 and 5. This is expected to completely reopen the ONP route in the short term. PetroTal We are doing our best to support these discussions. In terms of operations, I need to thank the entire PetroTal team for another extraordinary result in the 9H horizontal well, starting at a rate of over 9,000 barrels per day, which is a new record for our Bretana oil field. "

PetroTal is a publicly traded three-quote (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) oil and gas development and production company located in Calgary, Alberta, focusing on the development of Peru's petroleum assets. PetroTal's flagship asset is its 100% working interest in the Bretana oil field in Block 95 in Peru, which started production in June 2018. At the beginning of 2020, Petrotal became Peru's second largest crude oil producer. The company’s management team has extensive experience in the development and exploration of oil in Peru and is led by the board of directors. The team focuses on the safe and cost-effective development of the Bretana oil field. It is actively developing new initiatives to support the sensitive energy production of the community for the benefit of all stakeholders.

For more information, please refer to the company's website www.petrotal-corp.com, the company's documents submitted on www.sedar.com or the following:

Douglas Urch Executive Vice President and Chief Financial Officer Durch@PetroTal-Corp.com Tel: (713) 609-9101

Manolo Zuniga President and CEO Mzuniga@PetroTal-Corp.com Tel: (713) 609-9101

PetroTal Investor Relations InvestorRelations@PetroTal-Corp.com

Celicourt Communications Mark Antelme / Jimmy Lea petrotal@celicourt.uk Tel: 44 (0) 208 434 2643

Strand Hanson Limited (Nominated and Financial Advisor) Ritchie Balmer / James Spinney / Robert Collins Tel: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (joint broker) Callum Stewart / Simon Mensley / Ashton Clanfield Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (joint broker) Jonathan Wright Tel: +44 (0) 7711 627449

Forward-looking statements: This press release contains certain statements that may be considered forward-looking statements. Such statements are related to possible future events, including but not limited to: PetroTal's business strategy, objectives, strength and focus; and the impact of social unrest on the company's operations, including the potential site shutdown of Bretana. All statements other than statements of historical facts may be forward-looking statements. Forward-looking statements are usually, but not always, identified by using words such as "expects", "believes", "anticipates", "plans", "estimates", "potential", "will", "should", etc., to identify, "continue" , "Possible", "target" and similar expressions. Forward-looking statements are based on certain key expectations and assumptions made by the company. Although the company believes that the expectations and assumptions on which forward-looking statements are based are reasonable, it should not rely excessively on forward-looking statements because the company cannot guarantee that they will prove to be correct. Because forward-looking statements involve future events and conditions, by their nature, they involve inherent risks and uncertainties. Due to various factors and risks, the actual results may differ materially from the currently expected results. Please refer to the risk factors identified in the company's annual information sheet for the year ended December 31, 2020 and the management discussion and analysis for the three and nine months ended September 30, 2021, available at www.sedar.com. Check it out on SEDAR on com. The forward-looking statements contained in this press release were made on the date of this press release, and the company assumes no obligation to publicly update or revise any forward-looking statements or information due to new information, future events, or other reasons, except for applicable securities The law requires this.

Neither TSX Venture Exchange nor its regulatory service providers (as the term is defined in the policies of TSX Venture Exchange) assumes responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106716

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