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7% increase in 2P Reserves to 51.0 million barrels and 25% increase in 3P Reserves to 106.1 million barrels Calgary, Alberta and Houston, Texas–(Newsfile Corp. – February 24, 2021) – PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (" PetroTal " or the " Company "), a Peruvian focused E&P company, is pleased to announce the results of its 2020 year-end reserve evaluation by Netherland, Sewell & Associates, Inc. ("NSAI") for the Bretaña oil field, operated 100% by PetroTal. All currency amounts are in United States dollars (unless otherwise stated) and comparisons refer to December 31, 2019. HIGHLIGHTS: Proved ("1P") reserves increased by 4% to 22.3 million barrels ("mmbbl") from 21.5 mmbbl, Proved plus Probable ("2P") reserves increased by 7% to 51.0 mmbbl from 47.7 mmbbl and Proved plus Probable and Possible ("3P") reserves increased by 25% to 106.1 mmbbl from 84.8 mmbbl; Relative to 2020 oil production of 2.1 mmbbl, reserve replacement was 38% in 1P reserves and 157% in 2P reserves; Bretaña’s reserve life index ("RLI") for 1P and 2P reserves is now 6.4 years and 14.6 years, respectively; Original oil in place ("OOIP") estimates for 1P, 2P, and 3P reserve categories were unchanged from 2019 at 235, 364, […]
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