Mr. Manolo Zuniga reports

PETROTAL ANNOUNCES Q1 2026 OPERATIONS AND FINANCIAL UPDATES

Petrotal Corp. has provided the following operational and financial updates. All amounts are in U.S. dollars unless stated otherwise.

Key highlights:

• Group production averaged 14,907 barrels of oil per day in Q1 2026, down 2 per cent quarter over quarter;
• Total cash of $128.1-million as of March 31, 2026 ($104.2-million unrestricted), compared with $139.1-million at year-end 2025.

Manuel Pablo Zuniga-Pflucker, president and chief executive officer, commented: "I am pleased to report that Petrotal delivered a strong start to 2026, with average production in the first quarter of approximately 15,000 barrels of oil per day, slightly ahead of our internal expectations. This performance has allowed us to maintain $128.1-million of total cash, which has been further supported by a constructive commodity price environment, with our sale prices averaging approximately $90 per barrel in March, 2026.

"Looking ahead, our focus over the next six months is on advancing our development program at Bretana. We are in the final stages of securing a contract with a third party drilling contractor and expect to mobilize a rig to the field in the coming months, with drilling activities targeted to resume by October.

"We look forward to providing a more comprehensive update when we report our full first quarter 2026 financial results on May 7."

Q1 2026 production and operations update

Petrotal's group production averaged 14,907 bopd in Q1 2026, including 14,490 bopd from the Bretana field (Block 95; Petrotal 100-per-cent working interest) and 417 bopd from the Los Angeles field (Block 131; Petrotal 100-per-cent working interest). As disclosed previously, Bretana field production remains constrained by water reinjection capacity, which currently stands at approximately 170,000 barrels of water per day. Petrotal's 2026 guidance includes planned downtime to replace production tubing in three producing horizontal wells; the company is considering undertaking these tubing replacements in Q2 2026, prior to the expected arrival of the drilling rig in Q3 2026.

Cash and liquidity update

Petrotal ended Q1 2026 with a total cash position of $128.1-million, of which approximately $104.2-million was unrestricted. This compares with unrestricted cash of $139.1-million at the end of Q4 2025 and $113.6-million at the end of Q1 2025.

As of March 31, 2026, Petrotal's unaudited trade and other payables and trade receivables were approximately $51.5-million and $86.5-million, respectively (versus comparable values of $60.4-million and $62.1-million as of Dec. 31, 2025, respectively).

As of April 1, 2026, the company maintains hedges on approximately 900,000 barrels over the remainder of 2026. Consistent with prior disclosure, the costless collars have an average Brent floor price of $60 per barrel and a ceiling of $80.50 per barrel, with a cap of $100.50 per barrel. As of April 10, Petrotal's production hedges had a fair value of negative $8.6-million.

Corporate presentation update

The company has updated its corporate presentation, available for download or viewing on the Petrotal website.

Q1 2026 webcast on May 7, 2026

Petrotal's management team will host a webcast to discuss Q1 2026 results on May 7, 2026 at 9 a.m. CT (Houston) and 3 p.m. BST (London).

About Petrotal Corp.

Petrotal is a publicly traded, triquoted (Toronto Stock Exchange: TAL) (Alternative Investment Market: PTAL) (OTCQX: PTALF) oil and gas development and production company domiciled in Calgary, Alta., focused on the development of oil assets in Peru. Petrotal's flagship asset is its 100-per-cent working interest in the Bretana Norte oil field in Peru's Block 95, where oil production was initiated in June, 2018. In early 2022, Petrotal became the largest crude oil producer in Peru. The company's management team has significant experience in developing and exploring for oil in Peru and is led by a board of directors that is focused on safely and cost-effectively developing the Bretana oil field. It is actively building new initiatives to champion community-sensitive energy production, benefiting all stakeholders.

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