Mr. Manolo Zuniga reports

PETROTAL ANNOUNCES Q3 2026 FINANCIAL AND OPERATING RESULTS

Petrotal Corp. has released its operating and financial results for the three and nine months ended Sept. 30, 2026. All amounts herein are in U.S. dollars unless stated otherwise.

Selected financial and operational information outlined below should be read in conjunction with the company's unaudited consolidated financial statements and management discussion and analysis (MD&A) for the three and nine months ended Sept. 30, 2026, which are available on SEDAR+ and on the company's website.

Key highlights:

• Average Q3 2026 sales and production of 11,446 and 11,797 barrels of oil per day (bopd), respectively;
• Year-to-date production averaged 13,076 bopd, tracking 3 per cent ahead of budget;
• Q3 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and free funds flow of $33.7-million ($31.96 per barrel) and $21.2 million ($20.15 per barrel), respectively;
• Net loss of $5.5-million ($5.27 per barrel), due to a total commodity price derivative loss of $14.9-million; a significant portion of this relates to unrealized fair-value adjustments on the company's commodity hedging program, with no impact on cash flows;
• Capital expenditures of $11.8-million, bringing 2026 year-to-date capital investment to $27.4-million;
• Unrestricted cash of $115.6-million, an increase of 9.6 per cent in the quarter;
• Commencement of the drilling of development well 25-H;
• Postquarter-end events:
  • Repayment of $36.6-million balance of BanBif-Cofide syndicated facility from existing resources;
  • Award of Area CXVII technical evaluation agreement (TEA).

Manuel Pablo Zuniga-Pflucker, president and chief executive officer, commented: "Petrotal delivered a solid third quarter, with adjusted EBITDA of $33.7-million and free funds flow of $21.2-million reflecting higher year-on-year pricing and continued cost discipline. Year-to-date production averaged 13,076 bopd, slightly ahead of our internal plan, putting us in an encouraging position to meet our annual production guidance. The first development well of our production growth campaign, 25-H, is drilling ahead safely and we look forward to sharing the results once it has completed. We are also pleased to have voluntarily prepaid in full the outstanding balance of our BanBif-Cofide syndicated loan facility, and to have been awarded a TEA in Area CXVII. Looking ahead, we remain focused on disciplined capital allocation and advancing our drilling campaign, returning to production growth."

Additional financial and operational updates during and subsequent to the quarter ended Sept. 30, 2026

Block 95 update

Petrotal produced an average of 11,465 bopd from the Bretana field (Block 95; Petrotal 100-per-cent working interest) in Q3 2026. Bretana production declined by approximately 725 bopd relative to the prior quarter, mainly due to natural declines and in line with expectations. In the first nine months of 2026, Petrotal's total production averaged 13,076 bopd, approximately 3 per cent ahead of budget expectations.

During the quarter, Petrotal concluded a pulling campaign at the Bretana field, replacing production tubing and electric submersible pumps in five wells. Remediation work in the wells improved production deliverability and was completed on schedule and on budget. Subsequently, Petrotal conducted stimulations over two water injection wells, with a view to increasing water injection capacity at the field. Following the completion of this work, Petrotal injected an average of 187,000 barrels of water per day in the month of September, a 6-per-cent increase compared with the prior month. These efforts are part of a larger, continuing initiative to increase the Bretana field's water injection capacity to a total of 320,000 barrels per day by the end of 2028.

Petrotal's development drilling campaign continues, with well 25-H having spudded on Sept. 21, 2026. The well is drilling ahead safely and is expected to reach target depth this month. It will then be placed on production, and the next well in the company's eight-well campaign, 24-H, will spud shortly thereafter. This drilling campaign is expected to result in Bretana field production of approximately 20,000 bopd by the end of the first quarter of 2027. Petrotal will update the market as appropriate.

Erosion control project

Petrotal has secured a significant proportion of the equipment and resource required to complete this key project and is negotiating with service providers to recommence the remainder of the construction work.

Financial update

Petrotal ended Q3 2026 with a total cash position of $151.4-million, of which $115.6-million was unrestricted. This compares with $136.9-million total cash ($105.4-million unrestricted) at the end of Q2 2026.

After period-end, Petrotal repaid the $36.6-million outstanding balance of the BanBif-Cofide syndicated loan, resulting in unrestricted cash decreasing by approximately $11-million. The early repayment of this loan eliminates $3.9-million of future interest costs.

Petrotal reported a net loss of $5.5-million ($5.27 per barrel) for Q3 2026 due to a total commodity price derivative loss of $14.9-million reflecting unrealized fair value losses on hedging of $10.6-million and realized losses of $4.8 million, partially offset by a $500,000 gain on outstanding embedded derivatives. These unrealized losses do not affect operating cash flows, liquidity, covenant compliance or free funds flow generation and will fluctuate with changes in forward oil prices until settlement.

Petrotal initiated new hedges on approximately 900,000 barrels of oil in Q3 2026. As at Sept. 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 three way collars have a weighted average Brent floor price of $60 per barrel and a ceiling of $78 per barrel, with a cap of $98 per barrel.

Petrotal continues to refine the 2027 budget plan and will provide additional details in due course.

Q3 2026 webcast for Nov. 9, 2026

Petrotal's management team will host a webcast to discuss Q3 2026 results on Nov. 9, 2026, at 9 a.m. CT (Houston) and 3 p.m. GMT (London).

About Petrotal Corp.

Petrotal is a publicly traded, triquoted 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.

We seek Safe Harbor.