Petrotal Corp (OTCMKTS:PTALF) Stock Pulls Back a But After The Monster Rally

Petrotal Corp (OTCMKTS:PTALF) stock saw a bit of profit booking on Monday after the big rally in the past month. The stock has gained almost 40% over the past month.

Market Action

In Monday’s trading session, PTALF stock ended lower by 4.14% at $0.34. More than 148K shares have exchanged hands, compared to its average volume of 114K shares. The stock opened at $0.3650 and moved in a range of $0.3400 – 0.3696.

PetroTal Announces the 30 Day Initial Production Rate for Well 8H at over 7,700 bopd

Petrotal Corp announced the 30-day initial production rate of over 7,700 barrels of oil per day (“bopd”) for well BN-8H (“8H”). All amounts herein are in United States dollars (“USD”) unless otherwise stated.

Significant 30 day initial production rate for well 8H

Well 8H delivered over 7,700 bopd average production during its first 30 days of operation, with the most recent rate at 7,575 bopd;

As of October 3, 2021, during its first 30 days of operation, the well has produced 231,000 bbls;

Well 8H is outperforming management expectations; and,

Based on the 8H well’s ongoing performance and an expected $45/bbl oil netback, the 8H well should pay out in approximately 45 days, overall.

Backstopping 2022 cash flow with additional hedging

PetroTal is also pleased to announce it has entered into additional put options with strike prices of $70/bbl Brent oil for approximately 25% of the H1 2022 management production profile.

Government and local community alignment update

PetroTal continues to play a key role in bridging communication efforts between the government and local residents by promoting some of their key initiatives directly into the community; and,

In order to create alignment with all stakeholders, PetroTal’s efforts include local labor allocation, financial support to develop sustainable projects, and intellectual resources to execute on those local projects.