Calgary, Alberta and Houston, Texas--(Newsfile Corp. - September 20, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce that all matters presented for approval at the annual special meeting of shareholders held on September 15, 2022 have been fully authorized and approved.

Annual General and Special Meeting on September 15, 2022

The Company welcomes two new directors (Messrs. Carranza and Harris), and thanks retiring directors (Messrs. Guidry and Ellson). The following are PetroTal's duly elected Directors:

Mark McComiskey - Chair
Manuel Pablo Zuniga-Pflucker - President and CEO
Eleanor Barker - Non-Executive Director
Luis Carranza - Non-Executive Director
Jon Harris - Non-Executive Director
Roger Tucker - Non-Executive Director
Gavin Wilson - Non-Executive Director

PSU Issue

The Company also announces that it has issued an aggregate of 5,547,808 Common Shares to employees pursuant to the obligation to annually issue vested performance share units ("PSUs") to acquire Common Shares under the Company's performance and restricted share unit plan, as approved by the TSX Venture Exchange on December 12, 2019. Of the 5,547,808 Common Shares issued, 4,442,890 Common Shares were issued to Officers.

Further details regarding the Company's PSU plan are set out in the management information circular of the Company dated August 3, 2022 which is available on SEDAR at www.sedar.com.

Exercise of Investor Warrants

The Company has received a notice to exercise 878,220 Investor Warrants at a price of 16 pence per Common Share from an investor in relation to the Investor Warrants issued on June 12, 2020. The Company received proceeds of £140,515 from the Investor Warrants exercised and has issued 878,220 new Common Shares.

Exercise of Performance Warrants

The Company has received a notice to exercise 300,000 Performance Warrants at a price of $0.1869 per Common Share from a warrant holder. The Company received $56,070 USD from the Performance Warrants exercised and has issued 300,000 new Common Shares.

Following the abovementioned warrant exercises, the Company will have 59,875,687 and 1,603,440 Investor Warrants and Performance Warrants, respectively, outstanding.

Admission to Trading and TVR

For the above issuances, application will be made to the London Stock Exchange for the admission of, in aggregate, 6,726,028 Common Shares to trading on AIM ("Admission") and to the TSXV for listing of 6,726,028 Common Shares for trading on the facilities of the TSXV. It is expected that Admission will become effective at 8:00 am London time on or around September 23, 2022.

Following Admission, the Company will have 858,921,187 Common Shares issued and there are no shares held in treasury. For purposes of the Disclosure Guidance and Transparency Rules, the total number of voting rights in the Company is 858,921,187 Common Shares. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

PDMR Notification Form

ABOUT PETROTAL

PetroTal is a publicly traded, tri quoted (TSXV: TAL) (AIM: PTAL) and (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, 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.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

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

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

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

Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 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
T: +44 (0) 7711 627449

Reader Advisories

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to: PetroTal's business strategy, objectives, strength and focus; and the AGM. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The 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 the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Please refer to the risk factors identified in the Corporation's most recent annual information form and MD&A, which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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