Calgary, Alberta and Houston, Texas–(Newsfile Corp. – December 13, 2019) – PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (“PetroTal” or the “Company“) announces the grant of performance share units (“PSUs”) to officers and employees of the Company.
The Company has granted an aggregate of 8,441,659 PSUs, of which 4,489,013 are to officers of the Company in accordance with the provisions of the Company’s PSU plan. The PSUs to the officers will vest three years from the date of grant and each PSU will entitle the holder to acquire, for nil cost, between zero and two common shares of the Company (“Shares”), subject to the achievement of performance conditions relating to the Company’s total shareholder return, net asset value and certain production and operational milestones. The Corporate Governance and Compensation Committee of the Board is charged with overseeing the PSU plan.
Further details regarding the PSU plan are set out in the management information circular of the Company dated April 24, 2019, which is available on SEDAR at www.sedar.com. The Board of PetroTal has amended the PSU plan to include the following restrictions: (i) the aggregate number of Shares that may be issued under the PSU plan will not exceed 50,000,000 Shares; (ii) no securities will be issued to any participants who are engaged in investor relations activities; (iii) the number of Shares issued to any one participant, within any one year period, will not exceed 1% of the issued and outstanding Shares; and (iv) the number of Shares issued to insiders as a group, within any one year period, will not exceed 2% of the issued and outstanding Shares. Shareholders of the Company will be asked to ratify the amended PSU plan reflecting these additional terms at the next annual shareholder meeting of the Company in 2020.
Following this grant and a forfeiture of 1,016,667 PSUs in November 2019 held by a former officer, the Company has a total of 10,871,353 PSUs outstanding.
ABOUT PETROTAL
PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) (AIM: PTAL) 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 the oil field in Peru’s Block 95 where oil production was initiated in June 2018, six months after acquisition. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company’s management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field.
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