PetroTal reports its operating and financial results for the period ended September 30, 2025. 

Key Highlights of Q3 2025 Financial & Operational Results

• Average Q3 2025 sales and production of 18,028 and 18,414 barrels of oil per day ("bopd"), respectively;
• Generated adjusted EBITDA(1) and free funds flow(1) of $31.6 million ($19.03/bbl) and $12.1 million ($7.29/bbl) , respectively;
• Capital expenditures of $19.7 million, an increase of $2.6 million compared to the prior quarter;
• Net income of $3.6 million ($2.17/bbl), a decrease of $13.9 million compared to the prior quarter;
• Total cash of $141.5 million, essentially flat to the prior quarter, and an increase of $8.4 million compared to the same period last year;

(1) Non-GAAP (defined below) measure that does not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculation of similar measures presented by other entities.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
"I am pleased to share that PetroTal delivered solid financial results in the third quarter of 2025. Our production increased by 21% compared to the same period last year, supported by healthy river exports, as we continued to benefit from the results of our 2024 development drilling program. While we experienced some unscheduled downtime that temporarily impacted production capacity, our operational teams responded quickly to restore output and sustain our sales volumes.

Looking ahead, we continue to refine our development plan as we finalize our 2026 budget. In a separate announcement today, we have confirmed that PetroTal's Board of Directors has decided to suspend our quarterly dividend for the time being. Although this was a difficult decision, we believe it is prudent to preserve liquidity as we evaluate the optimal development plan for the Bretana field. We thank our shareholders for their ongoing support and look forward to providing additional details with our 2026 budget in January."

Additional financial and operational updates during and subsequent to the quarter ending September 30, 2025:

Block 95 Update

PetroTal produced an average of 17,938 bopd from the Bretana field in Q3 2025, an increase of 21% over the same period last year. As disclosed on September 22, 2025, the Bretana field has been producing below capacity since mid-August, due to leaks in production tubing which necessitated the shut-in of five producing wells. Responding to the production downtime, PetroTal mobilized a service rig from Block 131 to Bretana and began a pulling campaign to restore production from shut-in wells in late October. As of November 10, the Company successfully replaced production tubing in one (1) well. During the first 10 days of November, Bretana production averaged 14,983 bopd, bringing 2025 YTD production to 6.2 mmbbls, for an average of 19,594 bopd.

Block 131 Update

Los Angeles field production averaged 476 bopd in Q3 2025, a decline of approximately 50 bopd compared to the prior quarter. PetroTal conducted a workover campaign at Los Angeles in September, which necessitated the shut-in of all three producing wells at the field for approximately one week. Following the completion of the workover campaign, Los Angeles field production averaged approximately 560 bopd during the month of October, compared to 479 bopd during the month of August, the last full calendar month before the wells were shut-in. As of November 11, YTD production from Los Angeles totaled just over 170,000 bbls, for an average of 539 bopd. PetroTal's technical team is currently evaluating the results of the workover program, with a view to finalizing the 2026 development plan by mid-January 2026.

Bretana Erosion Control Project

The Bretana Erosion Control Project, which PetroTal is undertaking to ensure maximum realization of its investment in the Bretana field, continues to proceed on schedule. PetroTal expensed $6.5 million of erosion control costs in Q3 2025, up from $0.7 million in the prior quarter, as the main piling barge, along with the first batch of fabricated steel components, arrived at Bretana in mid-August. As of November 7, PetroTal is actively engaged in construction activities on breakwaters #1 and #3, both of which are situated in front of the village of Bretana. There are no material changes to project cost estimates or timelines at this time; PetroTal continues to target completion date in Q3 2026, with total project cost estimates falling within a range of $65-75 million.

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