PetroTal Announces Grant of Performance Share Units
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - February 26, 2021) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") announces the annual grant of performance share units ("PSUs") to officers and employees of the Company.
PetroTal granted an aggregate of 14,205,198 PSUs, of which 7,463,529 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 remaining PSUs vest annually, on an equal basis, over the next three years. The Corporate Governance and Compensation Committee of the Board is charged with overseeing the PSU plan.
Summary of PSU grants to officers
| Manuel Pablo Zuniga-Pflucker, President and CEO | 3,243,929 |
| Douglas Urch, Executive Vice President and CFO | 2,296,471 |
| Estuardo Alvarez-Calderon, Vice President, Exploration and Development | 1,923,129 |
Further details regarding the PSU plan are set out in the management information circular of the Company dated July 29, 2020, which is available on SEDAR at www.sedar.com.
Following this grant, the Company has a total of 23,516,953 PSUs outstanding.
ABOUT PETROTAL
PetroTal is a publicly traded, dualquoted (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 its 100% working interest in Bretaa oil field in Peru's Block 95 where oil production was initiated in June 2018, and in early 2020 became the second largest crude oil producer in Peru. 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 Bretaa oil field.