Petrotal produces 19,473 bopd in 2025

Executive Summary

• Petrotal Corp. reported Q4 2025 group production averaging 15,258 bopd and full-year 2025 production of 19,473 bopd, with cumulative annual production increasing approximately 9.2% compared to 2024.
• The company reported a total cash position of $139.1 million as of December 31, 2025, including $112.4 million in unrestricted cash, while noting that production has stabilized following tubing replacements in the Bretana field.
• Petrotal appointed Jorge Osorio as Chief Operating Officer, effective January 12, 2026, to oversee operations, engineering, and strategic execution.

Key Details

• Q4 2025 Production: Group production averaged 15,258 barrels of oil per day (bopd).
  • Bretana field (Block 95, 100% WI): 14,766 bopd.
  • Los Angeles field (Block 131, 100% WI): 492 bopd.
• 2025 Annual Production: Average annual production was 19,473 bopd.
• Cumulative Production: Total annual production through Dec. 31, 2025, was just over 7.1 million barrels (a ~9.2% increase vs. 2024).
• Operational Status (Bretana Field):
  • Production had been below capacity since mid-August 2025 due to tubing leaks requiring the shut-in of five wells.
  • A service rig was mobilized in October 2025; as of Jan. 7, 2026, production tubing was successfully replaced in six wells.
  • Group production in the first week of January 2026 averaged ~15,600 bopd, flat to November 2025 levels and in line with the Q3 2025 indicative forecast.
• Reserves and Milestones:
  • Bretana field cumulative production passed 30 million barrels in mid-December 2025.
  • As of year-end 2024, 1P reserves were 67 million barrels and 2P reserves were 114 million barrels (up from 16.9M 1P and 37.5M 2P at the time of the 2017 recapitalization).
• Cash and Liquidity (as of Dec. 31, 2025):
  • Total cash: $139.1 million.
  • Unrestricted cash: $112.4 million.
  • Restricted cash: ~$26.7 million (of which ~$19.2 million relates to the COFIDE/BanBif loan escrow).
  • Trade and other payables: ~$60.4 million.
  • Trade receivables: ~$62.1 million.
• Hedging:
  • No new hedges initiated in Q4 2025.
  • As of Jan. 7, 2026, hedges cover ~200,000 barrels from Jan. 1, 2026, through March 30, 2026.
  • Terms: Costless collars with a Brent floor of $65/bbl and ceiling of $80.50/bbl, with a cap at $100.50/bbl.
  • Fair value of hedges: ~$800,000.
• Executive Appointment:
  • Jorge Osorio appointed as Chief Operating Officer, effective Jan. 12, 2026.
  • Responsibilities include field operations, engineering, production, and drilling.
  • Background: 37 years in upstream oil and gas; former VP of Upstream at Ecopetrol (managed 730,000 bopd portfolio, $4-5B annual capex) and roles at BP in Asia Pacific and Atlantic LNG.

Notable Quotes

• "As we discussed on our Q3 2025 earnings call in mid-November, the entire Petrotal team is working hard to restore shut-in production and cash flow as we manage a period of weakness in oil pricing. I am pleased to report that recent wells have responded positively to production tubing replacements, and our current corporate production is in line with the November, 2025, forecast as we begin the new year." — Manuel Pablo Zuniga-Pflucker, President and CEO
• "I would also like to welcome Jorge Osorio as Petrotal's new chief operating officer. Jorge has a strong track record operating major heavy oil projects in Colombia... He will be a tremendous asset to the company as we kick off the next phase of Petrotal's development." — Manuel Pablo Zuniga-Pflucker, President and CEO