PetroTal Announces Voting Results of Shareholders' Meeting

Rhea-AI Summary

PetroTal Corp. (PTALF) held its annual general meeting on June 19, 2025, with 44.02% of shareholders participating, representing 403,104,944 common shares. Shareholders approved all resolutions, including the election of eight directors with strong approval ratings above 95%. Notable appointments include Manuel Pablo Zuniga-Pflucker (99.5% approval) and Mark McComiskey (99.08% approval). Deloitte LLP was reappointed as auditors with 99.35% approval. Significantly, shareholders approved a special resolution authorizing a share consolidation ratio between 5:1 and 10:1 with 98.38% support, indicating strong shareholder confidence in the company's strategic decisions.

Positive

• Strong shareholder support with over 98% approval for share consolidation plan
• High approval ratings for all board members (>95%)
• Significant shareholder participation with 44.02% of shares represented at meeting

Negative

• Potential share dilution impact from the approved share consolidation

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - June 20, 2025) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to announce that all resolutions at the annual general meeting of shareholders held on June 19, 2025 (the "Meeting"), have been fully authorized and approved. A total of 403,104,944 common shares representing approximately 44.02% of PetroTal's issued and outstanding common shares were represented at the Meeting.

The shareholders approved an ordinary resolution to fix the number of directors of the Corporation at eight (8) members. The following nominees were elected as directors of PetroTal, being the eight nominees listed in the management information circular of the Company dated May 9, 2025, to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed, unless such office is vacated earlier in accordance with PetroTal's by-laws. Results of the vote are as follows:

	Votes For		Votes Withheld
Director:	#	%	#	%
Manuel Pablo Zuniga-Pflucker	376,516,596	99.5%	1,886,557	0.50%
Mark McComiskey	374,950,217	99.08%	3,462,919	0.92%
Gavin Wilson	360,362,192	95.23%	18,050,944	4.77%
Eleanor J. Barker	376,823,508	99.58%	1,589,628	0.42%
Jon Harris	375,892,308	99.33%	2,520,828	0.67%
Felipe Arbelaez-Hoyos	376,754,902	99.56%	1,658,234	0.44%
Emily Morris	376,754,904	99.57%	1,643,736	0.43%
Denisse Abudinen	376,750,602	99.56%	1,648,038	0.44%

 

In addition, shareholders approved the appointment of Deloitte LLP as auditors of the Company to hold office until the next annual meeting, and the directors were authorized to fix their remuneration. The results of the vote were as follows:

Votes For		Votes Withheld
#	%	#	%
400,463,364	99.35%	2,626,784	0.65%

 

Lastly, shareholders approved a special resolution authorizing the directors to consolidate the Common Shares of the Company on the basis of a ratio of between five (5) and ten (10) pre-consolidation Common Shares for each one (1) post-consolidation Common Share, as described in the Information Circular. The results of the vote were as follows:

Votes For		Votes Against
#	%	#	%
396,556,596	98.38%	6,533,550	1.62%

 

A full report on the voting results will be made available under PetroTal's profile on SEDAR+ at www.sedarplus.ca.

ABOUT PETROTAL

PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (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 the Bretaña Norte oil field in Peru's Block 95, where oil production was initiated in June 2018. In early 2022, 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 its portfolio of assets. 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.sedarplus.ca, or below:

Camilo McAllister
Executive Vice President and Chief Financial Officer
Cmcallister@PetroTal-Corp.com
T: (713) 253-4997

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) 20 7770 6424

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
T: +44 (0) 20 7710 7600

Peel Hunt LLP (Joint Broker)
Richard Crichton / Georgia Langoulant
T: +44 (0) 20 7418 8900

READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release contains certain statements that may be deemed to be forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. 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", "intend" and similar expressions. The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. PetroTal cautions that forward-looking statements relating to PetroTal are subject to all of the risks, uncertainties and other factors, which may cause the actual results, performance, capital expenditures or achievements of the Company to differ materially from anticipated future results, performance, capital expenditures or achievement expressed or implied by such forward-looking statements, including the Company's intentions regarding the NCIB and its ability to achieve related anticipated benefits. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, business performance, legal and legislative developments including changes in tax laws and legislation affecting the oil and gas industry, credit ratings and risks, fluctuations in interest rates and currency values, changes in the financial landscape both domestically and abroad, including volatility in the stock market and financial system, wars (including Russia's war in Ukraine and the Israeli-Hamas conflict), regulatory developments, commodity price volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry, changes in the financial landscape both domestically and abroad (including volatility in the stock market and financial system) and the occurrence of weather-related and other natural catastrophes. Readers are cautioned that the foregoing list of factors is not exhaustive. Please refer to the annual information form for the year ended December 31, 2024 and the management's discussion and analysis for the three months ended March 31, 2025 for additional risk factors relating to PetroTal, which can be accessed either on PetroTal's website at www.petrotal-corp.com or under the Company's profile on www.sedarplus.ca. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256191

FAQ

What was the outcome of PetroTal's (PTALF) 2025 annual general meeting?

All resolutions were approved, including the election of eight directors, appointment of Deloitte LLP as auditors, and authorization for a share consolidation ratio between 5:1 and 10:1.

What is the approved share consolidation ratio for PetroTal (PTALF)?

Shareholders approved a consolidation ratio between five and ten pre-consolidation shares for each one post-consolidation share, with 98.38% voting in favor.

Who are the key directors elected to PetroTal's board in 2025?

Eight directors were elected, including Manuel Pablo Zuniga-Pflucker (99.5% approval), Mark McComiskey (99.08%), and Gavin Wilson (95.23%).

What was the shareholder participation rate at PetroTal's 2025 AGM?

The meeting had 44.02% shareholder participation, representing 403,104,944 common shares.

Who will serve as PetroTal's auditor for the upcoming year?

Deloitte LLP was appointed as auditors with 99.35% shareholder approval.