CALGARY and HOUSTON, Sept. 14, 2018 /CNW/ - PetroTal Corp. ("PetroTal" or the "Company") (TSXV: TAL) announces the grant of performance share units ("PSUs") and deferred share units ("DSUs") to certain officers and directors of the Company.
The Company granted an aggregate of 3,901,666 PSUs to certain officers of the Company in accordance of the provisions of the Company's PSU plan. The PSUs will vest annually over three years and each PSU will entitle the holder to acquire between zero and two common shares of the Company ("Common 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 Company also issued an aggregate of 650,000 DSUs pursuant to the Company's DSU plan to the independent directors of the Company. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of PetroTal. No Common Shares will be issued under the DSU plan; all DSUs granted are settled in cash.
Further details regarding the PSU plan and the DSU plan are set out in the management information circular of the Company dated April 30, 2018, which is available on SEDAR at www.sedar.com.
PetroTal is a publicly-traded oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. The Company's management team has significant experience in developing oil fields in Northern Peru and is led by an independent Board of Directors, focused on safely and cost effectively developing and exploiting the Bretaña oil field.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PetroTal Corporation
For further information: Greg Smith, Executive Vice President and Chief Financial Officer, Gsmith@Petrotal-Corp.com, T: (713) 609-9026; Manolo Zuniga, President and Chief Executive Officer, Mzuniga@Petrotal-Corp.com, T : (713) 609-9101; www.petrotal-corp.com