Core Viewpoint - PetroTal Corp. announced the results of its 2025 year-end reserve evaluation, highlighting the strength of its asset base despite lower commodity prices and a disciplined approach to capital allocation [1][3]. Summary of Year-End 2025 Reserves - The independent reserves evaluator, NSAI, confirmed an unchanged original 2P OOIP estimate of 494 million barrels, significantly higher than the 329 million barrels estimated in 2018 [3][12]. - Year-end 2025 proved reserves are 66.4 million barrels, while proved plus probable reserves are 110.2 million barrels, showing a slight decrease of 1% and 3% year-over-year, respectively [7][12]. - The total possible reserves decreased by 13% to 185.5 million barrels [7]. Development Plans and Future Outlook - No development drilling was undertaken in 2025, but the company added new production wells to its development plans, increasing the total inventory to 37 for 1P and 46 for 2P [8]. - The company plans to resume drilling in October 2026 and aims to protect current value while allowing for future reserve growth as market conditions improve [4][8]. Financial Metrics - The net present value (NPV) of total proved plus probable reserves decreased by 25% to $1.977 billion, primarily due to reduced forecast oil prices and increased future development costs [11][13]. - The after-tax NPV for proved reserves is $687 million, down 39% from the previous year [13]. Future Development Costs - Future development costs for proved reserves increased by 178% to $534 million, reflecting the need for additional production and water disposal wells [22][21]. - The cost per barrel for proved reserves rose to $8.04, a 180% increase year-over-year [22]. Reserve Life Index - The reserve life index for proved developed producing reserves is estimated at 5.2 years, down from 7.0 years in the previous year [23].