Core Insights - PetroTal Corp. reported a 21% year-over-year increase in average production, reaching 18,414 barrels of oil per day (bopd) in Q3 2025, despite production challenges at the Bretana field [2][4] - The company paid a quarterly dividend of $0.015 per share, totaling approximately $45 million in returns to shareholders year-to-date [2] - As of September 30, 2025, PetroTal had total cash of $141.5 million, with $108.8 million being unrestricted [2][8] Production and Operations Update - Group production averaged 18,414 bopd in Q3 2025, with 17,938 bopd from the Bretana field and 476 bopd from the Los Angeles field [4] - Bretana field production decreased by approximately 2,600 bopd from the previous quarter but increased by about 2,800 bopd compared to Q3 2024 [4] - Cumulative annual production through September 30 was over 5.7 million barrels, a 21% increase from the first nine months of 2024 [4] Challenges and Remedial Actions - The Bretana field has been producing below capacity since mid-August due to leaks in production tubing, leading to the shut-in of five wells [5] - In response, PetroTal mobilized a service rig to address the issues and plans to restore production by the end of October [5] - Production is expected to ramp up in November and December as shut-in wells are brought back online, with no change to the 2025 annual average production guidance of 20,000-21,000 bopd [5] Cash and Liquidity Position - PetroTal ended Q3 2025 with total cash of $141.5 million, an increase in unrestricted cash from $99.3 million at the end of Q2 2025 [8] - The company had approximately $32.7 million in restricted cash, primarily related to an escrow account for a loan [8] - Accounts payable and receivable were approximately $51.9 million and $56.6 million, respectively, showing a decrease from the previous quarter [9] Hedging and Financial Strategy - PetroTal did not initiate new production hedges during Q3 2025 but maintains hedges on approximately 1 million barrels for the period from October 1, 2025, to March 30, 2026 [10] - The existing hedges have a Brent floor price of $65.00 per barrel and a ceiling of $82.50 per barrel, with a cap of $102.50 per barrel [10] Future Developments - The erosion control project at Bretana is progressing, with construction activities ongoing [6] - The company is preparing to import its owned drilling rig to Peru in Q1 2026, with development drilling expected to resume in Q2 2026 [7]

Core Viewpoint - Parex Resources Inc. has announced a production update for Q3 2025, with an expected average production of 44,000 barrels of oil equivalent per day (boe/d), supported by strong asset performance and exploration results [1][7]. Production Update - For the three months ended September 30, 2025, the production breakdown is as follows: - Block LLA-34: 20,800 boe/d - Southern Llanos: 16,950 boe/d - Northern Llanos: 2,750 boe/d - Magdalena Basin: 2,100 boe/d - Natural Gas Production: 1,400 mcf/d - Average Production: 44,000 boe/d [3][7]. - Monthly production for July and August 2025 was 44,400 boe/d and 43,500 boe/d respectively, leading to an average of 44,050 boe/d for the quarter [4][7]. Future Expectations - The company anticipates bringing onstream four to six production-adding wells across LLA-32, Capachos, and Putumayo by the end of 2025, which is expected to support Q4 2025 production and set a strong entry into 2026 [7][12]. - Current field production has increased by over 40% since the tuck-in acquisition at LLA-32, with recent exploration success contributing to an increase in average production to approximately 46,500 boe/d [7][12]. Company Overview - Parex Resources Inc. is one of the largest independent oil and gas companies in Colombia, focusing on sustainable and conventional production. The company is headquartered in Calgary, Canada, with an operating office in Bogotá, Colombia [6]. - Parex shares are traded on the Toronto Stock Exchange under the symbol PXT [6].

Core Viewpoint - PetroTal Corp. has provided an operational update indicating production challenges due to technical issues, particularly at the Bretana field, but maintains its production guidance for 2025 [3][6][9]. Production Update - As of September 15, 2025, PetroTal's average production in Q3 2025 was 18,805 barrels of oil per day (bopd), with 18,325 bopd from the Bretana field and 479 bopd from the Los Angeles field [3][9]. - Bretana's production has significantly improved compared to last September's average of 10,333 bopd, but technical issues have led to a decline since mid-August [3][4]. - The first two weeks of September saw an average production of approximately 16,750 bopd [3][9]. Technical Issues - The company faced pump failures in four wells at the Bretana field from December 2024 to February 2025, which were resolved by mid-July 2025, temporarily increasing production to over 21,000 bopd [4][6]. - During investigations into the pump failures, leaks in production tubing were discovered in six wells, necessitating the shut-in of four wells until repairs can be made [4][9]. - PetroTal is expediting the replacement of production tubing and plans to complete workover operations at Block 131 by the end of September, with production expected to resume in November [5][9]. Production Guidance - The impact of the well failures on the 2025 annual average production is estimated to be less than 1,000 bopd, and the company maintains its production guidance of 20,000-21,000 bopd for 2025 [6][9]. - Year-to-date production as of September 15, 2025, is approximately 5.47 million barrels, averaging 21,135 bopd [6][9]. Management Commentary - The CEO expressed disappointment over the production reliability issues but reassured shareholders that the company is actively addressing these challenges [7].

Core Insights - PetroTal Corp. reported strong financial results for Q2 2025, achieving free cash flow of over $27 million despite lower oil prices, with cash reserves remaining near $100 million [5][10][20] - The company revised its 2025 production guidance to a range of 20,000 to 21,000 barrels of oil per day (bopd) due to delays in the development drilling program [6][23] - The Bretana field continues to perform well, with production recently exceeding 20,000 bopd, and the company is focused on optimizing long-term plans for the asset [5][7] Financial Highlights - Average sales and production for Q2 2025 were 20,578 bopd and 21,039 bopd, respectively [10] - Adjusted EBITDA for Q2 2025 was $44.3 million, while free funds flow was $27.2 million [10] - Net income for Q2 2025 was $17.5 million, with total cash at $142.1 million, including $99.3 million of unrestricted cash [10][20] Operational Updates - The Bretana field's average production in Q2 2025 was 20,512 bopd, down from the previous quarter due to natural declines and pump failures [12] - The company successfully replaced four pumps ahead of schedule, restoring approximately 4,400 bopd of production capacity [12] - The installation of the CPF-4 processing facility increased oil treatment capacity at Bretana to 26,000 bopd [15] Guidance and Future Plans - Annual adjusted EBITDA guidance has been reduced to a range of $170 - 185 million, down from $240 - 250 million, primarily due to lower oil price realizations [24] - Capital expenditures for 2025 are now expected to be $80 million, down from $140 million, reflecting delays in the development drilling program [25] - The company plans to provide a revised field development plan by year-end 2025, focusing on optimizing its long-term development strategy [16] Dividend Declaration - PetroTal's Board of Directors declared a quarterly cash dividend of $0.015 per common share, payable on September 12, 2025 [27][31]

Core Viewpoint - International Petroleum Corporation (IPC) reported strong operational and financial performance for Q2 2025, aligning with its 2025 guidance, while progressing on the Blackrod Phase 1 development project [2][6][10]. Group 1: Financial Highlights - Revenue for Q2 2025 was USD 158.9 million, down from USD 219.0 million in Q2 2024 [7]. - Gross profit for Q2 2025 was USD 23.7 million, compared to USD 72.7 million in Q2 2024 [7]. - Operating cash flow (OCF) for Q2 2025 was USD 55 million, consistent with guidance [11]. - Free cash flow (FCF) for Q2 2025 was negative USD 58 million, reflecting significant capital expenditures [12]. - Net result for Q2 2025 was USD 13.9 million, down from USD 45.2 million in Q2 2024 [7]. Group 2: Production and Operational Performance - Average net production for Q2 2025 was approximately 43,600 barrels of oil equivalent per day (boepd), within the guidance range [6][10]. - The production composition included 52% heavy crude oil, 14% light and medium crude oil, and 34% natural gas [6][46]. - Operating costs per boe for Q2 2025 were USD 17.8, slightly below guidance [10]. Group 3: Capital Expenditures and Debt - Capital and decommissioning expenditures for Q2 2025 totaled USD 100 million, in line with guidance [11]. - As of June 30, 2025, IPC's net debt increased to USD 375 million from USD 314 million at the end of Q1 2025 [12]. - IPC has access to a Canadian revolving credit facility of over USD 180 million, which remains undrawn as of June 30, 2025 [12]. Group 4: Blackrod Project Development - The Blackrod asset contains 259 million barrels of oil equivalent (MMboe) of 2P reserves and 1,025 MMboe of contingent resources [13]. - The Phase 1 development project is targeting plateau production rates of 30,000 barrels of oil per day (bopd) with first oil expected in late 2026 [13]. - As of Q2 2025, approximately 86% of the planned growth capital expenditure of USD 850 million has been spent [13]. Group 5: Market Conditions and Pricing - Brent crude prices averaged approximately USD 68 per barrel in Q2 2025, down from just below USD 76 per barrel in Q1 2025 [7]. - The WTI to WCS differential averaged USD 10.2 per barrel during Q2 2025, benefiting from the TMX pipeline expansion [8]. - Natural gas prices in Canada remained weak, with an average AECO gas price of CAD 1.7 per Mcf [9]. Group 6: Sustainability and ESG Performance - IPC released its sixth annual Sustainability Report, detailing its sustainability initiatives and progress [18]. - The company targets a reduction of net GHG emissions intensity by 50% from its 2019 baseline by the end of 2025 [19].

CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. ("Parex" or the "Company") (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended June 30, 2025, the declaration of its Q3 2025 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars ("USD") unless otherwise stated. "Our resilient business model, reinforced by favourable crude differentials and a continued focus on operatio ...

Core Viewpoint - PetroTal Corp. reported strong operational performance in Q2 2025, with production levels near all-time highs, despite some challenges with pump failures and delays in drilling programs [3][4]. Production and Operations Update - Average group production in Q2 2025 was 21,039 barrels of oil per day (bopd), a 15% increase compared to the same period last year [7]. - Production from the Bretana field was 20,512 bopd, while the Los Angeles field contributed 526 bopd [5]. - Bretana production saw a decline of approximately 2,150 bopd from the previous quarter due to natural declines and pump failures [5]. - Three out of four failed electric submersible pumps at Bretana have been replaced, restoring about 3,300 bopd of production capacity [5][7]. - The remaining pump replacement is expected to be completed by the end of July 2025 [5]. Financial Performance - As of June 30, 2025, PetroTal had total cash of $142.1 million, including $99.3 million in unrestricted cash [10]. - The company paid a quarterly dividend of $0.015 per share on June 13, 2025, bringing year-to-date returns of capital to shareholders to approximately $30 million [7]. - Year-to-date capital expenditures for 2025 were approximately $40-50 million, significantly below budget [9]. Management and Corporate Updates - Jose Contreras, the former Chief Operating Officer, departed the company on June 13, 2025, and Max Torres has been appointed as the Interim Chief Operating Officer [13]. - The company is actively seeking a permanent replacement for the COO position [13]. Future Plans - PetroTal is preparing for its Block 131 drilling program, although there have been delays in the commissioning of the new drilling rig [4][8]. - A comprehensive update on the 2025 development program, including revised timelines and production expectations, will be provided with the Q2 2025 results on August 7, 2025 [9].

Core Viewpoint - Parex Resources Inc. has announced a production update and plans to release its Q2 2025 financial and operating results on July 30, 2025 [1] Production Update - Estimated average production for Q2 2025 was 42,550 barrels of oil equivalent per day (boe/d) [6] - Monthly average production for June 2025 was approximately 43,950 boe/d, showing growth supported by positive exploration results and the successful startup of a horizontal well at LLA-74 in the Southern Llanos [6] - Breakdown of production by region for Q2 2025 includes: - Block LLA-34: 21,500 boe/d - Southern Llanos: 13,800 boe/d - Northern Llanos: 4,000 boe/d - Magdalena Basin: 2,250 boe/d - Natural Gas Production: 1,000 boe/d [3] Monthly Production Breakdown - Monthly average production figures are as follows: - April 2025: 41,350 boe/d - May 2025: 42,300 boe/d - June 2025: 43,950 boe/d [4] Product Type Disclosure - For the three months ended June 30, 2025, the product type breakdown was: - Light & Medium Crude Oil: 10,662 barrels per day (bbl/d) - Heavy Crude Oil: 30,899 bbl/d - Conventional Natural Gas: 5,941 thousand cubic feet per day (mcf/d) [7] Upcoming Events - Parex will host a conference call and webcast on July 30, 2025, at 9:30 am MT (11:30 am ET) to discuss its Q2 2025 results [5]

Core Viewpoint - Trio Petroleum Corp has successfully acquired additional petroleum and natural gas properties from Novacor Exploration Ltd, positioning the company for growth in the heavy oil sector of Lloydminster, Saskatchewan, which is recognized for its potential in long-term production and reserve growth [1][2]. Acquisition Details - The acquisition includes the remaining Novacor TWP47 assets located in the South-West quarter of Section 19, Township 47, Range 26W3M, and the Northeast Section 3, Township 48, Range 24W3M, both in the Lloydminster area [2]. - The total purchase price for the acquisition was US$650,000 in cash and 526,536 shares of common stock, with an initial good faith deposit of $65,000 [6]. Production and Operational Insights - There are currently seven producing wells on the acquired properties, with production from Section 19 subject to Freehold Royalties of 13.5% and a GORR of 2%, while Section 3 has Freehold Royalties of 15% [2]. - Novacor, as the operator, has the capability to rapidly double production, and the area is home to major industry players, indicating a competitive environment for heavy oil production [2]. Cost Management and Efficiency - Novacor's current lift cost is CDN $10.00 per barrel, which is considered competitive and is expected to help maintain profitability even in lower oil price environments [4]. - The company emphasizes its commitment to cost management and efficient production techniques, which are believed to provide a significant advantage in navigating market fluctuations [4]. Strategic Growth Plans - Trio plans to aggressively expand its footprint in the area, leveraging Novacor's operational efficiencies, and aims to deliver consistent value to shareholders through disciplined operations and cost management [5]. - The immediate plan includes initiating a workover program to increase production on the newly acquired assets, with expectations of reflecting benefits in the upcoming quarters [5].

Core Viewpoint - Argo Gold Inc. has released its Year-End 2024 Reserves Report, indicating significant reserves of heavy crude oil and providing detailed evaluations of its oil production assets [1][2]. Reserves Summary - The Reserves Report, effective December 31, 2024, was prepared by Petrotech and Associates and follows the Canadian Oil and Gas Evaluation Handbook standards [1]. - The report details Argo's interests in five producing oil wells and five undeveloped well locations in Alberta [2]. Reserves Data - Proved Developed Producing Reserves: 827.4 Mbbl gross, 200.3 Mbbl company net, with NPV at 10% of $10.6 million, 15% of $7.0 million [2]. - Proved Undeveloped Reserves: 907.2 Mbbl gross, 170.1 Mbbl company net, with NPV at 10% of $8.0 million, 15% of $4.6 million [2]. - Total Proved Reserves: 1,734.5 Mbbl gross, 370.3 Mbbl company net, with NPV at 10% of $18.6 million, 15% of $11.6 million [2]. - Probable Reserves: 435.8 Mbbl gross, 96.0 Mbbl company net, with NPV at 10% of $5.4 million, 15% of $2.2 million [2]. - Total Proved plus Probable Reserves: 2,170.3 Mbbl gross, 466.3 Mbbl company net, with NPV at 10% of $24.0 million, 15% of $13.8 million [2]. Regulatory Filings - The Company has filed its Form 51-101 F1, F2, and F3 reports for the year ending December 31, 2024, which are available on its website and SEDAR+ [4]. Company Overview - Argo Gold is a Canadian mineral exploration and development company, also engaged in oil production, listed on the Canadian Securities Exchange [5].