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.
ABOUT PETROTAL
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