GTE - PetroTal: A Debt-Free Oil Producer With Intentions To Pay A 4% Dividend

Introduction

PetroTal (OTCPK:PTALF) is a relatively young company which acquired its first Peruvian assets in 2017 when it purchased several blocks from Gran Tierra Energy (GTE), a company I discussed here as well. In the past three quarters, PetroTal has aggressively expanded its oil production going from an average of 923 barrels per day (not a typo) in Q1 2019 to an exit rate exceeding 13,000 boe/day at the end of the year. The production rate averaged approximately 10,000 barrels per day in Q1 and is working on establishing a credit