HOUSTON, May 16, 2016 (GLOBE NEWSWIRE) -- Talara Oil and Gas LLC announced today that the company has changed its name to PetroTal LLC, and appointed GMP Securities as its financial advisor.
“The company changed its name to more accurately reflect the regional focus of our acquisition and development strategy in Latin America,” stated Manolo Zuniga, Chief Executive Officer. While the focus of our project base will be initially in Peru, the portfolio of opportunities under evaluation has grown significantly in Colombia where we believe the benefit of geographic diversity will further enhance our financial position and complement our Peruvian asset base and operational footprint.
PetroTal LLC has also signed an engagement letter with GMP Securities to raise additional capital and serve as the company’s financial advisor with respect to the planned acquisitions. “GMP Securities has significant experience in the resource sectors throughout Latin America, and their experience in capital formation and financial advisory will serve PetroTal in our efforts to accelerate our acquisition strategy,” stated Greg Smith, Chief Financial Officer for PetroTal. “We have multiple actionable opportunities in Peru and Colombia. We look forward to working with GMP to acquire these assets and realize their significant upside potential.”
Mr. Zuniga continued “Given our technical expertise and longstanding relationships in Peru and Colombia, we believe that we are well positioned to execute our strategy of buying producing assets, optimizing production at minimal costs, remapping the geology of the acquired assets, and when appropriate leveraging the drill bit to meaningfully grow both production and reserves.”
PetroTal LLC is based in Houston, Texas.
About PetroTal LLC
PetroTal LLC is a privately held oil and gas acquisition and asset development company based in Houston, Texas. The company’s initial focus is to acquire producing assets in Latin America, initially Peru and Colombia where PetroTal’s team has been responsible for major oil discoveries and development, and expanding into other regions as projects become available. The PetroTal executive team has 85+ combined years of experience finding and developing new oil fields, and efficiently operating mature oil fields. PetroTal plans to acquire producing oil fields, apply proper technologies to optimize production for minimal capital costs, and remap the geology to plan for future production growth. The Company will compliment this development strategy with an appraisal program to meaningfully grow production and reserves to achieve a defined exit strategy.
Manuel Pablo Zuniga-Pflucker
Chief Executive Officer
VP-Chief Financial Officer