PetroTal Enhances Financial Leadership
PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (“PetroTal” or the “Company“) is pleased to announce the addition of Mr. Douglas Urch, a seasoned financial executive, as Executive Vice President and Chief Financial Officer of the Company, effective immediately. PetroTal continues to benefit from successful drilling and operations and, by enhancing its financial leadership, the Company is preparing for further growth, especially now that production continues to be above 7,500 barrels of oil per day (“BOPD”) with a target of 10,000 BOPD by year-end.
Mr. Urch brings over 35 years of international oil and gas experience to the executive team of PetroTal. From 2008 to 2018, he was EVP and CFO of Bankers Petroleum Ltd. (TSX and AIM listed), operating in Albania. From 2000 to 2008 he was VP and CFO of Rally Energy Corp. (TSX listed), operating in Egypt. His international experience also includes Colombia, Pakistan, Turkey, Hungary and the USA. Being an initial investor in PetroTal, Mr. Urch has served as a director of the Company since inception, and as Chairman of the Board for the past year and a half. He is a Chartered Professional Accountant (CPA), a designated member of the Institute of Corporate Directors (ICD), and graduate from the University of Calgary (B.Comm. -1980).
Mr. Urch commented: “I’m pleased to be engaged in this role and appreciate the confidence and support shown by the Board. Being a founding investor, I’m very familiar with PetroTal and look forward to my contribution to the continued success that Manolo and the PetroTal team have achieved to date.”
Board changes
Concurrent with his appointment as EVP and CFO of the Company, Mr. Urch will resign as a director and Chairman of the Board. Mr. Mark McComiskey, an existing director since inception, will assume the Chairman’s role. Mr. McComiskey has been an investor in and served on the board of numerous energy companies, with operations in North and South America, Europe, Asia and Africa. He has led over $6 billion of investment in the energy sector, raising over $10 billion of capital. Currently, Mr. McComiskey is a partner at AVAIO Capital, a firm that focuses on build-to-core infrastructure investment.
The Board would like to thank Greg Smith, PetroTal’s former Executive Vice President and Chief Financial Officer, for his contribution to the Company and wish him every success in his future endeavors.
Manolo Zuniga, President and Chief Executive Officer, commented, “I’d like to welcome Mr. Urch as the new CFO of PetroTal; his vast international background and successful financial track record will be extremely valuable to PetroTal during its continued growth from being a start-up operation. Additionally, with Doug having been a director of PetroTal since inception, he is fully aware of the Company’s operations and corporate strategy. I have enjoyed working closely with him during the past year and a half while he was Chairman of the Board and look forward to continuing working with him now as CFO.
I’d like to sincerely thank Greg for his valuable contribution over the years and acknowledge his dedication to the Company. I join with the Board in wishing Mr. Smith future success.”
