Petrodorado Announces Settlement Agreement With Sintana Energy Inc.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSX VENTURE:PDQ), a
Canadian oil & gas company focused in Colombia, is pleased to announce it has
entered into a settlement agreement regarding the arbitration with Sintana
Energy Inc., in connection with the Talora Block. In accordance with the
settlement agreement, the parties have terminated the arbitration process and
all present and future claims related to the arbitration have been settled in
full.


As part of the settlement, Petrodorado will pay certain amounts to Sintana for
work by their technical operations team that is mutually beneficial for the
ongoing development of the Talora discovery on the Verdal structure.


The Talora Block, located in the upper Magdalena Valley of Colombia, is
comprised of 34,194 gross acres. The Talora License contract has competitive
terms: no X-factor, no government back-in, a favorable royalty rate and a 24
year exploitation term. The Block is surrounded by several oil fields, the four
closest having estimated total recoverable oil in excess of 150 Million barrels
("MMBO"). The nearby Guando Field, the largest oil field in the region, is
estimated to have over 120 MMBO of recoverable oil and more than 1 Billion
barrels in place.


Gregg Vernon, Director, President and CEO

"The Company is pleased to reach a resolution with our partner Sintana Energy to
conclude the arbitration. We look forward to working with Sintana and their
strong technical team in a constructive manner to provide shareholder value on
the Talora Block. We are encouraged by the potential of the block and the value
that this partnership can bring to the Company."


About Petrodorado Energy Ltd.

Petrodorado is primarily engaged in petroleum and natural gas exploration and
development activities in Colombia. Its head office is located in Calgary,
Alberta, Canada, and Petrodorado's common shares are traded on the TSX-V under
the trading symbol "PDQ".


Forward Looking Statements:

This news release includes information that constitutes "forward-looking
information" or "forward-looking statements". More particularly, this news
release contains statements concerning expectations regarding, regulatory and
partner approvals on the Company's development plan, drilling and operational
opportunities and the timing associated therewith, test results and the timing
thereof, the use of available cash on hand in addition to the potential
exploration and development opportunities and expectations regarding regulatory
approval and the overall strategic direction of the Company. The forward-looking
statements contained in this document, including expectations and assumptions
concerning the obtaining of the necessary regulatory approvals, including ANH
approval, and the assumptions, opinions and views of the Company or cited from
third party sources, are solely opinions and forecasts which are uncertain and
subject to risks. A multitude of factors can cause actual events to differ
significantly from any anticipated developments and although the Company
believes that the expectations represented by such forward-looking statements
are reasonable, undue reliance should not be placed on the forward-looking
statements because there can be no assurance that such expectations will be
realized. Material risk factors include, but are not limited to: the inability
to obtain regulatory approval, including ANH approval, for the transfer of
participating interests and/or operatorship for the Company's properties, the
risks of the oil and gas industry in general, such as operational risks in
exploring for, developing and producing crude oil and natural gas, market demand
and unpredictable shortages of equipment and/or labour; potential delays or
changes in plans with respect to exploration or development projects or capital
expenditures; fluctuations in oil and gas prices, foreign currency exchange
rates and interest rates, and reliance on industry partners.


Neither the Company nor any of its subsidiaries nor any of its officers,
directors or employees guarantees that the assumptions underlying such
forward-looking statements are free from errors nor does any of the foregoing
accept any responsibility for the future accuracy of the opinions expressed in
this document or the actual occurrence of the forecasted developments.


The forward-looking statements contained in this document are made as of the
date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.


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 release.


Disclaimer Language for Analogous Information:

Analogous Information: Certain information contained herein is considered
"analogous information" as defined in National Instrument 51-101 - Standards of
Disclosure of Oil and Gas Activities ("NI 51-101"). Such analogous information
has not been prepared in accordance with NI 51-101 and the Canadian Oil and Gas
Evaluation Handbook. In particular, this press release notes that oil fields
surrounding the Talora Block have significant amounts of recoverable oil in
place and makes certain assumptions about the Talora Block as a result of such
analogous information and potential recovery rates at Talora as a result
thereof. Such information is based on public data and information recently
obtained from a database maintained by Wood MacKenzie. The Company has no way of
verifying the accuracy of such information and cannot determine whether the
source of the information is independent. Such information has been presented to
help demonstrate that hydrocarbons may be present in commercially recoverable
quantities in the Company's area of interest. There is no certainty that such
results will be achieved by the Company and such information should not be
construed as an estimate of future reserves or resources or future production
levels.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petrodorado Energy Ltd.
Gregg Vernon
President and CEO
(403) 800-9240


Petrodorado Energy Ltd.
Chris Reid
VP of Finance and CFO
(403) 800-9240
(403) 800-9241 (FAX)
info@petrodorado.com
www.petrodorado.com
Petrodorado Energy (TSXV:PDQ)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024