CALGARY, Alberta, March 11, 2021 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces that Mr. Stephen White has resigned from his position as a director of Petrus. The Board of Directors is also pleased to announce that Mr. Ken Gray has joined the Petrus Board. Mr. Ken Gray is a Petroleum Engineer with a degree from Texas A&M University and has over thirty-five years of experience in the oil and gas sector.

The staff, management, and Board of Directors of Petrus would like to thank Mr. White for his commitment and service to Petrus. We … Continue Reading

CALGARY, Alberta, March 10, 2021 (GLOBE NEWSWIRE) — Each of Mr. Don Gray, Glen Gray and Stuart Gray (collectively, the “Purchasers“) announce that they have each individually agreed (on a several basis) to acquire the number of common shares (“Common Shares“) of Petrus Resources Ltd. (“Petrus“) set forth below from an arm’s length vendor, at a purchase price of $0.30 per share, pursuant to the terms of a share purchase agreement among the Purchasers and the vendor (the “Purchase Agreement). Closing of the transaction is expected to occur on or about March 16, 2021, subject to satisfaction of closing conditions … Continue Reading

CALGARY, Alberta, Feb. 25, 2021 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three and twelve months ended December 31, 2020 and to provide 2020 year end reserves information as evaluated by Sproule Associates Limited (“Sproule”). The Company’s Management’s Discussion and Analysis (“MD&A”) and audited consolidated financial statements are available on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com.

Given the significant turmoil in global energy markets in 2020, Petrus is pleased to report annual results that achieved the … Continue Reading

CALGARY, Alberta, Jan. 12, 2021 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to provide its first quarter capital budget and outlook for 2021.

Petrus’ Board of Directors has approved a first quarter 2021 capital budget of $9.0 million to drill three (2.1 net) Cardium wells in the Ferrier area. With the risk of volatility in the price of Canadian light oil and natural gas, the Company believes that it is prudent to maintain a disciplined capital budget that is flexible from an operational and financial perspective. Petrus will continue to monitor the Canadian … Continue Reading

CALGARY, Alberta, Nov. 12, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three and nine months ended September 30, 2020. Petrus is focused on the profitable development of its Ferrier Cardium asset to generate free cash flow for debt repayment.

In the third quarter of 2020 Canadian natural gas forward prices experienced significant gains. The improved pricing in conjunction with Petrus’ 70% natural gas weighting have contributed to a materially improved revenue outlook for Petrus for the remainder of 2020 and into … Continue Reading

CALGARY, Alberta, Oct. 01, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces its fourth quarter 2020 capital budget and provides a market update. Petrus’ Board of Directors approved a fourth quarter 2020 capital budget of $4.7 million, which includes the drilling of 1.0 (1.0 net) well. As a result of favourable fall weather conditions, drilling of the well was commenced in late Q3.

MARKET UPDATE

Since March 2020, there has been unprecedented stress on both oil and natural gas prices as the world adjusts to the global COVID-19 pandemic. Accordingly, many energy companies in … Continue Reading

CALGARY, Alberta, Aug. 12, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three and six months ended June 30, 2020. Petrus is focused on the profitable development of its Ferrier Cardium asset to generate free cash flow for debt repayment.

The second quarter of 2020 was one of the most challenging on record for the Canadian oil and gas sector with volatile commodity prices resulting from the COVID-19 pandemic. This environment tested the business strategy, profitability and balance sheets of all companies … Continue Reading

CALGARY, Alberta, July 17, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce the concurrent extension of its second lien term loan (“Term Loan”) and Revolving Credit Facility (“RCF”) and the completion of the RCF lenders’ 2020 annual review.  The Company’s board of directors has also approved its third quarter 2020 capital budget. 

SECOND LIEN TERM LOAN EXTENSION
Petrus has entered into an amending agreement with Macquarie Bank Limited to extend the $35 million Term Loan maturity date to July 31, 2021.  The interest rate on the Term Loan balance will be … Continue Reading

CALGARY, Alberta, July 13, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX:  PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 13, 2020 to July 20, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan.  While discussions are ongoing, there is no certainty, nor can the Company provide any assurance that, the one year extension … Continue Reading

CALGARY, Alberta, July 06, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from July 6, 2020, 2020 to July 13, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, nor can the Company provide any assurance that, the one year … Continue Reading

CALGARY, Alberta, June 29, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX:  PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 29, 2020 to July 6, 2020. The extension also includes consent from the lenders to expand the Total Debt to Adjusted EBITDA Ratio covenant from 3.5:1.0 to 3.75:1.0 for the quarter ending June 30, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider … Continue Reading

CALGARY, Alberta, June 19, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX:  PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 22, 2020 to June 29, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan.  While discussions are ongoing, there is no certainty, nor can the Company provide any assurance that, the one year extension … Continue Reading