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

CALGARY, Alberta, June 12, 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 15, 2020 to June 22, 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, May 28, 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 May 31, 2020 to June 15, 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, May 05, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company“) (TSX: PRQ) is pleased to announce that its shareholders approved all resolutions at its annual general meeting of shareholders held today (the “Meeting”). The resolutions approved at the Meeting were as follows:

The resolution to fix the number of directors of the Company to be elected at the Meeting at five (5) directors was approved.

The resolution to appoint the five (5) nominees as directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are … Continue Reading

CALGARY, Alberta, May 05, 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 months ended March 31, 2020. Petrus is focused on generating free cash flow for debt repayment and further development of its Ferrier Cardium asset.

The severe impact of the oil demand destruction caused by the COVID-19 pandemic combined with excess oil supplies, has led to extreme volatility in global oil markets, including the first ever negative West Texas Intermediate (“WTI”) oil pricing, as storage levels approach capacity. Over the … Continue Reading

CALGARY, Alberta, April 09, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces its second quarter 2020 capital budget.  With the current 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’ Board of Directors has approved a second quarter 2020 capital budget of $0.5 million, which provides for non-discretionary maintenance capital only.  No drilling or completion activities are expected to take place in the second quarter.  Petrus’ first quarter capital … Continue Reading

CALGARY, Alberta, April 01, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX:  PRQ) announces the termination of its previously announced disposition of its oil and natural gas interests in the Foothills area (the “Disposition”).

Petrus has been advised in writing by the purchaser that they are terminating the asset purchase and sale agreement (the “Agreement”) providing for the Disposition.  The Disposition was to be for total consideration of $1.8 million, subject to customary closing conditions and adjustments.  Concurrent with the signing of the Agreement, the purchaser deposited $90,000 with an escrow agent which will now be … Continue Reading

CALGARY, Alberta, March 10, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces that Ms. Cheree Stephenson has tendered her resignation as VP Finance and Chief Financial Officer to pursue other business opportunities. Ms. Stephenson has advised she will remain with the Company until mid April 2020 to allow Management and the Board of Directors to find a replacement for the position.  The Company intends to commence a search for a new Chief Financial Officer.

As a founding member of management, Ms. Stephenson has provided a significant contribution to Petrus over the lifespan of the … Continue Reading

CALGARY, Alberta, Feb. 19, 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 twelve months ended December 31, 2019 and to provide 2019 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.

In 2019, the Company’s primary objectives were to generate funds flow in excess of capital expenditures to repay debt … Continue Reading

CALGARY, Alberta, Jan. 14, 2020 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to provide its first quarter capital budget and outlook for 2020.  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’ Board of Directors has approved a first quarter 2020 capital budget of $9.0 million.  Petrus will continue to monitor the Canadian commodity price environment and will evaluate subsequent quarter capital spending as … Continue Reading

CALGARY, Alberta, Dec. 09, 2019 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce that it has entered into an agreement for the sale of its oil and natural gas interests in the Foothills area of Alberta to an arm’s length private company for total consideration of $1.8 million, subject to customary closing conditions and adjustments (the “Disposition”).  The Disposition has an effective date of November 1, 2019 and is expected to close in the first quarter of 2020. 

NON-CORE ASSET DISPOSITION

In the third quarter of 2019, production in the Company’s Foothills … Continue Reading