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

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