Petrus Resources Ltd. is pleased to report financial and operating results as at and for the three months ended March 31, 2021. Petrus is focused on generating free cash flow for debt repayment and further development of its Ferrier Cardium asset. Following extreme market volatility throughout 2020, the first quarter of 2021 brought encouraging signs of rebalancing. Global economies continue to recover, bolstering demand [...]
Petrus Resources Ltd. is pleased to announce that Mr. Ken Gray has been appointed as President and Chief Executive Officer of Petrus. Mr. Gray is a Petroleum Engineer from Texas A&M with extensive experience in Canada, the North Sea and Alaska and is currently President of a private oil and gas company with operations in Alberta. Mr. Neil Korchinski has resigned as President, CEO and a Director of the Company. Petrus [...]
Petrus Resources Ltd. 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 [...]
Each of Mr. Don Gray, Glen Gray and Stuart Gray announce that they have each individually agreed to acquire the number of common shares of Petrus Resources Ltd. 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 . Closing of the transaction is expected to occur on or about March 16, 2021, subject to [...]
Petrus Resources Ltd. 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 . The Company's Management's Discussion and Analysis and audited consolidated financial statements are available on SEDAR at www.sedar.com. Given the significant turmoil in global energy [...]
Petrus Resources Ltd. 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 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 [...]
Petrus Resources Ltd. 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 [...]
Petrus Resources Ltd. 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 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 [...]
Petrus Resources Ltd. 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 [...]
Petrus Resources Ltd. is pleased to announce the concurrent extension of its second lien term loan and Revolving Credit Facility 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. 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 [...]
Petrus Resources Ltd. 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 [...]
Petrus Resources Ltd. 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 [...]
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