Petrus Resources Ltd. is pleased to announce that its shareholders approved all resolutions at its annual general meeting of shareholders held today . 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 directors was approved. The resolution to appoint the five nominees as directors of the Company to serve until the next [...]
Petrus Resources Ltd. 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 [...]
Petrus Resources Ltd. 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 [...]
Petrus Resources Ltd. announces the termination of its previously announced disposition of its oil and natural gas interests in the Foothills area. Petrus has been advised in writing by the purchaser that they are terminating the asset purchase and sale agreement providing for the Disposition. The Disposition was to be for total consideration of $1.8 million, subject to customary closing conditions and adjustments [...]
Petrus Resources Ltd. 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 [...]
Petrus Resources Ltd. 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 . The Company's Management's Discussion and Analysis and audited consolidated financial statements are available on SEDAR at www.sedar.com. In 2019, the Company's primary objectives were to [...]
Petrus Resources Ltd. 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 Resources Ltd. 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 has an effective date of November 1, 2019 and is expected to close in the first quarter of 2020. NON-CORE [...]
Petrus Resources Ltd. is pleased to report financial and operating results as at and for the three and nine months ended September 30, 2019. Petrus is focused on generating free funds flow for debt repayment and further development of its Ferrier Cardium asset to increase light oil and total liquids weighting. The Company's Management's Discussion and Analysis and interim consolidated financial statements dated as at and [...]
Petrus Resources Ltd. is pleased to report financial and operating results for the second quarter of 2019. Petrus is focused on organic growth and infrastructure control in its core area, Ferrier, Alberta. In order to maximize return on investment, the Company is targeting light oil and liquids rich natural gas in the Cardium formation as well as investing in infrastructure in Ferrier to control operations. The Company's [...]
Petrus Resources Ltd. announces the completion of the 2019 annual review of its revolving credit facility , and provides an operations update. REVOLVING CREDIT FACILITY The 2019 annual review of the RCF has been completed. The RCF syndicate of lenders have reduced the Company's borrowing base of $110 million to $100 million. The revolving period has been extended to May 31, 2020 and the maturity date for repayment of the [...]
Petrus Resources Ltd. is pleased to announce that its shareholders approved all resolutions at its annual meeting of shareholders held today . 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 directors was approved. The resolution to appoint the five nominees as directors of the Company to serve until the next annual [...]
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