CALGARY, ALBERTA–(Marketwired – Feb. 8, 2016) – Petrus Resources Ltd. (TSX:PRQ) (“Petrus” or the “Company“) is pleased to announce the listing of its shares on the Toronto Stock Exchange (“TSX“) under the symbol “PRQ“. The listing is a milestone event for Petrus, which was formed as a private energy company in 2011 with a strategy of enhancing shareholder value through investment in acquisitions and organic drilling in Alberta. The Company’s production has grown to 9,000 boe/d currently, with estimated compound annual growth rates in production and cash flow per share of approximately 42% and 29%, respectively, since 2012, the first full year of operation.
Petrus has completed four significant acquisitions to establish its current core areas in all season access lands with significant infrastructure in the Ferrier, Peace River, Pembina and Foothills areas of Alberta (85% operated). Management believes these properties provide a sustainable platform of low decline low cost oil and natural gas production, along with a multi-year inventory of drilling locations that are economic in today’s commodity price environment. The current corporate decline rate is estimated to be approximately 25% per year, which management believes should enable Petrus to replace declining production and grow with conservative capital reinvestment.
The recently closed arrangement and financing (announced February 2, 2016) provides Petrus with enhanced balance sheet flexibility and the Company’s near term plans include pursuing strategic acquisitions and measured development primarily focused on its Ferrier core area.
Petrus is a public Canadian oil and gas company focused on property exploitation and strategic acquisitions in Alberta. The Company has established a sustainable platform of low decline, low operating cost assets with a multi-year inventory of repeatable, low risk, economic drilling locations. Petrus has 45.3 million shares issued and outstanding.