CALGARY, Alberta – 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 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 to the credit facility or term loan will be completed.
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.