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 senior revolving credit facility agreement from June 30, 2021 to July 14, 2021. Petrus has been advised that effective June 15, 2021, Macquarie Bank Limited has assigned the Company’s second lien term loan to a third party, Blue Oak Partners (Canada) Inc. Subsequent to such assignment, the new lender under the Company’s second lien term loan has agreed to extend the maturity date of the Company’s second lien term loan from August 31, 2021 to September 14, 2021.The Company continues to be in discussions with the bank syndicate on a one-year extension to its senior secured credit facility, as well as with its term loan provider on an additional extension to the second lien term loan. While discussions are ongoing, there is no certainty, nor can the Company provide any assurance that, any further extension to the credit facility or term loan will be completed. Petrus currently has approximately $75 million drawn on the revolving credit facility of $80 million and $39 million outstanding on the second lien term loan.
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.