CALGARY, Alberta, Jan. 07, 2019 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to provide an operations update and its 2019 outlook. With the recent volatility in the price of both Canadian light oil and natural gas, the Company believes that it is prudent to develop a disciplined capital budget that is flexible from an operational and financial perspective. Petrus’ Board of Directors has approved a first quarter 2019 capital budget of $8 to $10 million. Petrus will continue to monitor the Canadian commodity price environment and will evaluate subsequent quarter capital spending as the year progresses, in order to maintain financial strength and flexibility. The first quarter capital budget is expected to be funded within estimated first quarter 2019 funds flow and is focused on the highest rates of return, lowest risk, condensate rich drilling opportunities in the Company’s inventory at Ferrier, Alberta. Petrus is focused on designing its 2019 capital plan to invest capital systematically each quarter within funds flow, permitting excess funds each quarter to reduce debt. The objectives of the 2019 capital plan will be to increase the Company’s liquids weighting, maintain or reduce current debt levels, maintain or […]
