CALGARY, Alberta, Nov. 08, 2018 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) is pleased to report financial and operating results for the third quarter of 2018. The Company’s Management’s Discussion and Analysis (“MD&A”) and interim consolidated financial statements dated as at and for the period ended September 30, 2018 are available on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com . In response to the commodity price outlook for natural gas, the Company set out in 2018 to improve its financial position and to increase its light oil weighting in order to increase funds flow per share. In the first half of 2018 the Company directed excess funds flow to debt repayment, targeting debt reduction of $10 to $15 million. In the first nine months of 2018, Petrus has reduced its net debt(1) by $16.5 million or 11%. The second element of the Company’s 2018 plan targeted to drill Cardium light oil wells in Ferrier with budgeted capital of $25 to $30 million. The Company’s development program recommenced during the third quarter as planned and Petrus drilled 5 (2.9 net) wells during the second half of 2018. The Company expects the remaining capital […]
