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CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) ( TSX: PRQ ) is pleased to report financial and operating results as at and for the three and twelve months ended December 31, 2020 and to provide 2020 year end reserves information as evaluated by Sproule Associates Limited (“Sproule”). The Company’s Management’s Discussion and Analysis (“MD&A”) and audited consolidated financial statements are available on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com . Given the significant turmoil in global energy markets in 2020, Petrus is pleased to report annual results that achieved the objectives management laid out for the year. This includes the generation of free cash flow in excess of capital expenditures used to repay debt and continue to strengthen the Company’s balance sheet. Petrus generated $26.4 million of funds flow in 2020. This was used to fund a capital program of $14.3 million, the lowest in the Company’s history, with the remainder used to reduce the balance drawn on the company’s Revolving Credit Facility (“RCF”). In light of the volatile commodity prices during the outbreak of the COVID-19 pandemic, the Company pursued a very disciplined capital program. To conserve cash, Petrus drilled 4 […]
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