Petrus Resources (“Petrus” or the “Company”) (TSX:PRQ) is pleased to report operating and financial results for the three and twelve month periods ended December 31, 2016, and to provide 2016 year end reserves information as evaluated by Sproule Associates Limited (“Sproule”). Petrus continues to be committed to operating cost and debt reduction as well as improved capital efficiencies and is focused on organic growth in its core area (Ferrier, Alberta). The Company is targeting liquids rich natural gas in the Cardium formation as well as investing in infrastructure in Ferrier with the objective to maximize the Company’s return on investment. The Company’s Management’s Discussion and Analysis (“MD&A”) and audited consolidated financial statements dated as at and for the year ended December 31, 2016 are available on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com.
As quoted in the press release:
At year end the Company’s net debt(1) ($124.9 million) was 45% lower than year end 2015 ($226.7 million). Fourth quarter cash finance expense was 53% lower in 2016 relative to the prior year. Subsequent to December 31, 2016, Petrus entered into an agreement with Macquarie Bank Limited to extend and pay down its second lien term loan. The loan balance of $35 million is now due in October 2019. The interest rate basis remains unchanged and is currently 7.9% per annum.