Petrus Resources Announces Declaration of Special Dividend

CALGARY, Alberta, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce the declaration of a special dividend on its common shares.

GROWTH & RETURN OF CAPITAL

Through the success of the 2022 capital program and the execution of the 2023 capital program year to date, Petrus has realized significant growth and produced strong financial and operating results. Petrus’ previously announced capital budget for 2023 is designed to prioritize strategic investments while also allowing the Company to generate considerable free cash flow. This strategy has positioned Petrus to further reduce debt and return capital to shareholders.

SPECIAL DIVIDEND

Due to the Company’s performance and the resulting free cash flow, Petrus’ board of directors has declared a special cash dividend of $0.03 per common share. The dividend will be payable on November 9, 2023 to shareholders of record at the close of business on October 26, 2023. The dividend has been classified as an eligible dividend for the purposes of the Income Tax Act (Canada).

While Petrus continues to enjoy abundant opportunities to invest capital and generate excellent returns, this special dividend serves as a tangible reward for Petrus’ shareholders, directly reflecting the Company’s success and helping to address the lack of liquidity in the markets. Through its risk-managed strategy focused on investing in the Company’s quality assets and prioritizing high-return projects that unlock meaningful value, Petrus expects to be able to generate sustainable long-term results that will allow for the continued return of capital to shareholders.

ADVISORIES

Forward-Looking Statements
Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements set forth in this press release include, but are not limited to, statements with respect to: our view that our 2023 capital budget will prioritize strategic investments and allow the Company to generate considerable free cash flow; our belief that our strategy has positioned us to further reduce debt and return capital to shareholders; our belief that we continue to enjoy abundant opportunities to invest capital and generate excellent returns; our belief that through our risk-managed strategy focused on investing in our quality assets and prioritizing high-return projects that unlock meaningful value, we expect to be able to generate sustainable long-term results that will allow for the continued return of capital to shareholders.