Petrus Resources Announces Fourth Quarter Capital Budget and Market Update - Seite 2

Petrus is committed to maintaining its financial flexibility and the Company intends to determine 2021 capital spending as the year progresses. Petrus has designed its 2020 capital plan to invest capital systematically each quarter within funds flow, permitting excess funds each quarter to reduce debt.

ABOUT PETRUS
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

For further information, please contact:
Neil Korchinski, P.Eng.
President and Chief Executive Officer
T: 403-930-0889
E: [e-mail]

READER ADVISORIES

Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning plans related to: (i) Petrus' ability to increase future capital spending, while still prioritizing and expanding debt repayment; (ii) the timing for Petrus to determine its 2021 capital spending; and (iii) Petrus' ability to repay debt. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Petrus, including: the price forecasts noted above, the availability of adequate and secure sources of funding for Petrus' proposed capital expenditure program, realized commodity prices and the impact of the COVID-19 pandemic. Although Petrus believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Petrus can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; health, safety and environmental risks; the volatility of commodity prices; exchange rate fluctuations; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures) and implications of the COVID-19 pandemic. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.