Petrus Resources Announces 2024 Budget Guidance

CALGARY, Alberta, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce its 2024 capital guidance.

2024 BUDGET GUIDANCE

Petrus’ 2024 budget prioritizes our commitment to generating sustainable shareholder returns and maintaining a healthy balance sheet. Given the current commodity price environment, and consistent with the Company’s strategy of discipline and flexibility, the 2024 capital budget is designed to sustain production, maintain debt at less than 1.0X funds flow and generate free funds flow that will be used to continue distributing dividends to shareholders.

The 2024 capital budget will see capital spending of $40 million to $50 million, of which approximately 90% will be allocated toward drilling new wells in our Ferrier and North Ferrier areas. The budget was established using an average price forecast of US$75/bbl WTI for oil, an AECO gas price of CAD$2.50/GJ and a foreign exchange rate of US$0.74. Under these pricing and exchange rate assumptions, through the successful execution of the capital plan, Petrus expects to:

• Achieve 2024 annual average daily production of 9,000 to 10,000 boe¹ per day
• Generate $55 million to $65 million in annual funds flow² for 2024
• Create free funds flow² of $15 million to $20 million for 2024
• Pay a monthly dividend of $0.01/share - annually this represents approximately 10% of the current share price
• Maintain net debt² in the range of $55 million to $60 million in 2024
  

The Company remains optimistic on the long-term outlook for commodity prices and is strategically positioned to take full advantage of the next constructive pricing cycle. As always, Petrus will closely monitor changing market conditions and is ready to adjust its capital program accordingly with a commitment to delivering sustainable returns to shareholders remaining the foundation of the Company’s long-term strategy.

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:

Ken Gray
President and Chief Executive Officer
T: 403-930-0889
E: [e-mail]

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¹ Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to "BOE Presentation" and "Production and Product Type Information" for further details.