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Petrus Resources Announces First Quarter 2025 Financial and Operating Results
CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Compan...
About this update from Petrus Resources Ltd.
[{"type":"text","content":"Petrus Resources Announces First Quarter 2025 Financial and Operating Results\n\n\n\n CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (\"Petrus\" or the \"Company\") (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2025.\n \n\n\n Q1 2025 HIGHLIGHTS:\n \n\n\n\n\n Capital Activity –\n \n Invested $17.3 million in capital during the quarter. Approximately 60% was directed toward the drilling, completing and tie-in of 7 gross (4.1 net) wells. Most of the remaining capital expenditures went to the construction of a 12-kilometer expansion of the North Ferrier pipeline, an infrastructure investment designed to enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant. Of the wells drilled in the quarter, 5 will flow through the North Ferrier pipeline.\n \n\n\n\n\n Production –\n \n Average production was 8,929 boe/d\n \n (1)\n \n in the first quarter of 2025, relatively flat compared to 9,066 boe/d in the fourth quarter of 2024.\n \n\n\n\n\n Commodity Prices –\n \n Total realized price was $29.35/boe, up 11% from $26.45/boe in the fourth quarter of 2024, primarily due to improved natural gas pricing.\n \n\n\n\n\n Funds Flow\n \n\n\n (2)\n \n\n\n –\n \n Generated funds flow of $12.5 million ($0.10 per share\n \n (3)\n \n ) in the first quarter of 2025, solidifying the gains realized in the fourth quarter of 2024.\n \n\n\n\n\n Dividends –\n \n Paid regular monthly dividend of $0.01 per share, for a total of $3.8 million, during the first quarter of 2025. Shareholders chose to reinvest $2.6 million under the Company's dividend reinvestment plan resulting in the issue of 2,005,522 common shares.\n \n\n\n\n\n Net Debt\n \n\n\n (2)\n \n\n\n –\n \n Net debt increased to $66.0 million as at March 31, 2025, and net debt to annualized funds flow ratio\n \n (3)\n \n increased to 1.3x. This increase was due to high capital spending in Q1, which was required to take advantage of time-sensitive strategic opportunities. Net debt is expected to decline in the second half of the year and is forecast to return to our 2025 guidance target of $60 million by year-end.\n \n\n\n\n OUTLOOK\n \n\n\n (4)\n \n\n\n\n The 2025 capital program bega...