Petrus announces update on its credit facility

CALGARY, Alberta, May 31, 2021 (GLOBE NEWSWIRE) – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) announces that it is working closely with its syndicate of lenders to extend the date for determining the borrowing base on its premier revolving credit facility agreement. rank from May 31, 2021 to June 14, 2021. It is working closely with its second-ranking term loan provider to extend the maturity date of the Company’s term loan from July 31, 2021 to August 16, 2021. these two short term extensions is to give the company more time to finalize further extensions of both the credit facility and the term loan.

While discussions are ongoing, there is no certainty, nor can the company guarantee that these two short-term extensions and the one-year extension of the credit facility or term loan will be. concluded. Petrus currently has approximately $ 77 million drawn on the $ 80 million revolving credit facility and $ 38 million outstanding on the term loan.

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

For more information, please contact:
Ken gray
President and CEO
T: 403-930-0889
E: [email protected]

ADVICE

Looking to the future Statements

Certain information about Petrus presented in this press release contains forward-looking statements within the meaning of applicable securities legislation, which involve significant known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “plan”, “should”, “believe” and similar expressions aims to identify forward – looking statements. In particular, forward-looking statements contained in this press release include statements regarding the extension of the Company’s credit facility and term loan. These statements represent the internal opinions of Petrus on future events. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in forward-looking statements are reasonable, it cannot guarantee future results or achievements, as 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 forward-looking statements made by Petrus or on behalf of Petrus.

These forward-looking statements are subject to certain risks and uncertainties, some of which are beyond the control of the company, including the impact of general economic conditions; the impact of COVID-19; volatile market prices for crude oil, NGLs and natural gas; industry conditions; currency fluctuations; any future disposal of assets; the use of derivative financial contracts; the inability of the Company to extend the maturity date of any of the loans mentioned herein and the rights of its lenders to enforce applicable creditors’ rights and other risks.

These forward-looking statements are made as of the date of this press release and the company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except if necessary. by applicable securities laws.

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