From GlobeNewswire: 2025-03-25 18:00:00

Petrus Resources Ltd. reported financial and operating results for Q4 2024, paying a dividend of $0.01 per share per month, totaling $3.7 million and maintaining an annual dividend yield of approximately 9%. Production remained flat at 9,066 boe/d, with NGL production increasing by 24% to 1,810 bbl/d in Q4 2024.

In 2024, Petrus saw a decrease in total realized price to $27.24/boe, down 18% from 2023. Capital expenditures were reduced to $31.8 million, and production averaged 9,382 boe/d, a 9% decrease from 2023. Funds flow decreased by 36% to $50.1 million, and net debt was reduced by $2.5 million.

Petrus plans to focus on disciplined capital investment in 2025, aiming to sustain production, increase liquids weighting, enhance capital efficiency, and drive free funds flow. The company has hedged 53% of forecasted production for the year and completed the North Ferrier pipeline expansion to improve access to undeveloped lands.

Petrus ended 2024 with Proved Developed Producing reserves of 17.5 mmboe, with a total PDP, TP, and P+P reserve value of $206.9 million, $362.6 million, and $555.2 million respectively before-tax. F&D costs for PDP reserves were $12.58/boe in 2024, with a PDP reserve value before-tax of $1.32 per share.

Future Development Cost (FDC) for Total Proved and Total Proved + Probable reserves were $417.4 million and $625.2 million respectively, with a total FDC discounted at 10% of $345.6 million and $489.9 million. Performance ratios for the company showed varying trends over the years, with Reserve Life Index, Reserve Replacement Ratio, and FD&A Recycle Ratio all demonstrating company performance.

Net debt for Petrus was $60.1 million at the end of Q4 2024, down $2.5 million from the end of 2023. The company utilizes net debt as a key indicator of its leverage and balance sheet strength. Forward-looking statements by Petrus include plans for disciplined capital investment, dividend payments, and hedging strategies for commodity prices in 2025.



Read more at GlobeNewswire:: Petrus Resources Announces Fourth Quarter and Year-End 2024