CALGARY, Alberta, March 25, 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 and twelve months ended December 31, 2024 and to provide 2024 year end reserves information as evaluated by Insite Petroleum Consultants Ltd. ("Insite"). The Company's Management's Discussion and Analysis ("MD&A") and audited consolidated financial statements are available on SEDAR+ (the System for Electronic Document Analysis and Retrieval) at www.sedarplus.ca.
Q4 2024 HIGHLIGHTS:
- Dividends - Throughout the fourth quarter Petrus paid a dividend of $0.01 per share per month, totaling $3.7 million. Including the dividend declared on March 3, 2025 payable on March 31, 2025, Petrus will have cumulatively paid $0.18 per share, or $22.4 million in dividends since the company began paying dividends in Q4 2023. Based on the average closing share price at March 24, 2025 of $1.36 per share, the current dividend yield is approximately 9% annually.
- Production - Production for the fourth quarter of 2024 averaged 9,066 boe/d(1), which was relatively flat compared to 9,215 boe/d in the third quarter of 2024, as natural declines were largely offset by new wells that were brought on production in December 2024.
- Natural Gas Liquids (NGL) production - NGL production increased to 1,810 bbl/d in the fourth quarter of 2024, up 24% compared to 1,465 bbl/d in the third quarter of 2024. Strategic efforts to improve NGL recoveries resulted in the NGL yield increasing by 25%, from 40 bbl/mmcf of gas in Q4 2023 to 50 bbl/mmcf of gas in Q4 2024.
- Commodity prices - Total realized price was $26.45/boe in the fourth quarter of 2024, up 10% from $24.07/boe in the third quarter of 2024. Increases were seen across all commodities, with the most notable change in realized natural gas pricing, which was up 101% compared to the prior quarter.
- Funds flow(2) - Petrus generated funds flow of $12.5 million in the fourth quarter of 2024 compared to $10.7 million in the third quarter of 2024. The 17% increase is due to the higher natural gas prices combined with higher NGL production volumes.
- Net debt(2) - Net debt was $60.1 million at the end of Q4 2024, which was down $0.3 million compared to the end of the prior quarter.
- Commodity prices - Total realized price was $27.24/boe in 2024, a decrease of 18% from $33.31/boe in 2023. Realized natural gas prices declined by 47% from $3.01/mcf in 2023 to $1.60/mcf in 2024.
- Capital expenditures - Total capital expenditures were $31.8 million in 2024, down from $86.8 million in 2023 as the Company reduced its capital expenditures program in response to lower natural gas prices.
- Natural Gas Liquids (NGL) production - NGL production was higher by 3% in 2024, increasing to 1,623 bbl/d compared to 1,575 bbl/d in 2023.
- Production - Production for 2024 averaged 9,382 boe/d(1), as compared to 10,301 boe/d in 2023. The 9% decrease was primarily due to natural declines and a reduced capital program.
- Funds flow(2) - Petrus generated funds flow of $50.1 million in 2024 compared to $78.0 million in 2023. The 36% decrease was due to a combination of lower natural gas prices and reduced production.
- Net debt(2) - Petrus reduced net debt by $2.5 million from $62.6 million at year end 2023 to $60.1 million at year end 2024.
In 2025, Petrus will continue to execute its strategy of disciplined capital investment, focusing on projects that sustain production, increase liquids weighting, enhance capital efficiency, and drive free funds flow. On February 12, 2025, we announced our 2025 capital budget and guidance, available under the 'News & Events' section of our website.
The 2025 capital program began early in the year with a return to drilling in Ferrier. Completion operations were carried out in February and new wells were brought on before the end of the first quarter of 2025. Additionally, construction of the 12-kilometer expansion of the North Ferrier pipeline was completed in March. This infrastructure investment will further improve access to undeveloped lands and allow the Company to transport both its own and third-party natural gas to the Petrus' operated Ferrier gas plant, providing cost-effective processing and the opportunity to generate additional revenue through third-party fees.
For the balance of 2025, the Company has hedged approximately 53% of forecasted production at an average of $2.67/GJ for natural gas and CAD$94.81/bbl for oil. The Company is well-positioned to carry out its 2025 capital program and achieve guidance targets. As always, Petrus will closely monitor market conditions and is prepared to adjust its capital program as needed, guided by its commitment to delivering sustainable returns to shareholders.
FOURTH QUARTER AND YEAR-END 2024 CONFERENCE CALL
Date: March 26, 2025
Time: 9:00 am (mountain time)
Please refer to the events page on Petrus' website for conference call details and links: www.petrusresources.com/events
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held on Wednesday May 21, 2025 at 1:30 pm (mountain time).
Please refer to the events page on Petrus' website for location details: www.petrusresources.com/events
For further information, please contact:
Ken Gray, P.Eng.
President and Chief Executive Officer
T: (403) 930-0889
E: kgray@petrusresources.com
(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 & Product Type Information" for further details.
(2)Non-GAAP financial measure or non-GAAP ratio. Refer to "Non-GAAP and Other Financial Measures".
(3)Refer to "Advisories - Forward-Looking Statements".
SELECTED FINANCIAL INFORMATION
| OPERATIONS | Twelve months
ended Dec. 31, 2024 | Twelve months ended Dec. 31, 2023 | Three months ended Dec. 31, 2024 | Three months ended Sept. 30, 2024 | Three months ended Jun. 30, 2024 | Three months ended Mar. 31, 2024 | ||||||
| Average Production | ||||||||||||
| Natural gas (mcf/d) | 38,149 | 42,779 | 36,178 | 37,368 | 38,908 | 40,174 | ||||||
| Oil and condensate(1) (bbl/d) | 1,400 | 1,595 | 1,226 | 1,522 | 1,322 | 1,529 | ||||||
| NGLs (bbl/d) | 1,623 | 1,575 | 1,810 | 1,465 | 1,664 | 1,557 | ||||||
| Total (boe/d) | 9,382 | 10,301 | 9,066 | 9,215 | 9,471 | 9,783 | ||||||
| Total (boe)(1) | 3,433,994 | 3,760,004 | 834,111 | 847,760 | 861,838 | 890,267 | ||||||
| Liquids weighting | 32 | % | 31 | % | 33 | % | 32 | % | 32 | % | 32 | % |
| Realized Prices | ||||||||||||
| Natural gas ($/mcf) | 1.60 | 3.01 | 1.61 | 0.80 | 1.41 | 2.54 | ||||||
| Oil and condensate(1) ($/bbl) | 94.35 | 95.61 | 93.60 | 90.80 | 103.77 | 90.38 | ||||||
| NGLs ($/bbl) | 38.44 | 39.31 | 36.90 | 36.81 | 37.25 | 43.09 | ||||||
| Total realized price ($/boe) | 27.24 | 33.31 | 26.45 | 24.07 | 26.81 | 31.42 | ||||||
| Royalty income | 0.05 | 0.09 | 0.03 | 0.05 | 0.05 | 0.07 | ||||||
| Royalty expense | (3.66 | ) | (4.59 | ) | (3.85 | ) | (3.06 | ) | (3.83 | ) | (3.89 | ) |
| Gain (loss) on risk management activities | - | 0.40 | - | - | - | - | ||||||
| Net oil and natural gas revenue ($/boe) | 23.63 | 29.21 | 22.63 | 21.06 | 23.03 | 27.60 | ||||||
| Operating expense | (5.93 | ) | (6.25 | ) | (5.89 | ) | (6.10 | ) | (4.96 | ) | (6.76 | ) |
| Transportation expense | (1.55 | ) | (1.63 | ) | (1.44 | ) | (1.46 | ) | (1.46 | ) | (1.81 | ) |
| Operating netback(2) ($/boe) | 16.15 | 21.33 | 15.30 | 13.50 | 16.61 | 19.03 | ||||||
| Realized gain (loss) on financial derivatives | 2.02 | 2.14 | 3.04 | 2.49 | (0.36 | ) | 2.90 | |||||
| Other cash income (expense) | 0.34 | 0.02 | 1.19 | 0.09 | 0.05 | 0.05 | ||||||
| General & administrative expense | (1.54 | ) | (1.11 | ) | (2.10 | ) | (1.43 | ) | (1.34 | ) | (1.32 | ) |
| Cash finance expense | (1.87 | ) | (1.28 | ) | (1.83 | ) | (1.95 | ) | (1.91 | ) | (1.78 | ) |
| Decommissioning expenditures | (0.52 | ) | (0.37 | ) | (0.61 | ) | (0.12 | ) | (0.72 | ) | (0.61 | ) |
| Funds flow & corporate netback(2) ($/boe) | 14.58 | 20.73 | 14.99 | 12.58 | 12.33 | 18.27 | ||||||
| FINANCIAL (000s except $ per share) | Twelve months ended Dec. 31, 2024 | Twelve months ended Dec. 31, 2023 | Three months ended Dec. 31, 2024 | Three months ended Sept. 30, 2024 | Three months ended Jun. 30, 2024 | Three months ended Mar. 31, 2024 | ||||||
| Oil and natural gas sales | 93,721 | 125,605 | 22,085 | 20,446 | 23,150 | 28,039 | ||||||
| Net income (loss) | (1,246 | ) | 50,731 | (4,004 | ) | 5,302 | 2,789 | (5,333 | ) | |||
| Net income (loss) per share | ||||||||||||
| Basic | (0.01 | ) | 0.41 | (0.03 | ) | 0.04 | 0.02 | (0.04 | ) | |||
| Fully diluted | (0.01 | ) | 0.40 | (0.03 | ) | 0.04 | 0.02 | (0.04 | ) | |||
| Funds flow(2) | 50,058 | 78,024 | 12,493 | 10,665 | 10,628 | 16,272 | ||||||
| Funds flow per share(2) |
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