Petrus Resources Announces Extension to Credit Agreements
02 June 2021 - 7:00AM
Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ)
announces its syndicate of lenders has extended the borrowing base
termination date on its senior revolving credit facility agreement
from May 31, 2021 to June 14, 2021. Its second lien term loan
provider has also extended the maturity date of the Company's term
loan from July 31, 2021 to August 16, 2021. The Company continues
to be in discussions with the bank syndicate on a one-year
extension to the credit facility, as well as with its term loan
provider on an additional extension to the term loan. While
discussions are ongoing, there is no certainty, nor can the Company
provide any assurance that, any further extension to the credit
facility or term loan will be completed. Petrus currently has
approximately $77 MM drawn on the revolving credit facility of $80
MM and $38 MM outstanding on the term loan.
ABOUT PETRUSPetrus 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 GrayPresident and Chief Executive OfficerT:
403-930-0889E: kgray@petrusresources.com
ADVISORIES
Forward-Looking
Statements
Certain information regarding Petrus set forth
in this press release contains forward-looking statements within
the meaning of applicable securities law, that involve substantial
known and unknown risks and uncertainties. The use of any of the
words “anticipate”, “continue”, “estimate”, “expect”, “may”,
“will”, “project”, “should”, “believe” and similar expressions are
intended to identify forward-looking statements. In particular,
forward-looking statements in this press release include statements
with respect to the extension of the Company's credit facility and
term loan. Such statements represent Petrus’ internal views about
future events. These statements are only predictions and actual
events or results may differ materially. Although Petrus believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results or achievement
since 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 any
forward-looking statements made by, or on behalf of, Petrus.
These forward-looking statements are subject to
certain risks and uncertainties, some of which are beyond the
Company’s control, including the impact of general economic
conditions; the impact of COVID-19; volatility in market prices for
crude oil, NGL and natural gas; industry conditions; currency
fluctuation; any future asset dispositions; the utilization of
financial derivative contracts, the inability of the Company to
reach agreements on further extensions to its credit arrangements
described herein; and other risks.
These forward-looking statements are made as of the date of this
press release and the Company disclaims any intent or obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
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