Petrus Resources Announces Extension to Credit Agreements
15 July 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 July 14, 2021 to July 30, 2021. The Company's second lien term
loan provider has also agreed to extend the maturity date of the
Company's second lien term loan from September 14, 2021 to
September 30, 2021. The Company continues to be in discussions with
the bank syndicate on a one-year extension to its senior secured
credit facility, as well as with its term loan provider on an
additional extension to the second lien 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 $75 million drawn on the revolving credit facility of
$77.5 million and $39 million outstanding on the second lien 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
ADVISORIESForward-Looking
StatementsCertain 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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