Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is
pleased to report financial and operating results as at and for the
three and nine months ended September 30, 2019. Petrus is focused
on generating free funds flow for debt repayment and further
development of its Ferrier Cardium asset to increase light oil and
total liquids weighting. The Company's Management's Discussion and
Analysis ("MD&A") and interim consolidated financial statements
dated as at and for the period ended September, 2019 are available
on SEDAR (the System for Electronic Document Analysis and
Retrieval) at www.sedar.com.
Throughout the third quarter of 2019, Petrus
continued to execute its business plan. In the first nine months of
2019 we have generated funds flow of $24.4 million ($0.49 per
share) with net capital expenditures of $13.1 million. This
resulted in net debt(1) reduction of $10.7 million (8%) to date in
2019. During the third quarter of 2019, Petrus generated funds flow
of $4.4 million; $2.1 million of which was directed to net debt
reduction. Third quarter development activity was postponed to
prioritize debt repayment and the Company has not brought on new
production since the first quarter of 2019. The Company’s drilling
activity resumed late in the third quarter of 2019 with 4 gross
(1.6 net) Cardium light oil wells drilled. The completion, tie-in
and production attributed to these wells commenced early in the
fourth quarter. Estimated production from the first 3 (1.2 net)
wells over the first few weeks, net to Petrus, was approximately
800 bbl/d of light oil and approximately 1,000 mcf/d of natural
gas.
The average benchmark natural gas price in
Canada (AECO 5A monthly index) was $0.91/mcf in the third quarter
of 2019. This was the lowest quarterly average benchmark natural
gas price since the Company's inception in 2011. In late September,
TC Energy announced implementation of a revised operating protocol
for balancing the NGTL pipeline during periods of planned system
maintenance. This Temporary Service Protocol (“TSP”) came into
effect September 30, 2019 and applies to April to October
maintenance periods. Following the announcement, AECO prices
increased to average over $2.60/mcf for the second half of October,
with the average monthly price settling at $2.21/mcf. Forward AECO
strip pricing for calendar 2020 has been improving and is currently
approximately $2.00/mcf. Petrus anticipates the impacts of the TSP,
continued expansion of the NGTL system in 2020 and 2021 and low
Alberta natural gas storage levels will all aid in reducing price
volatility and improving support for Canadian natural gas.(2)
Natural gas liquids ("NGLs") have also been
subject to pricing pressure in 2019. Spot market pricing for
propane and butane was approximately 35% lower than the prior year
for the first nine months of 2019. Petrus' ownership and control of
critical processing facilities enables the Company to respond and
continually optimize its production revenue streams. To improve
operating netback, during the third quarter, Petrus ceased sending
certain natural gas for additional third party deep-cut processing
to extract additional NGLs. This resulted in lower NGL production
volume, however, the heating value of natural gas sales increased
and processing fees decreased. Petrus continues to monitor NGL
market pricing and is able to modify its operations
accordingly.
Highlights for the first nine months and
third quarter of 2019
- Free funds flow -
Generated funds flow of $24.4 million ($0.49 per share) for the
first nine months of 2019 with net capital expenditures of $13.1
million, resulting in net debt(1) reduction of $10.7 million.
During the third quarter of 2019, Petrus generated funds flow of
$4.4 million; $2.1 million of which was directed to net debt(1)
reduction.
- Increased light oil
weighting - Delivered total light oil production of 1,544
boe/d for the first nine months of 2019 (increased its light oil
weighting 23% from the beginning of 2018) with third quarter 2019
light oil production of 1,247 boe/d.
- Low operating
costs - Operating expense for the nine months ended
September 30, 2019 was $4.17/boe and for the third quarter was
$4.44/boe. The Company continues to focus on optimizing its cost
structure, particularly in the Ferrier area, through facility
ownership and control.
- Reconfirmed credit
facility - Subsequent to September 30, 2019, Petrus
completed its semi-annual credit facility review where its $100
million facility was reconfirmed. Lender consent is still required
for borrowings above $95 million.
- Commodity price risk
mitigation - Petrus utilizes financial derivative
contracts to mitigate commodity price risk and provide stability
and sustainability. As a percentage of third quarter 2019
production, we have derivative contracts in place for 50%, at an
average price of $1.85/mcf and 63% at an average price of $70.45
(C$/bbl) of natural gas and oil and natural gas liquids production,
respectively, for the balance of 2019.
Fourth Quarter Outlook
In the fourth quarter we plan to continue the
execution of our 2019 business plan and estimate capital investment
of approximately $5.5 million and further net debt(1) reduction of
$2 to $4 million.
(1)Refer to "Non-GAAP Financial
Measures".(2)Refer to "Advisories - Forward-Looking
Statements".(3)Refer to "Oil and Gas Disclosures".
SELECTED FINANCIAL
INFORMATION
OPERATIONS |
Three months endedSept. 30, 2019 |
Three months endedSept. 30, 2018 |
Three months endedJun. 30, 2019 |
Three months endedMar. 31, 2019 |
Three months endedDec. 31, 2018 |
Average
Production |
|
|
|
|
|
Natural gas (mcf/d) |
30,998 |
|
33,461 |
|
32,350 |
|
32,145 |
|
30,480 |
|
Oil (bbl/d) |
1,247 |
|
1,243 |
|
1,679 |
|
1,704 |
|
1,358 |
|
NGLs (bbl/d) |
1,372 |
|
1,519 |
|
1,576 |
|
1,444 |
|
1,496 |
|
Total (boe/d) |
7,785 |
|
8,338 |
|
8,647 |
|
8,505 |
|
7,934 |
|
Total (boe) |
716,220 |
|
767,095 |
|
786,819 |
|
765,488 |
|
730,819 |
|
Light oil weighting |
16 |
% |
15 |
% |
19 |
% |
20 |
% |
17 |
% |
Realized
Prices |
|
|
|
|
|
Natural gas ($/mcf) |
1.12 |
|
1.50 |
|
1.30 |
|
2.44 |
|
1.95 |
|
Oil ($/bbl) |
65.64 |
|
77.24 |
|
70.96 |
|
55.10 |
|
52.26 |
|
NGLs ($/bbl) |
11.49 |
|
45.27 |
|
19.91 |
|
36.02 |
|
29.01 |
|
Total realized price
($/boe) |
16.99 |
|
25.79 |
|
22.29 |
|
26.36 |
|
21.91 |
|
Royalty income |
0.48 |
|
0.32 |
|
0.15 |
|
0.06 |
|
0.10 |
|
Royalty expense |
(1.65 |
) |
(3.12 |
) |
(1.72 |
) |
(3.08 |
) |
(3.34 |
) |
Net oil and natural gas revenue ($/boe) |
15.82 |
|
22.99 |
|
20.72 |
|
23.34 |
|
18.67 |
|
Operating expense |
(4.44 |
) |
(4.95 |
) |
(4.33 |
) |
(3.76 |
) |
(5.28 |
) |
Transportation expense |
(1.25 |
) |
(0.98 |
) |
(1.22 |
) |
(1.27 |
) |
(1.17 |
) |
Operating netback(1) ($/boe) |
10.13 |
|
17.06 |
|
15.17 |
|
18.31 |
|
12.22 |
|
Realized gain (loss) on derivatives ($/boe) |
0.50 |
|
(2.69 |
) |
(1.02 |
) |
0.67 |
|
(0.79 |
) |
Other income |
0.03 |
|
0.08 |
|
0.10 |
|
— |
|
0.37 |
|
General & administrative expense |
(1.08 |
) |
(1.72 |
) |
(0.67 |
) |
(1.15 |
) |
(1.46 |
) |
Cash finance expense |
(3.11 |
) |
(2.53 |
) |
(2.70 |
) |
(2.54 |
) |
(3.25 |
) |
Decommissioning expenditures |
(0.29 |
) |
(0.20 |
) |
(0.24 |
) |
(0.18 |
) |
(0.21 |
) |
Funds flow & corporate netback(1)(2)
($/boe) |
6.18 |
|
10.00 |
|
10.64 |
|
15.11 |
|
6.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL (000s except $ per share) |
Three months endedSept. 30, 2019 |
Three months endedSept. 30, 2018 |
Three months endedJun. 30, 2019 |
Three months endedMar. 31, 2019 |
Three months endedDec. 31, 2018 |
Oil and natural gas revenue |
12,517 |
|
20,030 |
|
17,652 |
|
20,231 |
|
16,064 |
|
Net income (loss) |
(29,569 |
) |
(8,048 |
) |
2,863 |
|
(12,138 |
) |
21,063 |
|
Net income (loss) per share |
|
|
|
|
|
Basic |
(0.60 |
) |
(0.16 |
) |
0.06 |
|
(0.25 |
) |
0.43 |
|
Fully diluted |
(0.60 |
) |
(0.16 |
) |
0.06 |
|
(0.25 |
) |
0.43 |
|
Funds flow |
4,427 |
|
7,685 |
|
8,366 |
|
11,573 |
|
5,030 |
|
Funds flow per share |
|
|
|
|
|
Basic |
0.09 |
|
0.16 |
|
0.17 |
|
0.23 |
|
0.10 |
|
Fully diluted |
0.09 |
|
0.16 |
|
0.17 |
|
0.23 |
|
0.10 |
|
Capital expenditures |
2,734 |
|
3,637 |
|
2,505 |
|
8,483 |
|
12,660 |
|
Net dispositions |
651 |
|
50 |
|
— |
|
— |
|
6 |
|
Weighted average shares outstanding |
|
|
|
|
|
Basic |
49,469 |
|
49,492 |
|
49,469 |
|
49,483 |
|
49,492 |
|
Fully diluted |
49,469 |
|
49,492 |
|
49,469 |
|
49,483 |
|
49,492 |
|
As at period
end |
|
|
|
|
|
Common shares outstanding |
|
|
|
|
|
Basic |
49,469 |
|
49,492 |
|
49,469 |
|
49,469 |
|
49,492 |
|
Fully diluted |
49,469 |
|
49,492 |
|
49,469 |
|
49,469 |
|
49,492 |
|
Total assets |
296,367 |
|
322,335 |
|
328,912 |
|
336,974 |
|
341,820 |
|
Non-current liabilities |
82,650 |
|
170,908 |
|
81,249 |
|
176,093 |
|
171,646 |
|
Net debt(1) |
128,553 |
|
131,603 |
|
130,619 |
|
136,382 |
|
139,214 |
|
(1)Refer to "Non-GAAP Financial
Measures".(2)Corporate netback is equal to funds flow which is a
directly comparable GAAP measure. Petrus analyzes these measures on
an absolute value and per unit basis.
CREDIT FACILITY UPDATE
Subsequent to September 30, 2019 Petrus
completed its semi-annual credit facility review where the $100
million facility was reconfirmed. Lender consent is still required
for borrowings above $95 million.
The Company's revolving credit facility's
("RCF") maturity date is May 31, 2020 which was set prior to the
Company's term loan maturity of October 8, 2020 ("Term Loan"), due
to the inter-creditor relationship between the RCF and the Term
Loan. The Company requires an extension or refinancing of its Term
Loan before the syndicate of lenders will contemplate an extension
to the RCF. The borrowings under the RCF are classified as a
current liability in the September 30, 2019 interim consolidated
financial statements which has no impact on the debt covenants and
the Company remains, and expects to continue to be, in compliance
with each of its covenants. Management is actively engaged with the
RCF syndicate of lenders and the Term Loan lender and we believe
that the RCF and Term Loan will each be extended prior to May 31,
2020. The Company continues its efforts to divest certain non-core
assets to improve its balance sheet.
During the third quarter the Company determined
there were indicators of impairment of its non-core assets through
information obtained through the divestiture process to date.
Petrus recognized an impairment loss of $24.7 million for the three
and nine months ended September 30, 2019.
OPERATIONS UPDATE
ProductionThird quarter average
production by area was as follows:
For the three months ended September 30, 2019 |
Ferrier |
|
Foothills |
|
Central Alberta |
|
Total |
|
Natural gas (mcf/d) |
23,488 |
|
1,513 |
|
5,997 |
|
30,998 |
|
Oil (bbl/d) |
729 |
|
133 |
|
385 |
|
1,247 |
|
NGLs (bbl/d) |
1,200 |
|
6 |
|
166 |
|
1,372 |
|
Total (boe/d) |
5,844 |
|
391 |
|
1,550 |
|
7,785 |
|
Third quarter average production was 7,785 boe/d
in 2019 compared to 8,647 boe/d in the second quarter of 2019.
Third quarter development activity was postponed to prioritize debt
repayment and the Company has not brought on new production since
the first quarter of 2019. The Company’s drilling activity resumed
late in the third quarter of 2019 with 4 gross (1.6 net) Cardium
light oil wells drilled. The completion, tie-in and production
attributed to these wells commenced early in the fourth quarter.
Estimated production from the first 3 (1.2 net) wells over the
first few weeks, net to Petrus, was approximately 800 bbl/d of
light oil and approximately 1,000 mcf/d of natural gas. The
Company's development plan is strategically balanced between
increasing its Cardium light oil weighting in the Ferrier area and
continuing to improve its balance sheet. To date in 2019, Petrus
drilled 7 gross (3.1 net) Cardium light oil wells, increased its
light oil weighting 23% from the beginning of 2018 and reduced net
debt $10.7 million or 8% since December 31, 2018.
The average benchmark natural gas price in
Canada (AECO 5A monthly index) was $0.91/mcf in the third quarter
of 2019. This was the lowest quarterly average benchmark natural
gas price since the Company's inception in 2011. In late September,
TC Energy announced implementation of a revised operating protocol
for balancing the NGTL pipeline during periods of planned system
maintenance. This Temporary Service Protocol (“TSP”) came into
effect September 30, 2019 and applies to April to October
maintenance periods. Following the announcement, AECO prices
increased to average over $2.60/mcf for the second half of October,
with the average monthly price settling at $2.21/mcf. Forward AECO
strip pricing for calendar 2020 has been improving and is currently
approximately $2.00/mcf. Petrus anticipates the impacts of the TSP,
continued expansion of the NGTL system in 2020 and 2021 and low
Alberta natural gas storage levels will all aid in reducing price
volatility and improving support for Canadian natural gas.
Natural gas liquids ("NGLs") have also been
subject to pricing pressure in 2019. Spot market pricing for
propane and butane was approximately 35% lower than the prior year
for the first nine months of 2019. Petrus' ownership and control of
critical processing facilities enables the Company to respond and
continually optimize its production revenue streams. To improve
operating netback, during the third quarter, Petrus ceased sending
certain natural gas for additional third party deep-cut processing
to extract additional NGLs. This resulted in lower NGL production
volume, however the heating value of natural gas sales increased
and processing fees decreased. Petrus continues to monitor NGL
market pricing and is able to modify its operations
accordingly.
Petrus’ Board of Directors has approved a fourth
quarter 2019 capital budget of $5.5 million, based on a current
forecast for commodity futures pricing, anticipated service costs
and current activity levels. The fourth quarter budget is expected
to include the drilling and completion activities for 3 gross (0.1
net) Cardium light oil wells as well as the completion and tie-in
activities for the 1.6 net wells drilled in the third quarter.
Excess cash flow of $2 to $3 million will be directed toward debt
repayment.
Petrus estimates the 2019 capital plan will
maintain production year over year, increase its light oil and
liquids weighting, and reduce debt. Approximately 90% of the
capital plan will be directed to development of Cardium light oil
wells in the Ferrier area of Alberta, which we estimate will have
payouts of less than one year and achieve the objective of
increasing the Company's light oil weighting and funds flow.
Petrus believes that it is unique in the junior
E&P company space, as few gas-weighted companies are able to
repay debt and grow production and cash flow all within cash from
operations. Over the past four years, Petrus has dramatically
improved its business in order to increase its sustainability as
well as mitigate commodity price risk. Operating costs have been
reduced by 50% since 2015 and Petrus’ total cash costs of $9.85/boe
are consistently one of the lowest amongst its peers. The Company
intends to continue its disciplined focus on balance sheet
improvement and capital deployment in 2020. The capital plan
targets modest cash flow and production growth while directing in
excess of $10 million toward debt reduction in 2020.
(1)Refer to "Non-GAAP Financial
Measures".(2)Refer to "Advisories - Forward-Looking
Statements".
NON-GAAP FINANCIAL MEASURESThis
press release makes reference to the terms "operating netback",
"corporate netback", "net debt" and "net debt to funds flow." These
indicators are not recognized measures under GAAP (IFRS) and do not
have a standardized meaning prescribed by GAAP (IFRS). Accordingly,
the Company's use of these terms may not be comparable to similarly
defined measures presented by other companies. Management uses
these terms for the reasons set forth below. Please see the
Company's September 30, 2019 MD&A for a reconciliation of such
measures to the most directly comparable GAAP (IFRS) measures.
Operating NetbackOperating
netback is a common non-GAAP financial measure used in the oil and
natural gas industry which is a useful supplemental measure to
evaluate the specific operating performance by product at the oil
and natural gas lease level. The most directly comparable GAAP
measure to operating netback is funds flow. Operating netback is
calculated as oil and natural gas revenue less royalties, operating
and transportation expenses. It is presented on an absolute value
and per unit basis.
Funds Flow and Corporate
NetbackCorporate netback is a common non-GAAP financial
measure used in the oil and natural gas industry which evaluates
the Company’s profitability at the corporate level. Corporate
netback is equal to funds flow which is a directly comparable GAAP
measure. Petrus analyzes these measures on an absolute value and
per unit basis. Management believes that funds flow and corporate
netback provide information to assist a reader in understanding the
Company's profitability relative to current commodity prices. It is
calculated, in the following table, as the operating netback less
general and administrative expense, finance expense,
decommissioning expenditures, plus other income and the net
realized gain (loss) on financial derivatives.
Net DebtNet debt is a non-GAAP
financial measure and is calculated as current assets (excluding
unrealized financial derivative assets) less current liabilities
(excluding unrealized financial derivative liabilities,
right-of-use lease obligations, and deferred share unit
liabilities) and long term debt. Petrus uses net debt as a key
indicator of its leverage and strength of its balance sheet. There
is no GAAP measure that is reasonably comparable to net debt.
ADVISORIESBasis of
PresentationFinancial data presented above has largely
been derived from the Company’s financial statements, prepared in
accordance with GAAP which require publicly accountable enterprises
to prepare their financial statements using IFRS. Accounting
policies adopted by the Company are set out in the notes to the
audited financial statements as at and for the twelve months ended
December 31, 2018. The reporting and the measurement currency
is the Canadian dollar. All financial information is expressed in
Canadian dollars, unless otherwise stated.
Forward-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. Such statements
represent Petrus’ internal projections, estimates or beliefs
concerning, among other things, an outlook on the estimated amounts
and timing of capital investment, anticipated future debt,
production, revenues or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. 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,
levels of activity, performance 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.
In particular, forward-looking statements
included in this press release include, but are not limited to,
statements with respect to: the anticipated impacts of TSP;
continued expansion of the NGTL system and low Alberta natural gas
storage levels; Petrus' ability to modify its operations; Petrus'
business plan and expected debt repayment in the fourth quarter of
2019 and the anticipated results thereof; Petrus' expected drilling
and operations activities in the fourth quarter of 2019; the
results of Petrus' 2019 capital plan and the targets thereof;
Petrus' 2020 capital plan and the expected results thereof;
expectations regarding the adequacy of Petrus' liquidity and the
funding of its financial liabilities; Petrus' ability to extend the
RCF and Term Loan and the timing thereof; the impact of the current
economic environment on Petrus; the performance characteristics of
the Company's crude oil, NGL and natural gas properties; future
prospects; the focus of and timing of capital expenditures; access
to debt and equity markets; Petrus' future operating and financial
results; capital investment programs; supply and demand for crude
oil, NGL and natural gas; future royalty rates; drilling,
development and completion plans and the results therefrom; and
treatment under governmental regulatory regimes and tax laws. In
addition, statements relating to “reserves” are deemed to be
forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves
described can be profitably produced in the future.
These forward-looking statements are subject to
numerous risks and uncertainties, most of which are beyond the
Company’s control, including the impact of general economic
conditions; volatility in market prices for crude oil, NGL and
natural gas; industry conditions; currency fluctuation; imprecision
of reserve estimates; liabilities inherent in crude oil and natural
gas operations; environmental risks; incorrect assessments of the
value of acquisitions and exploration and development programs;
competition; the lack of availability of qualified personnel or
management; changes in income tax laws or changes in tax laws and
incentive programs relating to the oil and gas industry; hazards
such as fire, explosion, blowouts, cratering, and spills, each of
which could result in substantial damage to wells, production
facilities, other property and the environment or in personal
injury; stock market volatility; ability to access sufficient
capital from internal and external sources; completion of the
financing on the timing planned and the receipt of applicable
approvals; and the other risks. With respect to forward-looking
statements contained in this press release, Petrus has made
assumptions regarding: future commodity prices and royalty regimes;
availability of skilled labour; timing and amount of capital
expenditures; future exchange rates; the impact of increasing
competition; conditions in general economic and financial markets;
availability of drilling and related equipment and services;
effects of regulation by governmental agencies; and future
operating costs. Management has included the above summary of
assumptions and risks related to forward-looking information
provided in this press release in order to provide shareholders
with a more complete perspective on Petrus’ future operations and
such information may not be appropriate for other purposes. Petrus’
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits that the
Company will derive therefrom. Readers are cautioned that the
foregoing lists of factors are not exhaustive.
This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about Petrus' prospective results of
operations including, without limitation, its ability to repay
debt, which are subject to the same assumptions, risk factors,
limitations, and qualifications as set forth above. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on FOFI. Petrus' actual results, performance
or achievement could differ materially from those expressed in, or
implied by, these FOFI, or if any of them do so, what benefits
Petrus will derive therefrom. Petrus has included the FOFI in order
to provide readers with a more complete perspective on Petrus'
future operations and such information may not be appropriate for
other purposes.
These forward-looking statements and FOFI are
made as of the date of this press release and the Company disclaims
any intent or obligation to update any forward-looking statements
and FOFI, whether as a result of new information, future events or
results or otherwise, other than as required by applicable
securities laws.
BOE PresentationThe oil and
natural gas industry commonly expresses production volumes and
reserves on a barrel of oil equivalent (“boe”) basis whereby
natural gas volumes are converted at the ratio of six thousand
cubic feet to one barrel of oil. The intention is to sum oil and
natural gas measurement units into one basis for improved
measurement of results and comparisons with other industry
participants. Petrus uses the 6:1 boe measure which is the
approximate energy equivalence of the two commodities at the burner
tip. Boe’s do not represent an economic value equivalence at the
wellhead and therefore may be a misleading measure if used in
isolation.
Abbreviations
$000’s |
thousand dollars |
$/bbl |
dollars per barrel |
$/boe |
dollars per barrel of oil
equivalent |
$/GJ |
dollars per gigajoule |
$/mcf |
dollars per thousand cubic
feet |
bbl |
barrel |
bbl/d |
barrels per day |
boe |
barrel of oil equivalent |
mboe |
barrel of oil equivalent |
mmboe |
thousand barrel of oil
equivalent |
boe/d |
million barrel of oil
equivalent per day |
GJ |
gigajoule |
GJ/d |
gigajoules per day |
mcf |
thousand cubic feet |
mcf/d |
thousand cubic feet per
day |
mmcf/d |
million cubic feet per
day |
NGLs |
natural gas liquids |
WTI |
West Texas Intermediate |
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Petrus Resources (TSX:PRQ)
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From Apr 2023 to Apr 2024