Petrus Resources Announces Extension to Credit Agreements
August 20 2021 - 4:15PM
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 August 20, 2021 to August 27, 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 October 21, 2021 to
October 28, 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 $74 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
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.
Petrus Resources (TSX:PRQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Petrus Resources (TSX:PRQ)
Historical Stock Chart
From Apr 2023 to Apr 2024