Petrus Posts Higher Production in Oct, Launches Reinvestment Offer

Canadian oil and gas company Petrus Resources Ltd. has adopted a dividend reinvestment plan that allows eligible shareholders to reinvest all or part of their cash dividends into additional common shares.

Petrus said that eligible shareholders who elect to reinvest their cash dividends in the company will get a 3 percent discount from the market price. Registered shareholders can participate in the dividend reinvestment plan by submitting a completed authorization form to Odyssey Trust Co. by December 9, 2024, Petrus said.

Meanwhile, Petrus said that its production averaged 9,184 barrels of oil equivalent per day in October, 68 percent of which was natural gas and 32 percent total liquids. Petrus said that this is a 17 percent increase from the previous month’s estimate, as volumes previously shut in due to a third-party facility outage in Ferrier were brought back online.

The third-party facility resumed operations near the last week of September, allowing volumes being temporarily processed at Petrus’ Ferrier gas plant to be redirected and enabling shut-in production to be brought back on, the company said. However, complications delayed the restart of the facility’s deep-cut system, resulting in continued impacts on Petrus’ NGL recoveries. The deep cut was returned to service in mid-October. At that time, Petrus’ strategic reprocessing arrangement resumed and NGL recoveries returned to pre-outage levels, according to the company.

Additionally, Petrus said it began completion operations on recently drilled wells which began in mid-November.

“The wells were successfully completed and are expected to be in production in the first week of December”, Petrus said.  Currently, Petrus is finalizing its 2025 capital budget and will update next year’s strategy and guidance in the new year.

To contact the author, email andreson.n.paul@gmail.com