Post Tagged with: "Petrus Resources"

Exclusive Video Interview with Petrus Resources President & CEO Neil Korchinski

Exclusive Video Interview with Petrus Resources President & CEO Neil Korchinski

Petrus Resources: Ferrier Cardium play delivering superior economic returns At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Petrus Resources (ticker: PRQ) President & CEO Neil Korchinski. Petrus’ prime area of focus is the Ferrier area of Alberta where it targets liquids rich natural gas in the Cardium formation, where the company owns and operates its processing infrastructure. Petrus also owns oil and gas producing properties in the Thorsby area located southwest of Edmonton. The properties are characterized by stable low decline light oil and natural gas production, with an inventory of Glauconite oil drilling locations. The area is under partial waterflood and is a candidate for additional waterflood opportunity in the future. Petrus owns oil and gas producing properties along the foothills trend in the vicinity of Hinton, including light oil production in Cordel / Stolberg in the[Read More…]

Petrus: Building Ferrier–Dropping OPEX, Debt

Petrus: Building Ferrier–Dropping OPEX, Debt

Petrus Resources (ticker: PRQ), based in Calgary, Alberta, is active in three primary areas: the Ferrier area of Alberta—which draws from the Cardium formation, Central Alberta, and the foothills regions of the Rocky Mountains. The company has focused on developing growth within its core assets, and has experienced a 31% increase in production since Q3, 2016. As of Q1, 2017, Petrus averaged 9,331 BOEPD across all of its fields, which hold upwards of 403 potential drilling locations. Debt reduction In order to build its financial flexibility, Petrus has taken steps to reduce its debt during the past several quarters. Between Q4, 2015 and Q1, 2017, Petrus has reduced its net debt by 42%, from approximately $230 million to $130.6 million. The debt/funds flow ratio has decreased by 67% in the same span of time. The company also divested its Peace River assets for $28.4 million, and dedicated the proceeds to debt[Read More…]