Drilling & Completions | Capital Markets | Capital Expenditure | Drilling Activity | Credit Facility Change
Petrus' Credit Facility Cut, Majority is Drawn; Defers Cardium Drilling to Q3
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Petrus Resources Ltd. has reported changes to its credit facility as well as a Cardium operations update.
Credit Facility Decreased by $10MM; Nearly All is Drawn
The 2019 annual review of the RCF has been completed. The RCF syndicate of lenders have reduced the Company’s borrowing base of $110 million to $100 million.
At May 31, 2019, Petrus was drawn $95 million on the $100 million facility.
Cardium - Drilling Deferred to Q3
The Cardium light oil wells drilled during the first quarter of 2019 were brought on production in late March.
With the 1.6 net additional wells, the Company’s field estimated average April production was 8,873 boe/d, up +4% from Q1 2019.
To maximize drilling cost efficiencies, and in part due to weather conditions, Petrus has deferred additional drilling to the third quarter of 2019. Capital spending for the second quarter of 2019 is expected to be spent on the completion of 0.3 net previously drilled non-operated wells, as well to add an additional condensate/light oil stabilizer to the Petrus operated Ferrier processing facility. The additional stabilizer will help to increase the efficiency of processing and treating condensate and light oil volumes that are expected to be delivered as part of the 2019 capital plan.
As a result of the lower capital spending in the second quarter, Petrus expects that its quarterly debt repayment will be $4 to $5 million which is in excess of the $1 to $2 million previously forecasted.
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