Capital Markets | Capital Expenditure | Drilling Program - Wells | Capital Expenditure - 2021
Petrus IDs Budget for Q1 2021; Plans to Drill Three Cardium Wells
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Petrus Resources Ltd. detailed its first quarter capital budget and outlook for 2021.
Petrus’ Board has approved a first quarter 2021 capital budget of $9.0 million to drill three (2.1 net) Cardium wells in the Ferrier area.
Petrus will continue to monitor the Canadian commodity price environment and will evaluate subsequent quarter capital spending as the year progresses.
Petrus ended 2020 with $77.5 MM drawn on its revolving credit facility which had a borrowing base maximum size of $83.0 MM at December 31, 2020.
Recent improvements in the 2021 commodity price outlook as well as pricing protection afforded from a continued systematic hedging program should allow this to be funded within cash flow.
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