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Petrus Only Reveals Capex for 1Q19 Due to Weak Pricing; Touts 2,000 BOEPD Cardium IPs

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   |    Monday,January 07,2019

Petrus Resources Ltd. has reported its 2019 outlook and has only released its spending plans for 1Q19 due to the price volatility seen in recent months.

The company has approved a first quarter 2019 capital budget of $8 to $10 million.

Petrus estimates the 2019 capital plan will maintain production year over year.

The first quarter capital budget is expected to include the drilling of 5 gross (2.0 net) Cardium wells targeting the most condensate rich areas within the reservoir.

Petrus will evaluate subsequent quarter capital spending as the year progresses.

Touts 4Q Cardium Results - 2,000 BOEPD

The Company’s 2018 operated drilling program was recently completed with 5 gross (2.9 net) Cardium condensate wells being drilled and fracture stimulated with an average of 76 stages per one mile lateral length. 

The test production, over a 14 day period, attributed to Petrus’ 2.9 net wells was approximately 2,000 boe/d, which was comprised of 50% condensate (60% total liquids).   The condensate test rates of approximately 1,000 boe/d nearly doubles Petrus’ light oil production reported for the third quarter of 2018 of 1,243 boe/d.



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