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Petrus Touts High-Rate Cardium Wells; IDs 2014 CapEx
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Petrus Resources Ltd. has reported a general operational update, including information on its 2014 capital budget and increased credit facilities.
Operations UpdatePetrus exited 2013 with record production of 4,052 boe/d (54% oil and liquids), a 22% increase per debt-adjusted share over the 2012 exit production of 2,853 boe/d (42% oil and liquids).
FoothillsThe Cordel area continues to yield additional high rate, Cardium light oil wells. All of the three wells drilled in the fourth quarter of 2013 have successfully tested oil. One of these wells, in which Petrus has a 25% working interest, has delivered the highest initial production rate from an oil well at Cordel to date, with initial gross production averaging 1,420 boe/d (90% oil) over a 30 day period in January and February.
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