Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is
pleased to report financial and operating results as at and for the
three and nine months ended September 30, 2023.
Q3 2023 HIGHLIGHTS:
- Production up 49%
– Production was up 49% from 6,639 boe/d(1) in the third
quarter of 2022 to 9,880 boe/d in the third quarter of 2023 as a
result of the new wells brought on production in late 2022 and
2023. Consistent with its 2023 revised budget guidance, Petrus has
maintained relatively flat production year to date, averaging
10,580 boe/d(1).
- Operating expense down 21%
– Operating expense was $6.70/boe in the third quarter of
2023, a decrease of 21% from $8.47/boe in the third quarter of
2022. The decrease per boe is due to Petrus' strategic advantage in
owning and operating infrastructure.
- Funds flow 18% higher
– Petrus generated funds flow(2) of $16.2 million ($0.13
per share(3)) for the third quarter of 2023, 18% higher than funds
flow of $13.8 million ($0.11 per share) during the third quarter of
2022. The increase is mainly due to higher production and was
achieved despite significantly lower commodity prices.
- Net
debt(2) down 12% – Net
debt was $42.6 million at September 30, 2023, 12% lower than $48.5
million at the end of the third quarter of 2022. The net debt to
annualized funds flow ratio(3) was 0.7x, well below the target of
less than 1.0x.
- Commodity prices stabilize
QoQ – Realized price per boe remained relatively flat
quarter-over-quarter (Q2 2023 to Q3 2023). Year-over-year, realized
pricing decreased by 33% in the third quarter of 2023 ($31.05/boe)
compared to the third quarter of 2022 ($46.62/boe).
2023
UPDATE(4)
Special & Regular Monthly
Dividends
Due to the Company's impressive performance and
the resulting free cash flow generated this year, Petrus declared
its inaugural dividend, a special cash dividend of $0.03 per common
share, on October 10, 2023. Petrus expects to continue to create
sustainable long-term results that will generate considerable free
cash flow. As a result, Petrus’ Board of Directors has approved the
implementation of a regular dividend of $0.01 per common share per
month(4). The initial regular monthly dividend is payable on
January 31, 2024 to shareholders of record at the close of business
on January 16, 2024. The dividend has been classified as an
eligible dividend for the purpose of the Income Tax Act (Canada).
These dividends serve as a tangible reward allowing Petrus’
shareholders to realize the value created by the Company's
continued success.
Share Buyback
During the third quarter of 2023, the Company
initiated its normal course issuer bid ("NCIB") and purchased for
cancellation 115,300 shares at an average price of $1.48 per share.
Petrus believes that, at times, the prevailing share price does not
reflect the underlying value of the common shares and the
repurchase of its common shares for cancellation represents an
attractive opportunity to enhance Petrus' shareholder value.
Capital Activity
Drilling resumed during the third quarter of
2023 up to the middle of October; a total of 8 (4.5 net) wells were
drilled. The completion operations for these wells are scheduled
for later in the fourth quarter to align with timing of the new
North Ferrier pipeline coming into service. Construction on the
North Ferrier infrastructure expansion project kicked off in early
October and is expected to be completed in late November.
(1)Disclosure of production on a per boe basis
consists of the constituent product types and their respective
quantities. Refer to "BOE Presentation" and "Production and Product
Type Information" for further details.(2)Non-GAAP measure. Refer to
"Non-GAAP and Other Financial Measures" in the Management's
Discussion & Analysis attached hereto.(3)Non-GAAP ratio. Refer
to "Non-GAAP and Other Financial Measures" in the Management's
Discussion & Analysis attached hereto.(4)All future dividend
payments are subject to the approval of Petrus' Board of Directors
at the time of declaration. Refer to "Advisories - Forward-Looking
Statements" in the Management's Discussion & Analysis attached
hereto.
SELECTED FINANCIAL INFORMATION
OPERATIONS |
Three months endedSept. 30,
2023 |
Three months endedSept. 30,
2022 |
Three months endedJun. 30,
2023 |
Three months endedMar. 31,
2023 |
Three months endedDec. 31,
2022 |
Average Production |
|
|
|
|
|
Natural gas (mcf/d) |
42,045 |
|
28,107 |
|
44,010 |
|
45,237 |
|
33,201 |
|
Oil (bbl/d) |
1,316 |
|
957 |
|
1,670 |
|
2,192 |
|
2,458 |
|
NGLs (bbl/d) |
1,556 |
|
997 |
|
1,486 |
|
1,654 |
|
1,121 |
|
Total (boe/d) |
9,880 |
|
6,639 |
|
10,492 |
|
11,385 |
|
9,113 |
|
Total (boe)(1) |
908,985 |
|
610,722 |
|
954,738 |
|
1,024,645 |
|
838,375 |
|
Light oil weighting |
13 |
% |
14 |
% |
16 |
% |
19 |
% |
27 |
% |
Realized Prices |
|
|
|
|
|
Natural gas ($/mcf) |
2.81 |
|
5.02 |
|
2.64 |
|
3.78 |
|
6.04 |
|
Oil ($/bbl) |
99.33 |
|
111.04 |
|
91.69 |
|
94.63 |
|
106.85 |
|
NGLs ($/bbl) |
37.09 |
|
62.25 |
|
34.82 |
|
47.55 |
|
56.90 |
|
Total realized price ($/boe) |
31.05 |
|
46.62 |
|
30.59 |
|
40.16 |
|
57.81 |
|
Royalty income |
0.06 |
|
0.37 |
|
0.06 |
|
0.16 |
|
0.15 |
|
Royalty expense |
(3.37 |
) |
(11.84 |
) |
(3.66 |
) |
(6.38 |
) |
(7.92 |
) |
Gain (loss) on risk management activities |
— |
|
(0.81 |
) |
0.03 |
|
1.45 |
|
(1.26 |
) |
Net oil and natural gas revenue ($/boe) |
27.74 |
|
34.34 |
|
27.02 |
|
35.39 |
|
48.78 |
|
Operating expense |
(6.70 |
) |
(8.47 |
) |
(5.83 |
) |
(7.26 |
) |
(6.86 |
) |
Transportation expense |
(1.54 |
) |
(1.89 |
) |
(1.40 |
) |
(2.05 |
) |
(2.08 |
) |
Operating
netback(2)($/boe) |
19.50 |
|
23.98 |
|
19.79 |
|
26.08 |
|
39.84 |
|
Realized gain on financial derivatives |
1.21 |
|
1.00 |
|
3.56 |
|
1.77 |
|
2.89 |
|
Other cash income |
0.04 |
|
0.05 |
|
0.04 |
|
0.16 |
|
0.22 |
|
General & administrative expense |
(1.27 |
) |
(1.30 |
) |
(1.55 |
) |
(1.20 |
) |
(1.10 |
) |
Cash finance expense |
(1.26 |
) |
(0.87 |
) |
(1.33 |
) |
(1.11 |
) |
(1.18 |
) |
Decommissioning expenditures |
(0.34 |
) |
(0.29 |
) |
(0.58 |
) |
(0.13 |
) |
0.03 |
|
Funds flow & corporate
netback(2)($/boe) |
17.88 |
|
22.57 |
|
19.93 |
|
25.57 |
|
40.70 |
|
|
|
|
|
|
|
FINANCIAL (000s except $ per share) |
Three months endedSept. 30,
2023 |
Three months endedSept. 30,
2022 |
Three months endedJun. 30,
2023 |
Three months endedMar. 31,
2023 |
Three months endedDec. 31,
2022 |
Oil and natural gas revenue |
28,273 |
|
28,701 |
|
29,266 |
|
41,319 |
|
48,590 |
|
Net income (loss) |
(11,293 |
) |
9,822 |
|
5,043 |
|
17,273 |
|
22,097 |
|
Net income (loss) per share |
|
|
|
|
|
Basic |
(0.09 |
) |
0.08 |
|
0.04 |
|
0.14 |
|
0.18 |
|
Fully diluted |
(0.09 |
) |
0.08 |
|
0.04 |
|
0.14 |
|
0.17 |
|
Funds flow(2) |
16,243 |
|
13,789 |
|
19,040 |
|
26,216 |
|
34,117 |
|
Funds flow per share(2) |
|
|
|
|
|
Basic |
0.13 |
|
0.11 |
|
0.15 |
|
0.21 |
|
0.28 |
|
Fully diluted |
0.13 |
|
0.11 |
|
0.15 |
|
0.21 |
|
0.27 |
|
Capital expenditures |
21,617 |
|
49,513 |
|
3,380 |
|
29,820 |
|
37,792 |
|
Acquisitions (dispositions) |
— |
|
16 |
|
(100 |
) |
— |
|
— |
|
Weighted average shares outstanding |
|
|
|
|
|
Basic |
123,743 |
|
122,058 |
|
123,752 |
|
123,416 |
|
122,545 |
|
Fully diluted |
123,743 |
|
126,822 |
|
127,040 |
|
127,358 |
|
127,600 |
|
As at period
end |
|
|
|
|
|
Common shares outstanding |
|
|
|
|
|
Basic |
123,867 |
|
122,197 |
|
123,849 |
|
123,239 |
|
123,239 |
|
Fully diluted |
134,436 |
|
131,482 |
|
134,423 |
|
133,377 |
|
133,377 |
|
Total assets |
380,100 |
|
356,050 |
|
383,231 |
|
403,276 |
|
381,057 |
|
Non-current liabilities |
59,687 |
|
61,778 |
|
62,630 |
|
68,056 |
|
63,021 |
|
Net debt(2) |
42,610 |
|
48,465 |
|
36,857 |
|
53,111 |
|
50,808 |
|
(1)Disclosure of production on a per boe basis
consists of the constituent product types and their respective
quantities. Refer to "BOE Presentation" and "Production and Product
Type Information" for further details.(2)Non-GAAP measure or
non-GAAP ratio. Refer to "Non-GAAP and Other Financial
Measures".
OPERATIONS UPDATE
Third quarter average production by area was as
follows:
For the three months endedSeptember 30,
2023 |
Ferrier |
North Ferrier |
Foothills |
Central Alberta |
Kakwa |
Total |
Natural gas (mcf/d) |
31,545 |
3,281 |
2,068 |
5,033 |
118 |
42,045 |
Oil (bbl/d) |
865 |
106 |
76 |
246 |
23 |
1,316 |
NGLs (bbl/d) |
1,305 |
74 |
11 |
157 |
8 |
1,555 |
Total (boe/d) |
7,428 |
728 |
432 |
1,242 |
50 |
9,880 |
Third quarter average production was 9,880 boe/d
in 2023 compared to 6,639 boe/d in 2022. The 49% increase in
production was mainly a result of Petrus' capital program during
late 2022 and year to date 2023. In the third quarter of 2023, 4
(4.0 net) wells were completed and put on production.
Third quarter production was down from second
quarter production of 10,492 boe/d due to a combination of natural
decline and production shut-ins for offsetting completion
activities.
An updated corporate presentation can be found
on the Company's website at www.petrusresources.com.
For further information, please
contact:
Ken Gray, P.Eng.President and Chief Executive
OfficerT: (403) 930-0889E: kgray@petrusresources.com
NON-GAAP AND OTHER FINANCIAL
MEASURES
This press release makes reference to the terms
"operating netback" (on an absolute and $/boe basis), "corporate
netback" (on an absolute and $/boe basis), "funds flow" (on an
absolute, per share (basic and fully diluted) and $/boe basis),
"net debt" and "net debt to annualized funds flow ratio". These
non-GAAP and other financial measures are not recognized measures
under GAAP (IFRS) and do not have a standardized meaning prescribed
by GAAP (IFRS). Accordingly, the Company's use of these terms may
not be comparable to similarly defined measures presented by other
companies. These non-GAAP and other financial measures should not
be considered to be more meaningful than GAAP measures which are
determined in accordance with IFRS as indicators of our
performance. Management uses these non-GAAP and other financial
measures for the reasons set forth below.
Operating Netback
Operating netback is a common non-GAAP financial
measure used in the oil and natural gas industry which is a useful
supplemental measure to evaluate the specific operating performance
by product type at the oil and natural gas lease level. The most
directly comparable GAAP measure to operating netback is oil and
natural gas revenue. Operating netback is calculated as oil and
natural gas revenue less royalty expenses, gain (loss) on risk
management activities, operating expenses and transportation
expenses. See below and under "Summary of Quarterly Results" for a
reconciliation of operating netback to oil and natural gas
revenue.
Operating netback ($/boe) is a non-GAAP ratio
used in the oil and natural gas industry which is a useful
supplemental measure to evaluate the specific operating performance
by product type at the oil and natural gas lease level . It is
calculated as operating netbacks divided by weighted average daily
production on a per boe basis. See below.
Corporate Netback and Funds Flow
Corporate netback or funds flow is a common
non-GAAP financial measure used in the oil and natural gas industry
which evaluates the Company’s profitability at the corporate level.
Corporate netback and funds flow are used interchangeably. Petrus
analyzes these measures on an absolute value and on a per unit
(boe) and per share (basic and fully diluted) basis as non-GAAP
ratios. Management believes that funds flow and corporate netback
provide information to assist a reader in understanding the
Company's profitability relative to current commodity prices. They
are calculated as the operating netback less general and
administrative expense, cash finance expense and decommissioning
expenditures, plus other income and the realized gain (loss) on
financial derivatives. See below and under "Summary of Quarterly
Results" for a reconciliation of funds flow and corporate netback
to oil and natural gas revenue.
Corporate netback ($/boe) or funds flow ($/boe)
is a non-GAAP ratio used in the oil and natural gas industry which
evaluates the Company’s profitability at the corporate level.
Management believes that funds flow ($/boe) or corporate netback
($/boe) provide information to assist a reader in understanding the
Company's profitability relative to current commodity prices. It is
calculated as corporate netbacks or funds flow divided by weighted
average daily production on a per boe basis. See below.
Funds flow per share (basic and fully diluted)
is comprised of funds flow divided by basic or fully diluted
weighted average common shares outstanding.
|
Three months endedSept. 30,
2023 |
Three months endedSept. 30,
2022 |
Nine months endedSeptember 30,
2023 |
Nine months endedSeptember 30,
2022 |
|
$000s |
$/boe |
$000s |
$/boe |
$000s |
$/boe |
$000s |
$/boe |
Oil and natural gas revenue |
28,273 |
|
31.11 |
|
28,701 |
|
47.00 |
|
98,858 |
|
34.23 |
|
103,760 |
|
53.55 |
|
Royalty expense |
(3,061 |
) |
(3.37 |
) |
(7,228 |
) |
(11.84 |
) |
(13,088 |
) |
(4.53 |
) |
(17,525 |
) |
(9.05 |
) |
Gain
(loss) on risk management activities |
— |
|
— |
|
(497 |
) |
(0.81 |
) |
1,522 |
|
0.53 |
|
(4,973 |
) |
(2.57 |
) |
Net oil and natural gas revenue |
25,212 |
|
27.74 |
|
20,976 |
|
34.35 |
|
87,292 |
|
30.23 |
|
81,262 |
|
41.93 |
|
Transportation expense |
(1,401 |
) |
(1.54 |
) |
(1,155 |
) |
(1.89 |
) |
(4,844 |
) |
(1.68 |
) |
(4,029 |
) |
(2.08 |
) |
Operating expense |
(6,086 |
) |
(6.70 |
) |
(5,171 |
) |
(8.47 |
) |
(19,086 |
) |
(6.61 |
) |
(14,912 |
) |
(7.70 |
) |
Operating netback |
17,725 |
|
19.50 |
|
14,650 |
|
23.99 |
|
63,362 |
|
21.94 |
|
62,321 |
|
32.15 |
|
Realized gain (loss) on financial derivatives |
1,102 |
|
1.21 |
|
610 |
|
1.00 |
|
6,314 |
|
2.19 |
|
(4,022 |
) |
(2.08 |
) |
Other income(1) |
34 |
|
0.04 |
|
30 |
|
0.05 |
|
240 |
|
0.08 |
|
105 |
|
0.05 |
|
General & administrative
expense |
(1,158 |
) |
(1.27 |
) |
(793 |
) |
(1.30 |
) |
(3,864 |
) |
(1.34 |
) |
(2,463 |
) |
(1.27 |
) |
Cash finance expense |
(1,148 |
) |
(1.26 |
) |
(528 |
) |
(0.87 |
) |
(3,557 |
) |
(1.23 |
) |
(2,184 |
) |
(1.13 |
) |
Decommissioning expenditures |
(312 |
) |
(0.34 |
) |
(180 |
) |
(0.29 |
) |
(998 |
) |
(0.35 |
) |
(159 |
) |
(0.08 |
) |
Funds flow and corporate netback |
16,243 |
|
17.88 |
|
13,789 |
|
22.58 |
|
61,497 |
|
21.29 |
|
53,598 |
|
27.64 |
|
(1)Excludes non-cash government grant related to decommissioning
expenditures.
Net Debt
Net debt is a non-GAAP financial measure and is
calculated as the sum of long term debt and working capital
(current assets and current liabilities), excluding the current
financial derivative contracts and current portion of the lease
obligation. Petrus uses net debt as a key indicator of its leverage
and strength of its balance sheet. Net debt is reconciled, in the
table below, to long-term debt which is the most directly
comparable GAAP measure.
($000s) |
As atSept. 30, 2023 |
As atJun. 30, 2023 |
As atMar. 31, 2023 |
As atDec. 31, 2022 |
As atSept. 30, 2022 |
Long-term debt |
25,000 |
|
25,000 |
|
25,000 |
|
25,000 |
|
22,000 |
|
Current assets |
(19,375 |
) |
(28,150 |
) |
(31,309 |
) |
(29,849 |
) |
(29,905 |
) |
Current liabilities |
40,636 |
|
30,032 |
|
50,336 |
|
51,395 |
|
51,102 |
|
Current financial
derivatives |
(3,397 |
) |
10,224 |
|
9,328 |
|
4,502 |
|
5,503 |
|
Current
portion of lease obligation |
(254 |
) |
(249 |
) |
(244 |
) |
(240 |
) |
(235 |
) |
Net debt |
42,610 |
|
36,857 |
|
53,111 |
|
50,808 |
|
48,465 |
|
Net debt to annualized funds flow ratio is a
non-GAAP ratio used as a key indicator of our leverage and strength
of our balance sheet. It is calculated as net debt divided by funds
flow for the relevant period.
ADVISORIES
Basis of PresentationFinancial
data presented above has largely been derived from the Company’s
financial statements, prepared in accordance with GAAP which
require publicly accountable enterprises to prepare their financial
statements using IFRS. Accounting policies adopted by the Company
are set out in the notes to the audited consolidated financial
statements as at and for the twelve months ended December 31,
2022. The reporting and the measurement currency is the Canadian
dollar. All financial information is expressed in Canadian dollars,
unless otherwise stated.
Forward-Looking
StatementsCertain information regarding Petrus set forth
in this press release contains forward-looking statements within
the meaning of applicable securities law, that involve substantial
known and unknown risks and uncertainties. The use of any of the
words “anticipate”, “continue”, “estimate”, “expect”, “may”,
“will”, “project”, “should”, “believe” and similar expressions are
intended to identify forward-looking statements. Such statements
represent Petrus’ internal projections, estimates, beliefs, plans,
objectives, assumptions, intentions or statements about future
events or performance. These statements are only predictions and
actual events or results may differ materially. Although Petrus
believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee future results,
levels of activity, performance or achievement since such
expectations are inherently subject to significant business,
economic, competitive, political and social uncertainties and
contingencies. Many factors could cause Petrus’ actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Petrus. In
particular, forward-looking statements included in this press
release include, but are not limited to, statements with respect
to: our target of a net debt to annualized funds flow ratio of less
than 1x; that Petrus remains focused on generating strong cash flow
and return on capital and believes that concentrating on these
fundamentals will translate into value for shareholders in the long
run; our belief that the repurchase of our common shares for
cancellation under our NCIB represents an attractive opportunity to
enhance Petrus' shareholder value; that the completion operations
for wells spud in the third quarter are scheduled for later in the
fourth quarter to align with timing of the new North Ferrier
pipeline coming into service; that construction on the North
Ferrier infrastructure expansion project is expected to be
completed in late November; that the Company's utilization of
financial derivative contracts and physical commodity contracts
will mitigate commodity price risk and provide stability and
sustainability to the Company's economic returns, funds flow and
capital development plan; that the Company does not anticipate
entering any new physical commodity contracts going forward; and
our hedging strategy and the benefits that we expect to derive
therefrom our target of a net debt to annualized funds flow ratio
of less than 1x; that Petrus remains focused on generating strong
cash flow and return on capital and believes that concentrating on
these fundamentals will translate into value for shareholders in
the long run; our belief that the repurchase of our common shares
for cancellation under our NCIB represents an attractive
opportunity to enhance Petrus' shareholder value; that the
completion operations for wells spud in the third quarter are
scheduled for later in the fourth quarter to align with timing of
the new North Ferrier pipeline coming into service; that
construction on the North Ferrier infrastructure expansion project
is expected to be completed in late November; that the Company's
utilization of financial derivative contracts and physical
commodity contracts will mitigate commodity price risk and provide
stability and sustainability to the Company's economic returns,
funds flow and capital development plan; that the Company does not
anticipate entering any new physical commodity contracts going
forward; and our hedging strategy and the benefits that we expect
to derive therefrom. In addition, statements relating to “reserves”
are deemed to be forward-looking statements, as they involve the
implied assessment, based on certain estimates and assumptions,
that the reserves described can be profitably produced in the
future.
These forward-looking statements are subject to
numerous risks and uncertainties, most of which are beyond the
Company’s control, including: the risk that we are unable to
generate strong cash flow in the future and as a result we have
little or no cash to return to shareholders or use to reduce debt;
the impact of general economic conditions; volatility in market
prices for crude oil, NGL and natural gas; industry conditions;
currency fluctuation; changes in interest rates and inflation
rates; imprecision of reserve estimates; liabilities inherent in
crude oil and natural gas operations; environmental risks;
incorrect assessments of the value of acquisitions and exploration
and development programs; competition; the lack of availability of
qualified personnel or management; changes in income tax laws or
changes in tax laws and incentive programs relating to the oil and
gas industry; hazards such as fire, explosion, blowouts, cratering,
and spills, each of which could result in substantial damage to
wells, production facilities, other property and the environment or
in personal injury; stock market volatility; ability to access
sufficient capital from internal and external sources; and the
other risks and uncertainties described in the AIF. With respect to
forward-looking statements contained in this press release, Petrus
has made assumptions regarding: future commodity prices (including
as disclosed herein) and royalty regimes; availability of skilled
labour; timing and amount of capital expenditures; future exchange
rates; the impact of increasing competition; conditions in general
economic and financial markets; availability of drilling and
related equipment and services; effects of regulation by
governmental agencies; the effects of inflation on our
profitability; future interest rates; and future operating costs.
Management has included the above summary of assumptions and risks
related to forward-looking information provided in this press
release in order to provide investors with a more complete
perspective on Petrus’ future operations and such information may
not be appropriate for other purposes. Petrus’ actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will
derive therefrom. Readers are cautioned that the foregoing lists of
factors are not exhaustive.
This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about Petrus' prospective results of
operations including, without limitation, its target net debt to
annualized funds flow ratio, which are subject to the same
assumptions, risk factors, limitations, and qualifications as set
forth above. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on FOFI. Petrus' actual
results, performance or achievement could differ materially from
those expressed in, or implied by, these FOFI, or if any of them do
so, what benefits Petrus will derive therefrom. Petrus has included
the FOFI in order to provide readers with a more complete
perspective on Petrus' future operations and such information may
not be appropriate for other purposes.
These forward-looking statements and FOFI are
made as of the date of this press release and the Company disclaims
any intent or obligation to update any forward-looking statements
and FOFI, whether as a result of new information, future events or
results or otherwise, other than as required by applicable
securities laws.
BOE PresentationThe oil and
natural gas industry commonly expresses production volumes and
reserves on a barrel of oil equivalent (“boe”) basis whereby
natural gas volumes are converted at the ratio of six thousand
cubic feet to one barrel of oil. The intention is to sum oil and
natural gas measurement units into one basis for improved
measurement of results and comparisons with other industry
participants. Petrus uses the 6:1 boe measure which is the
approximate energy equivalence of the two commodities at the burner
tip. Boe’s do not represent an economic value equivalence at the
wellhead and therefore may be a misleading measure if used in
isolation.
Production and Product Type
InformationThe Company's year to date average daily
production rate disclosed in this press release consists of the
following product types, as defined in National Instrument 51-101
and using the conversion ratio described above, where applicable –
10,580 boe/d average daily production for the nine months ended
September 30, 2023: 16% light oil and condensate, 15% natural gas
liquids and 69% conventional natural gas.
The Company's 2022 exit production rate
disclosed in this press release consists of the following product
types, as defined in National Instrument 51-101 and using the
conversion ratio described above, where applicable – 10,635 boe/d
2022 exit rate: 19% light oil and condensate, 14% natural gas
liquids and 67% conventional natural gas.
Abbreviations
$000’s |
thousand dollars |
$/bbl |
dollars per barrel |
$/boe |
dollars per barrel of oil equivalent |
$/GJ |
dollars per gigajoule |
$/mcf |
dollars per thousand cubic feet |
bbl |
barrel |
bbl/d |
barrels per day |
boe |
barrel of oil equivalent |
mboe |
thousand barrel of oil equivalent |
mmboe |
million barrel of oil equivalent |
boe/d |
barrel of oil equivalent per day |
GJ |
gigajoule |
GJ/d |
gigajoules per day |
mcf |
thousand cubic feet |
mcf/d |
thousand cubic feet per day |
mmcf/d |
million cubic feet per day |
NGLs |
natural gas liquids |
WTI |
West Texas Intermediate |
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