Petrus Resources Announces Extension to Credit Agreements
30 Juni 2021 - 11:00PM
Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ)
announces its syndicate of lenders has extended the borrowing base
termination date on its senior revolving credit facility agreement
from June 30, 2021 to July 14, 2021. Petrus has been advised that
effective June 15, 2021, Macquarie Bank Limited has assigned the
Company’s second lien term loan to a third party, Blue Oak Partners
(Canada) Inc. Subsequent to such assignment, the new lender under
the Company's second lien term loan has agreed to extend the
maturity date of the Company's second lien term loan from August
31, 2021 to September 14, 2021.The Company continues to be in
discussions with the bank syndicate on a one-year extension to its
senior secured credit facility, as well as with its term loan
provider on an additional extension to the second lien term loan.
While discussions are ongoing, there is no certainty, nor can the
Company provide any assurance that, any further extension to the
credit facility or term loan will be completed. Petrus currently
has approximately $75 million drawn on the revolving credit
facility of $80 million and $39 million outstanding on the second
lien term loan.
ABOUT PETRUSPetrus is a public
Canadian oil and gas company focused on property exploitation,
strategic acquisitions and risk-managed exploration in Alberta.
For further information, please
contact:Ken GrayPresident and Chief Executive OfficerT:
403-930-0889E: kgray@petrusresources.com
ADVISORIES
Forward-Looking
Statements
Certain 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. In particular,
forward-looking statements in this press release include statements
with respect to the extension of the Company's credit facility and
term loan. Such statements represent Petrus’ internal views about
future events. 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 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.
These forward-looking statements are subject to
certain risks and uncertainties, some of which are beyond the
Company’s control, including the impact of general economic
conditions; the impact of COVID-19; volatility in market prices for
crude oil, NGL and natural gas; industry conditions; currency
fluctuation; any future asset dispositions; the utilization of
financial derivative contracts, the inability of the Company to
reach agreements on further extensions to its credit arrangements
described herein; and other risks.
These forward-looking statements are made as of the date of this
press release and the Company disclaims any intent or obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
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