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CALGARY, Alberta, June 01, 2021 (GLOBE NEWSWIRE) — Petrus Sources Ltd. (“Petrus” or the “Firm”) (TSX: PRQ) publicizes its syndicate of lenders has prolonged the borrowing base termination date on its senior revolving credit score facility settlement from Could 31, 2021 to June 14, 2021. Its second lien time period mortgage supplier has additionally prolonged the maturity date of the Firm’s time period mortgage from July 31, 2021 to August 16, 2021. The Firm continues to be in discussions with the financial institution syndicate on a one-year extension to the credit score facility, in addition to with its time period mortgage supplier on an extra extension to the time period mortgage. Whereas discussions are ongoing, there isn’t any certainty, nor can the Firm present any assurance that, any additional extension to the credit score facility or time period mortgage shall be accomplished. Petrus at present has roughly $77 MM drawn on the revolving credit score facility of $80 MM and $38 MM excellent on the time period mortgage.
Petrus is a public Canadian oil and fuel firm centered on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.
For additional data, please contact:
President and Chief Govt Officer
Sure data concerning Petrus set forth on this press launch accommodates forward-looking statements throughout the which means of relevant securities legislation, that contain substantial recognized and unknown dangers and uncertainties. The usage of any of the phrases “anticipate”, “proceed”, “estimate”, “count on”, “might”, “will”, “mission”, “ought to”, “consider” and comparable expressions are meant to establish forward-looking statements. Particularly, forward-looking statements on this press launch embrace statements with respect to the extension of the Firm’s credit score facility and time period mortgage. Such statements characterize Petrus’ inner views about future occasions. These statements are solely predictions and precise occasions or outcomes might differ materially. Though Petrus believes that the expectations mirrored within the forward-looking statements are affordable, it can not assure future outcomes or achievement since such expectations are inherently topic to vital enterprise, financial, aggressive, political and social uncertainties and contingencies. Many elements may trigger Petrus’ precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.
These forward-looking statements are topic to sure dangers and uncertainties, a few of that are past the Firm’s management, together with the impression of normal financial situations; the impression of COVID-19; volatility in market costs for crude oil, NGL and pure fuel; business situations; forex fluctuation; any future asset tendencies; the utilization of economic spinoff contracts, the lack of the Firm to achieve agreements on additional extensions to its credit score preparations described herein; and different dangers.
These forward-looking statements are made as of the date of this press launch and the Firm disclaims any intent or obligation to replace any forward-looking statements, whether or not because of new data, future occasions or outcomes or in any other case, apart from as required by relevant securities legal guidelines.