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Highlights

  • Petrus Resources is focused on acquiring, developing, exploring, and exploiting energy business assets in its core operating areas of Ferrier, Central Alberta, and the Rocky Mountain foothills.
  • In Q1 2023, the company posted a 54% surge in its production to 11,385 boe/d in Q1 2023 from 7,379 boe/d in Q1 2022.
  • The company secured cash flow of CAD 26.2 million in Q1 2023, an increase of 58% from CAD 16.6 million reported in Q1 2022.

Petrus Resources Ltd (TSX: PRQ) is focused on acquiring, developing, exploring, and exploiting energy business assets in its core operating areas, including Ferrier, Central Alberta, and the Rocky Mountain foothills.

In the first quarter of the year 2023, the company witnessed a 54% surge in its production to 11,385 boe/d in Q1 2023, up from 7,379 boe/d in Q1 2022. This increase can be attributed to the production from the wells dug during Q4 2022 and from three other additional wells. Because of the rise in production volume, the revenue of the company grew to CAD 43.7 million during the quarter from CAD 26.2 million in the previous corresponding period.

The company secured cash flow of CAD 26.2 million for Q1 2023, an increase of 58% from CAD 16.6 million in Q1 2022. Interestingly, the net debt to annualized funds flow ratio lowered to 0.51 on March 31, 2023 from 0.75 on March 31, 2022.

Overall, the improved key financials led to a higher EPS in Q1 2023 as compared to pcp. In the coming quarters, Petrus aims to make its balance sheet stronger by further decreasing its net debt and maintaining a net debt to cash flow ratio of under 1x.

 

 

Top 10 Shareholders
The top ten shareholders of the company constitute around 75.14% of the total shareholding. While Gray (Donald T). holds maximum stake in the company at approximately ­­­27.51%, Gray (Glen William) holds over 23.01% stake in the company.

 

Stock Price Performance
The company’s share price dropped by over 12.16% in the last one month, while it has declined by approximately 2.47% in the last three months. Petrus’ 52-week high and 52-week low stock prices stand at CAD 3.01 and CAD 1.35, respectively.



Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is July 25, 2023. The reference data in this report has been partly sourced from EODHD/Others.