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Petrus Resources (TSX: PRQ) Q1 2023 results: Production jumps 54%, cash flow up 58%
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Highlights
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.
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