CALGARY, Alberta, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to announce that it has entered into a definitive agreement to acquire operated, oil-weighted Cardium light oil assets in the Harmattan area of central Alberta (the "Acquired Assets") from a third-party vendor (the "Vendor") for total consideration of approximately $33.4 million (the "Purchase Price"), subject to customary adjustments and the assumption by Petrus of certain pre-estimated post-closing obligations of the Vendor (the "Transaction").
In connection with the Transaction, Petrus has also entered into a bought deal agreement in respect of a $6 million brokered private placement and intends to complete a $4 million non-brokered private placement, in each case pursuant to the listed issuer financing exemption.
ACQUISITION HIGHLIGHTS
Strategic, Oil-Weighted Cardium Expansion: Operated Cardium light oil assets that complement Petrus' existing Deep Basin assets, delivering meaningful near-term cash flow and long-life producing reserves.
Material Increase in Production: The Transaction is expected to increase Petrus' current production by approximately 2,000 boe/d (640 bbl/d crude oil, 4,580 mcf/d natural gas and 600 bbl/d NGLs)1.
Increased Liquids Weighting: Company pro forma liquids weighting increases to approximately 40% (+11%)2, delivering a higher-value production base.
Highly Attractive Acquisition Metrics: The Transaction implies compelling acquisition pricing across key benchmark metrics, including 2.0x operating income3, $16,700 per flowing boe/d4, and Purchase Price (prior to adjustments) equal to approximately 51% of PDP NPV-105.
Low-Decline Base Production with Meaningful Future Drilling Upside: The Acquired Assets include long-life producing reserves and future drilling inventory, providing Petrus with operational flexibility and sustainable long-term free funds flow generation. Proved developed producing reserves associated with the Acquired Assets include 5.8 MMboe at year end 2024 (+33% increase relative to Petrus' year end 2024 reserves)6, with associated NPV-10 value of approximately $66.1 million (+32% increase relative to Petrus' year end 2024 reserves)6.
Strong Pro Forma Accretion and Scale Benefits: The Transaction is expected to be accretive to Petrus on a per-share production and cash flow basis while supporting a more consistent and efficient development program. Additional detail on the anticipated financial impact of the Transaction is expected to be provided in conjunction with announcement of the Company's 2026 budget.
TRANSACTION DETAILS
The Transaction will be funded through a combination of the Company's newly established Term Facility and net proceeds from the Offering (as each is defined below). Following closing of the Transaction, Petrus expects to maintain a conservative balance sheet and significant financial flexibility to support its ongoing development program.
The Transaction has an effective date of February 1, 2026 and is expected to close on or about February 19, 2026, subject to customary regulatory approvals and closing conditions.
Purchase Price
$33.4 Million
Average Current Production1
2,000 boe/d
Liquids Weighting2
62%
Annual Decline Rate7
22%
Net Locations8
Proved
13.4
Proved plus Probable
32.6
Acreage
Net Developed Acres
44,532
Net Undeveloped Acres
22,626
Reserves Volumes5
PDP
5,819 Mboe
Proved
9,505 Mboe
Proved plus Probable
19,465 Mboe
Reserves Values ($M NPV-10)5
PDP
$66,106
Proved
$85,589
Proved plus Probable
$159,077
Acquisition Metrics
Multiple of Operating Income3
2.0
Multiple of Flowing Barrel Production4
$16,700/boe/d
% of PDP Reserves6
51%
% of Proved Reserves6
