July 11 (Reuters) - Petrus Resources Ltd PRQ.TO :
* Petrus announces asset disposition and 2016 budget update
* Has sold its oil and natural gas interests in Peace River
area of Alberta to rising star resources ltd for $30.0 million
* Petrus board of directors has approved a $17.5 million
capital expenditure budget for second half of 2016
* Sold oil and natural gas interests in Peace River area of
Alberta to Rising Star Resources Ltd for total consideration of
$30.0 million
* Cash proceeds from disposition will initially be used to
reduce amount owing under co's revolving credit facility to
about $84 million
* Borrowing capacity under facility was reduced as a result
of disposition, from $120 million to $106 million
* Will continue to evaluate acquisition opportunities to
expand footprint in Ferrier area
Source text for Eikon: ID:nMKWG2bdba
Further company coverage: PRQ.TO
(Bengaluru Newsroom: +1-646-223-8780)