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BRIEF-Petrus Resources reports qtrly loss per share $0.02

Published 2017-08-10, 06:16 a/m
© Reuters. BRIEF-Petrus Resources reports qtrly loss per share $0.02
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Aug 10 (Reuters) - Petrus Resources Ltd PRQ.TO :

* Petrus Resources announces second quarter 2017 financial and operating results

* Petrus Resources Ltd - generated funds flow of $12.5 million in Q2 of 2017, a 63 pct increase

* Petrus Resources Ltd - Q2 average production was 10,240 boe/d in 2017 compared to 8,435 boe/d in 2016

* Petrus Resources Ltd qtrly loss per share $0.02

* Petrus Resources Ltd qtrly oil and natural gas revenue $26.8 million versus $14.9 million

* Petrus Resources Ltd - continues to focus on decreasing its leverage and is targeting net debt to funds flow of less than 2.3 times by end of 2017

* Petrus Resources - due to facility constraints, a portion of company's ferrier production is currently being processed through third party facilities

* Petrus Resources - expects processing and compression capability of ferrier gas plant to double, reaching capacity of about 60 mmcf/d by Q4 of 2017

* Petrus Resources Ltd - board of directors approved a $50 to $60 million capital budget for 2017 (excluding acquisitions and dispositions)

* Petrus Resources Ltd - due to facility constraints, petrus' current productive capability in ferrier area is higher than company's current production

* Petrus Resources - facility constraints in ferrier area expected to be alleviated later in 2017 with expansion of company's gas processing facilities

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