Petrus Resources Ltd. announced an average production of 9,155 barrels of oil equivalent per day (boe/d) in the second quarter of 2025, up 3% from the previous quarter. This increase is linked to the commissioning of five wells, including two on a net basis, at the end of the quarter. Liquids accounted for 35% of total production, compared with 33% in the first quarter, with a 3% increase in oil output and an 11% increase in natural gas liquids (NGL) output.
Increased investments and new infrastructure
Capital expenditures for the first half of 2025 amounted to CAD30.5mn ($22.5mn), representing a 58% increase compared with the same period in 2024. Of this amount, CAD21.3mn ($15.7mn) was allocated to drilling and completion activities, with the remainder funding the expansion of the North Ferrier pipeline, operational since May 2025. This new infrastructure enabled the transport of approximately 2,500 boe/d of the company’s production.
Lower costs and price pressure
Operating expenses fell to CAD6.10/boe ($4.50/boe), down 10% from the first quarter, despite higher property taxes and regulatory fees. The average realised price, however, declined by 12% to CAD25.77/boe ($19.00/boe), due to a 6% drop in natural gas prices and respective declines of 10% and 26% for oil and NGL.
Financial results and outlook
Free cash flow reached CAD12.3mn ($9.1mn), close to the level of the previous quarter. The company paid CAD3.8mn ($2.8mn) in dividends, of which CAD2.7mn ($2.0mn) was reinvested by shareholders through the dividend reinvestment plan. For the second half of the year, Petrus expects average annual production between 9,000 and 10,000 boe/d, with investments within the previously announced range of CAD40mn to CAD50mn ($29.5mn to $36.9mn). Around 60% of forecast production is hedged at CAD2.70/GJ for natural gas and CAD92.09/bbl for oil.
