Petrus Resources Announces Extension to Credit Agreements

Jun 14, 2021

CALGARY, Alberta, June 14, 2021 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its senior revolving credit facility agreement from June 14, 2021 to June 30, 2021. Its second lien term loan provider has also extended the maturity date of the Company's term loan from August 16, 2021 to August 31, 2021. The Company continues to be in discussions with the bank syndicate on a one-year extension to the credit facility, as well as with its term loan provider on an additional extension to the term loan. While discussions are ongoing, there is no certainty, nor can the Company provide any assurance that, any further extension to the credit facility or term loan will be completed. Petrus currently has approximately $77 MM drawn on the revolving credit facility of $80 MM and $38 MM outstanding on the term loan.

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