Petrus Resources Ltd. is pleased to report operating and financial results for the fourth quarter and the 2014 fiscal year, in which the Company set new records for production, cash flow and reserves.
•Petrus began 2014, its third full year of operations, with production of 4,052 boe per day (46% oil and liquids) and exited the year at a record 11,200 boe per day (46% oil and liquids), nearly a three-fold increase. On a debt-adjusted per share basis, exit production was up 28% year-over-year. Average 2014 production was 6,032 boe per day, up from 3,206 boe per day in 2013. Fourth quarter production averaged 9,822 boe per day, compared to 3,658 boe per day in the same period of 2013, an increase of 24% per debt-adjusted share.
•The increase in production drove strong cash flow growth. Petrus generated $61.3 million in cash flow from operations during the year, nearly double the $31.1 million generated in 2013. Cash flow from operations was $24.6 million in the fourth quarter, up from $9.2 million in the same period last year, an increase of 24% per debt-adjusted share.