Petrus Resources extends C$100 million revolver to 2020

By Wendy Van Sickle

Columbus, Ohio, May 31 – Petrus Resources Ltd. said its revolving credit facility has been extended to May 31, 2020.

The borrowing base was reduced by C$10 million to C$100 million, and borrowings in excess of C$95 million are subject to an approved development plan and after Aug. 31 will require consent from each of the lenders, according to a news release.

At May 31, Petrus had C$95 million drawn on the facility.

The terms of the facility have also been amended to include enhanced compliance and reporting features related to Alberta Energy Regulator regulations regarding abandonment and reclamation activities and certain restrictions on acquisitions and dispositions to ensure compliance with liability management ratings.

Petrus is a Calgary, Alta., oil and gas company.

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