CALGARY, Alberta, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX:PRQ) is pleased to report financial and operating results as at and for the three and six months ended June 30, 2024. Q2 2024 HIGHLIGHTS: Production – Production for the first half of 2024 averaged 9,627 boe/d(1), up from 9,474 boe/d in the fourth quarter of 2023, despite reduced capital investment, scheduled downtime associated with maintenance, and strategic shut-ins due to low natural gas prices in the first half of 2024. Increased oil production – Average oil weighting for the first half of 2024 increased to 15%, up from 13% in the fourth quarter of 2023. Over the same time period, oil production increased 17% to an average of 1,426 boe/d. Operating expense down 27% – Operating expense was $4.96/boe in the second quarter of 2024, a 27% decrease from $6.76/boe in the prior quarter. The lower per boe operating expense was primarily due to reduced power costs and an increase in processing and transportation fees received from third-parties. Commodity prices – Total realized price was $26.81/boe in the second quarter of 2024, a 15% decrease compared to $31.42/boe in the prior quarter. Realized natural gas prices fell by 44%, partially offset by oil and NGL prices which increased by 15% and 13%, respectively. Funds flow(2) – Generated funds flow of $10.6 million ($0.09 per share(3)) in the second quarter of 2024, a 35% decrease compared to the $16.3 million ($0.13 per share) reported in the first quarter of 2024. The decrease is attributable to lower natural gas prices, lower production, and a loss on hedge contract settlements. Dividends – Petrus continued to pay its monthly dividend of $0.01 per share in the second quarter with dividend payments to shareholders totaling $3.7 million. OUTLOOK(4) In June, Petrus successfully completed the 3 (3.0 net) operated wells drilled in the first quarter of 2024 and the wells came on production in late July. The Company's 2024 drilling program is expected to resume in September 2024 with a limited capital program for the second half of the year. Debt is expected to remain flat for the remainder of 2024. For the balance of 2024, the Company has hedged approximately 48% of forecast production at approximately $3.00/GJ for natural gas and CAD$98.00/bbl for oil. With this strategy, the Company is well positioned to continue its monthly dividend payment. As always, Petrus will closely monitor changing market conditions and is ready to adjust its capital program accordingly, guided by its commitment to delivering sustainable returns to shareholders. (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to "BOE Presentation" for further details.(2)Non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures"(3)Non-GAAP ratio. Refer to "Non-GAAP and Other Financial Measures".(4)Refer to "Advisories - Forward-Looking Statements". SELECTED FINANCIAL INFORMATION OPERATIONS Three months ended Jun. 30, 2024 Three months ended  Jun. 30, 2023 Three months ended Mar. 31, 2024 Three months ended Dec. 31, 2023 Three months ended Sept. 30, 2023 Average Production           Natural gas (mcf/d) 38,908   44,010   40,174   39,891   42,045   Oil and condensate (bbl/d) 1,322   1,670   1,529   1,218   1,316   NGLs (bbl/d) 1,664   1,486   1,557   1,607   1,556   Total (boe/d) 9,471   10,492   9,783   9,474   9,880   Total (boe)(1) 861,838   954,738   890,267   871,567   908,985   Liquids weighting 32 % 30 % 32 % 30 % 29 % Realized Prices           Natural gas ($/mcf) 1.41   2.64   2.54   2.76   2.81   Oil ($/bbl) 103.77   91.69   90.38   98.63   99.33   NGLs ($/bbl) 37.25   34.82   43.09   37.26   37.09   Total realized price ($/boe) 26.81   30.59   31.42   30.60   31.05   Royalty income 0.05   0.06   0.07   0.09   0.06   Royalty expense (3.83 ) (3.66 ) (3.89 ) (4.78 ) (3.37 ) Gain on risk management activities —   0.03   —   —   —   Net oil and natural gas revenue ($/boe) 23.03   27.02   27.60   25.91   27.74   Operating expense (4.96 ) (5.83 ) (6.76 ) (5.07 ) (6.70 ) Transportation expense (1.46 ) (1.40 ) (1.81 ) (1.46 ) (1.54 ) Operating netback(2) ($/boe) 16.61   19.79   19.03   19.38   19.50   Realized gain (loss) on financial derivatives (0.36 ) 3.56   2.90   1.99   1.21   Other cash income (expense) 0.05   0.04   0.05   (0.18 ) 0.04   General & administrative expense (1.34 ) (1.55 ) (1.32 ) (0.37 ) (1.27 ) Cash finance expense (1.91 ) (1.33 ) (1.78 ) (1.43 ) (1.26 ) Decommissioning expenditures (0.72 ) (0.58 ) (0.61 ) (0.43 ) (0.34 ) Funds flow & corporate netback(2) ($/boe) 12.33   19.93   18.27   18.96   17.88               FINANCIAL (000s except $ per share) Three months ended Jun. 30, 2024 Three months ended Jun. 30, 2023 Three months ended Mar. 31, 2024 Three months ended Dec. 31, 2023 Three months ended Sept. 30, 2023 Oil and natural gas sales 23,150   29,266   28,039   26,747   28,273   Net income (loss) 2,789   5,043   (5,333 ) 39,708   (11,293 ) Net income (loss) per share           Basic