Petrus Resources Announces Second Quarter 2026 Financial and Operating Results

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeGlobeNewswireThis section is The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Petrus Resources Announces Second Quarter 2026 Financial and Operating ResultsAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.CALGARY, Alberta, Aug. 06, 2026 (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, 2026.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountOperating netback up 92%(2) – Operating netback increased 92% to $24.9 million ($24.73/boe) in the second quarter of 2026 from $13.0 million ($15.58/boe) in the prior year comparative period, primarily due to higher oil production and stronger oil and NGL prices. Funds flow(2) – Generated funds flow of $16.3 million in the second quarter of 2026, an increase of 32% from $12.3 million in the prior year comparative period and 23% from $13.3 million in the first quarter of 2026. Record Production in June – Average production in the second quarter of 2026 was 11,070 boe/d(1), an increase of 21% from the prior year comparative period and 10% from the first quarter of 2026. Production was impacted by a planned third-party facility turnaround in Harmattan during April and May. Following completion of the turnaround, June production averaged approximately 12,000 boe/d(4), representing the highest monthly production in Petrus’ history. Increased Oil and Condensate Production – Oil and condensate(1) production increased 61% to 1,998 bbl/d from 1,243 bbl/d in the second quarter of 2025. Total liquids (oil, condensate, and NGLs) for the quarter represented 39% of production, compared with 35% in the second quarter of 2025. Commodity prices – The total realized price increased 46% to $37.66/boe in the second quarter of 2026 from $25.77/boe in the prior year comparative period. Realized oil/condensate and NGL prices increased 52% and 39%, respectively, partially offset by an 18% decrease in realized natural gas prices. Capital activity – Capital expenditures were $11.7 million in the second quarter and $33.2 million for the first six months of 2026. Approximately 74% or $24.6 million was allocated to drilling, completions and tie-ins, and the Company spud 10 gross (9.13 net) wells. Dividends – Paid regular monthly dividends of $0.01 per share, totaling $4.4 million during the second quarter of 2026. Shareholders reinvested $3.0 million under the Company’s Dividend Reinvestment Plan resulting in the issue of 1.7 million common shares, with the remaining $1.4 million paid in cash.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe outlook for the second half of the year is for continued production and cash flow growth with the Harmattan assets contributing fully and additional development activity adding new volumes. Petrus remains on track to meet the targets set out in its February 2026 guidance of:11,000 to 12,000 boe/d(1)(5) of annual average production weighted 40% liquids,capital spending of $50 to $60 million,funds flow(2) of $60 to $65 million, andexit 2026 with net debt(2) of approximately $75 to $80 million, or 1.2x to 1.3x net debt to funds flow(2).Petrus enters the second half of 2026 with strong operational momentum and remains focused on disciplined execution, delivering on its 2026 guidance and creating long-term shareholder value.SECOND QUARTER 2026 CONFERENCE CALL Date and Time: August 7, 2026, 9:00 a.m. (Mountain Time)Please refer to the events page on Petrus’ website for conference call details and links: www.petrusresources.com/eventsFor further information, please contact:Ken Gray, P.Eng.President and Chief Executive OfficerT: (403) 930-0889E: kgray@petrusresources.com(1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.(2)Non-GAAP financial measure or non-GAAP ratio. During the year ended December 31, 2025, funds flow was $51.2 million. Refer to “Non-GAAP and Other Financial Measures”.(3)Refer to “Advisories – Forward-Looking Statements”.(4)Production for the month of June 2026 consisted of approximately 1,989 bbl/d of crude oil and condensate, 46,039 mcf/d of natural gas and 2,348 bbl/d of NGLs.(5)At mid-point of 11,500 boe/d, forecast to consist of approximately 2,200 bbl/d of crude oil and condensate, 41,400 mcf/d of natural gas and 2,400 bbl/d of NGLs.SELECTED FINANCIAL INFORMATIONOPERATIONSThree months endedJun. 30, 2026Three months endedJun. 30, 2025Three months endedMar. 31, 2026Three months endedDec. 31, 2025Three months endedSept. 30, 2025Average Production Natural gas (mcf/d)40,432 35,738 37,315 36,981 38,406 Oil and condensate(1) (bbl/d)1,998 1,243 1,646 1,475 1,523 NGLs (bbl/d)2,333 1,955 2,188 1,929 1,892 Total (boe/d)(1)11,070 9,155 10,054 9,568 9,817 Total (boe)(1)1,007,421 833,038 904,880 880,280 903,165 Liquids weighting39%35%38%36%35%Realized Prices Natural gas ($/mcf)1.72 2.11 2.42 2.45 0.92 Oil and condensate(1) ($/bbl)126.62 83.31 92.18 72.49 81.46 NGLs ($/bbl)40.44 29.07 30.24 25.19 29.49 Total realized price ($/boe)37.66 25.77 30.66 25.74 21.90 Royalty income0.15 0.05 0.08 0.03 0.04 Royalty expense(5.42)(2.41)(2.81)(2.30)(1.70)Net oil and natural gas revenue ($/boe)32.39 23.41 27.93 23.47 20.24 Operating expense(6.05)(6.10)(6.91)(5.33)(5.86)Transportation expense(1.61)(1.73)(1.71)(1.72)(1.45)Operating netback(2) ($/boe)24.73 15.58 19.31 16.42 12.93 Realized gain (loss) on financial derivatives(4.79)2.31 (0.40)3.73 4.26 Other cash income (expense)0.08 (0.07)0.08 0.10 0.18 General & administrative expense(1.65)(0.96)(1.48)(2.49)(1.05)Cash finance expense(1.84)(1.77)(1.65)(1.91)(1.80)Decommissioning expenditures(0.32)(0.27)(1.14)(0.52)(0.22)Funds flow & corporate netback(2) ($/boe)16.21 14.82 14.72 15.33 14.30 FINANCIAL (000s except $ per share)Three months endedJun. 30, 2026Three months endedJun. 30, 2025Three months endedMar. 31, 2026Three months endedDec. 31, 2025Three months endedSept. 30, 2025Oil and natural gas sales38,086 21,506 27,818 22,684 19,816 Net income (loss)9,141 10,380 (14,481)5,951 (2,677)Net income (loss) per share Basic0.06 0.08 (0.10)0.04 (0.02)Fully diluted0.06 0.08 (0.10)0.04 (0.02)Funds flow(2)16,325 12,348 13,318 13,498 12,916 Funds flow per share(2) Basic0.11 0.10 0.10 0.10 0.10 Fully diluted0.11 0.09 0.10 0.10 0.10 Capital expenditures11,708 13,202 21,509 10,244 8,268 Acquisitions (dispositions)(109)— 34,760 — — Weighted average shares outstanding Basic147,943 128,252 139,522 132,265 130,342 Fully diluted152,586 130,656 139,522 137,119 130,342 As at period end Common shares outstanding Basic149,090 129,634 147,429 133,442 131,582 Fully diluted161,314 141,456 159,019 145,762 142,774 Total assets485,001 433,962 487,848 427,372 424,940 Non-current liabilities121,279 64,837 90,675 61,556 64,586 Net debt(2)84,343 67,987 87,100 62,502 64,860 This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.(1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.(2)Non-GAAP financial measure or non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.NON-GAAP AND OTHER FINANCIAL MEASURESThis press release makes reference to the terms “operating netback” (on an absolute and $/boe basis), “corporate netback” (on an absolute and $/boe basis), “funds flow” (on an absolute, per share (basic and fully diluted) and $/boe basis), “net debt” and “net debt to funds flow ratio”. These non-GAAP and other financial measures are not recognized measures under Canadian generally accepted accounting principles (“GAAP”) (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with International Financial Reporting Standards (“IFRS”) as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.Operating NetbackOperating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, operating expenses and transportation expenses. Refer to the table below for a reconciliation of operating netback to oil and natural gas sales.Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.Corporate Netback and Funds FlowCorporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute value and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, cash finance expense and decommissioning expenditures, plus or minus other income (expense) and the realized gain (loss) on financial derivatives. See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding. Three months endedJune 30, 2026Three months endedJune 30, 2025Six months endedJune 30, 2026Six months endedJune 30, 2025 $000s$/boe$000s$/boe$000s$/boe$000s$/boeOil and natural gas sales38,086 37.81 21,506 25.82 65,904 34.46 45,136 27.58 Royalty expense(5,460)(5.42)(2,010)(2.41)(8,002)(4.18)(4,713)(2.88)Net oil and natural gas revenue32,626 32.39 19,496 23.41 57,902 30.28 40,423 24.70 Transportation expense(1,619)(1.61)(1,438)(1.73)(3,170)(1.66)(2,762)(1.69)Operating expense(6,093)(6.05)(5,078)(6.10)(12,343)(6.45)(10,507)(6.42)Operating netback24,914 24.73 12,980 15.58 42,389 22.17 27,154 16.59 Realized gain (loss) on financial derivatives(4,821)(4.79)1,923 2.31 (5,180)(2.71)2,835 1.73 Other income (expense)78 0.08 (57)(0.07)149 0.08 (41)(0.02)General & administrative expense(1,663)(1.65)(797)(0.96)(2,999)(1.57)(1,930)(1.18)Cash finance expense(1,856)(1.84)(1,473)(1.77)(3,352)(1.75)(2,824)(1.73)Decommissioning expenditures(327)(0.32)(228)(0.27)(1,363)(0.71)(380)(0.23)Funds flow and corporate netback16,325 16.21 12,348 14.82 29,644 15.51 24,814 15.16 Three months ended June 30, 2026Three months ended March 31, 2026Three months ended December 31, 2025Three months ended September 30, 2025 $000s$/boe$000s$/boe$000s$/boe$000s$/boeOil and natural gas sales 38,086 37.81 27,818 30.74 22,684 25.77 19,816 21.94 Royalty expense (5,460) (5.42) (2,542) (2.81) (2,029) (2.30) (1,533) (1.70)Net oil and natural gas revenue 32,626 32.39 25,276 27.93 20,655 23.47 18,283 20.24 Transportation expense (1,619) (1.61) (1,551) (1.71) (1,514) (1.72) (1,312) (1.45)Operating expense (6,093) (6.05) (6,250) (6.91) (4,693) (5.33) (5,292) (5.86)Operating netback 24,914 24.73 17,475 19.31 14,448 16.42 11,679 12.93 Realized gain (loss) on financial derivatives (4,821) (4.79) (359) (0.40) 3,287 3.73 3,849 4.26 Other income 78 0.08 70 0.08 90 0.10 164 0.18 General & administrative expense (1,663) (1.65) (1,336) (1.48) (2,193) (2.49) (952) (1.05)Cash finance expense (1,856) (1.84) (1,496) (1.65) (1,677) (1.91) (1,623) (1.80)Decommissioning expenditures (327) (0.32) (1,036) (1.14) (457) (0.52) (201) (0.22)Funds flow and corporate netback 16,325 16.21 13,318 14.72 13,498 15.33 12,916 14.30 Net Debt Net debt is a non-GAAP financial measure and is calculated as the sum of long term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.($000s)As at Jun. 30, 2026As at Mar. 31, 2026As at Dec. 31, 2025As at Sept. 30, 2025As at Jun. 30, 2025Long-term debt 67,134 38,125 25,000 25,000 25,000 Current assets (17,766) (18,876) (22,424) (17,423) (23,466)Current liabilities 39,564 81,103 54,044 53,865 59,308 Current financial derivatives (1,852) (10,515) 8,360 5,073 7,993 Current portion of lease obligation (223) (223) (223) (160) (155)Current portion of decommissioning obligation (2,514) (2,514) (2,255) (1,495) (693)Net debt 84,343 87,100 62,502 64,860 67,987 Net debt to funds flow ratioNet debt to funds flow ratio is a non-GAAP ratio because each of its components is a non-GAAP financial measure. This non-GAAP ratio is used by management as a key indicator of our leverage and the strength of our balance sheet. It is calculated by dividing our net debt at the end of the applicable period by the funds flow for the applicable period. Net debt to funds flow ratio is not a standardized measure and, therefore, may not be comparable with the calculation of similar measures by other entities.Basis of PresentationFinancial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the year ended December 31, 2025. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.Forward-Looking StatementsCertain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to: that the outlook for the second half of the year is for continued production and cash flow growth; and the Company’s 2026 outlook, including 2026 average daily production guidance, 2026 capital spending, 2026 funds flow guidance and forecast for 2026 year-end net debt.These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; risks associated with the refusal of the U.S. to renew the Canada-United States-Mexico Agreement (“CUSMA”) by the July 1, 2026 deadline, including the risk that the U.S. ultimately withdraws from CUSMA, which could result in a significant increase in trade barriers, which could in turn have a material adverse effect on the Canadian and U.S. economies, and by extension the Canadian oil and natural gas industry and the Company; the impact of general economic and business conditions and changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local and regional markets, including as a result of conflicts in the Middle East (including Iran) and the conflict between Russia and Ukraine and the responses thereto from other countries and institutions (including trade sanctions and financial controls), which has created volatility in the global economy and could continue to adversely impact economic and trade activity; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wildfires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of common shares under our NCIB; and the other risks and uncertainties described in our most recently filed Annual Information Form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of common shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation: our 2026 average daily production guidance (including liquids weighting), our 2026 capital spending guidance, our 2026 funds flow guidance and our forecast for 2026 year-end net debt and net debt to funds flow ratio; which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.BOE PresentationThe oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.Production and Product Type InformationReferences to crude oil (or oil), natural gas liquids (“NGLs”), natural gas (or gas) and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 (“NI 51-101”), except as noted below.NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane plus combined. Natural gas refers to conventional natural gas. Liquids refers to light and medium oil, condensate and NGLs.Dividend AdvisoryThe Company’s future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance that the Company will pay dividends in the future.Abbreviations $000’sthousand dollars$/bbldollars per barrel$/boedollars per barrel of oil equivalent$/GJdollars per gigajoule$/mcfdollars per thousand cubic feetbblbarrelmbblthousand barrelsbbl/dbarrels per dayboebarrel of oil equivalentmboethousand barrel of oil equivalentmmboemillion barrel of oil equivalentboe/dbarrel of oil equivalent per dayGJgigajouleGJ/dgigajoules per daymcfthousand cubic feetmcf/dthousand cubic feet per daymmcf/dmillion cubic feet per daybcfbillion cubic feetNGLsnatural gas liquidsWTIWest Texas IntermediateNotice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.