Canada's Petrus Resources Q1 production rises after Harmattan acquisition

Petrus Resources

06/05/2026 23:09

Overview

Canada oil and gas producer's Q1 production rose 13% yr/yr after Harmattan asset acquisition

Q1 funds flow rose 7% yr/yr, supported by higher oil and NGL production

Company closed Harmattan acquisition, adding oil-weighted assets and boosting liquids output

Outlook

Petrus expects 2026 average production of 11,000 to 12,000 boe/d

Company sees 2026 annual funds flow of C$60 mln to C$65 mln

Petrus forecasts year-end 2026 net debt of C$75 mln to C$80 mln

Result Drivers

HARMATTAN ACQUISITION - Co said acquisition of oil-weighted Cardium assets in Harmattan added production and increased liquids weighting

HIGHER LIQUIDS PRODUCTION - Co attributed increased oil and NGL output to Harmattan acquisition, liquids-weighted drilling and efforts to boost NGL recoveries

IMPROVED REALIZED PRICES - Co said total realized prices rose 4% yr/yr, supporting higher revenue

Company press release: ID:nGNX2Krmhf

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Oil & Gas Revenue
C$27.82 mln
Q1 Operating Expenses
-C$6.25 mln


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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)