Petrus Resources Ltd. reported production results for the full year of 2013. The company exited 2013 with record production of 4,052 boe/d (54% oil and liquids), a 22% increase per debt-adjusted share over the 2012 exit production of 2,853 boe/d (42% oil and liquids).

The company Board of Directors has approved a base capital budget of $74 million for 2014, which will increase to $112 million with the Acquisition, subject to execution of any ROFRs. The capital budget provides for the drilling of 36 gross (24 net) wells, with approximately $45 million directed at foothills development and $29 million directed toward the Peace River area. The capital budget will be funded through cash flow and credit facilities. Coincident with the closing of the Acquisition, the Company's borrowing base will increase to $90 million, including a $10 million development line. The increased access to capital provides Petrus with ample financial flexibility to execute its capital expenditure program and pursue additional opportunities which may become available.