Ken Gray, President and CEO of Petrus Resources (TSX: PRQ) (OTC: PTRUF), joins us to introduce the key production and development oil and gas assets in three main areas of western province of Alberta. We start off by getting the history of how the Company formed and has been transformed over time, as it has recently transitioned to over 6,000 BOE per day,
Ken outlines the key production metrics from the flagship Ferrier liquids rich Cardium gas play, producing about 4,500 BOE per day, and the plan to drill 14 new wells in 2022 starting in June. We then bring in the newer North Ferrier Area that just had one new well drilled and is producing with great flow rates, so this will be an area of expansion for quite some time. Next we pivot over the more mature Thornsby Area, which generated $8-$9 Million in cashflow from production in 2021 and is a steady contributor. There are also non-core but producing assets at the Foothills, and Central Alberta projects.
We wrap up with getting an overview of the management team and board, the companies hedges rolling off in a more attractive manner this year, the debt repayment and organization strategy, and the key news for investors to focus on for the balance of 2022.