BRIEF-Petrus sells oil, natural gas interests in Peace River area of Alberta

Mon Jul 11, 2016 7:57am EDT
 
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July 11 (Reuters) - Petrus Resources Ltd :

* Petrus announces asset disposition and 2016 budget update

* Has sold its oil and natural gas interests in Peace River area of Alberta to rising star resources ltd for $30.0 million

* Petrus board of directors has approved a $17.5 million capital expenditure budget for second half of 2016

* Sold oil and natural gas interests in Peace River area of Alberta to Rising Star Resources Ltd for total consideration of $30.0 million

* Cash proceeds from disposition will initially be used to reduce amount owing under co's revolving credit facility to about $84 million

* Borrowing capacity under facility was reduced as a result of disposition, from $120 million to $106 million

* Will continue to evaluate acquisition opportunities to expand footprint in Ferrier area Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)