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Company News

BRIEF-Petrus Resources announces farm-in agreement and provides an operations update

Oct 4 (Reuters) - Petrus Resources Ltd:

* Petrus Resources announces farm-in agreement and provides an operations update

* Petrus Resources Ltd - to accommodate farm-in agreement, board has approved a $10 million increase to company’s capital budget for 2017 to $60 to $70 million

* Petrus Resources Ltd - budget increase for 2017 is expected to be funded through availability under company’s existing credit facilities

* Petrus Resources Ltd - company estimates that farm-in agreement will contribute 16 gross (5.2 net) Cardium locations to its drilling inventory

* Petrus Resources Ltd - Petrus’ estimated August monthly field production is 10,650 BOE/D

* Petrus Resources - new production related to 2.2 net DUC wells and 2 net ERH wells related to farm-in agreement expected to be brought on stream in Q4

* Petrus Resources Ltd - has initiated a non-core asset divestiture process for its central alberta and foothills areas

* Petrus Resources Ltd - divestiture process is expected to take place in Q4 of 2017 Source text for Eikon: Further company coverage:

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