Petrus to Acquire Cardium Assets for $14.4M

Petrus Resources Ltd. has announced a strategic acquisition of Premier Light Oil assets focused on Cardium in Ferrier, Alberta. The company will acquire a privately owned limited partnership and its general partner for total consideration of approximately $14.4 million.

The consideration consists of 10 million Petrus common shares issued at a deemed price of $1.44 per share, based on the TSX volume-weighted average trading price for the five trading days prior to the agreement date. The acquisition is expected to close in early March and is subject to customary closing conditions, including TSX approval.

Petrus says the Cardium land position is contiguous to its existing Ferrier assets and is intended to be tied into Petrus’ owned and operated gathering and processing infrastructure to drive operating and cost synergies.