Don Gray Increases Stake in Petrus Resources
TSX-listed Petrus Resources Ltd. has entered into a Share Purchase Agreement (SPA) with its chairman and co-founder Don Gray, along with Glen Gray and Stuart Gray, pursuant to which the investors have subscribed for and acquired approximately 12 million shares, representing an approximately 24.3% stake in the company, for a total investment of around C$3.6 million.
Under the terms of the agreement, each of the purchasers will acquire the shares at a price of C$0.30 per share. Prior to the transactions, Mr. Don Gray, Mr. Glen Gray, and Mr. Stuart Gray owned approximately 14.79%, 7.83%, and 4.3% stake in Petrus Resources, respectively. Upon completion, the purchasers will hold approximately 27%, 13.9%, and 10.3% stake, respectively. Each purchaser acquired the common shares for investment purposes, and may, depending on market and other conditions, increase or decrease his ownership in the company.
Calgary-based Petrus Resources is engaged in the acquisition, exploration and exploitation of oil and natural gas assets in Alberta, with a focus on three core operating areas, namely Ferrier, Central Alberta, and the Rocky Mountain Foothills.
The company has proved (1P) reserves of approximately 22.5 million barrels of oil equivalent (MMboe) and proved + probable (2P) reserves of approximately 36.8 MMboe as of December 31st, 2020. Average daily production amounted to approximately 6.6 thousand barrels of oil equivalent per day (Mboe/d) during 2020, of which 70% is gas.
The transaction is subject to customary closing conditions, and is expected to close on March 16th, 2021.