Mr. Ken Gray reports

PETRUS RESOURCES ANNOUNCES DECLARATION OF SPECIAL DIVIDEND

Petrus Resources Ltd. is declaring a special dividend on its common shares.

Growth and return of capital

Through the success of the 2022 capital program and the execution of the 2023 capital program year-to-date, Petrus has realized significant growth and produced strong financial and operating results. Petrus's previously announced capital budget for 2023 is designed to prioritize strategic investments while also allowing the company to generate considerable free cash flow. This strategy has positioned Petrus to further reduce debt and return capital to shareholders.

Special dividend

Due to the company's performance and the resulting free cash flow, Petrus's board of directors has declared a special cash dividend of three cents per common share. The dividend will be payable on Nov. 9, 2023, to shareholders of record at the close of business on Oct. 26, 2023. The dividend has been classified as an eligible dividend for the purposes of the Income Tax Act (Canada).

While Petrus continues to enjoy abundant opportunities to invest capital and generate excellent returns, this special dividend serves as a tangible reward for Petrus's shareholders, directly reflecting the company's success and helping to address the lack of liquidity in the markets. Through its risk-managed strategy focused on investing in the company's quality assets and prioritizing high-return projects that unlock meaningful value, Petrus expects to be able to generate sustainable long-term results that will allow for the continued return of capital to shareholders.

We seek Safe Harbor.