Mr. Ken Gray reports

PETRUS RESOURCES ANNOUNCES 2024 BUDGET GUIDANCE

Petrus Resources Ltd. has released its 2024 capital guidance.

2024 budget guidance

Petrus's 2024 budget prioritizes its commitment to generating sustainable shareholder returns and maintaining a healthy balance sheet. Given the current commodity price environment and consistent with the company's strategy of discipline and flexibility, the 2024 capital budget is designed to sustain production, maintain debt at less than 1.0 times funds flow and generate free funds flow that will be used to continue distributing dividends to shareholders.

The 2024 capital budget will see capital spending of $40-million to $50-million, of which approximately 90 per cent will be allocated toward drilling new wells in its Ferrier and North Ferrier areas. The budget was established using an average price forecast of $75 (U.S.) per barrel West Texas Intermediate for oil, an Alberta Energy Company gas price of $2.50 per gigajoule and a foreign exchange rate of 74 U.S. cents. Under these pricing and exchange rate assumptions, through the successful execution of the capital plan, Petrus expects to:

• Achieve 2024 annual average daily production of 9,000 to 10,000 barrels of oil equivalent per day;
• Generate $55-million to $65-million in annual funds flow for 2024;
• Create free funds flow of $15-million to $20-million for 2024;
• Pay a monthly dividend of one cent per share annually -- this represents approximately 10 per cent of the current share price;
• Maintain net debt in the range of $55-million to $60-million in 2024.

The company remains optimistic on the long-term outlook for commodity prices and is strategically positioned to take full advantage of the next constructive pricing cycle. As always, Petrus will closely monitor changing market conditions and is ready to adjust its capital program accordingly with a commitment to delivering sustainable returns to shareholders, which remains the foundation of the company's long-term strategy.

About Petrus Resources Ltd.

Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

We seek Safe Harbor.