Petrus Resources Ltd T.PRQ

Inconsistent PR reporting and some other niggles…

[topdop]

In today's release of Q & Annual Financial Results, PRQ states quite clearly that "On March 1, 2022, the Company entered into a definitive agreement to acquire producing oil and gas properties that are held by a privately owned limited partnership...."

Mmmm... this is materially different information than that disclosed just 2 days ago when PRQ stated that "Through the acquisition, Petrus will receive a contiguous, high-working-interest, Cardium land position in Ferrier..."

So producing what? Exactly?

Further, because the Ferrier Land Deal or acquisition of "Producing Oil and Gas Properties" - which is it - was in value less than 25% of the market capitalization of PRQ, it doesn't require formal Financial Valuation or Shareholder Consent/Approval.

Fine. We all know the rules but given the broad inconsistency of what exactly is proposed to be purchased and as I attempt to point out above, wouldn't you now think it necessary & prudent that the Independent Directors at least did us the courtesy of informing us that indeed (a) PRQ did get commissioned; and (b) please disclose who/which firm conducted same?

GLTA

[HedgieTdot]

the initial press release regarding the acquisition says right in it 425 boe/d, with a breakdown of oil, gas and liquids.   thus it's not materially different. read before throwing stones.

[topdop]

My sincere apologies.   As I saw a different description of the purchase today (as a headline) than that made 2 days ago I clearly had to see this Bullet point:   Stable base production of 425 barrels of oil equivalent per day (1) (83.0 per cent conventional natural gas, 13.5 per cent natural gas liquids and 3.5 per cent light oil) with an estimated annual decline rate of 10 per