PETRUS WRITE-UP ON STOCKWATCH 5/23/22 "Elsewhere in Alberta, the Gray brothers' Petrus Resources Ltd. (PRQ) added 25 cents to $2.71 on 729,400 shares, after finally getting itself a new chief financial officer and a new chief operating officer. It has appointed Matthew Wong as the former and Matt Skanderup as the latter. Mr. Wong will be Petrus's first CFO in more than a year, and Mr. Skanderup will be the first COO in about five years.
Both are internal promotions. Mr. Wong joined Petrus in 2017 and has served as vice-president of finance since April, 2021, which was when former CFO Chris Graham stepped down. Mr. Skanderup has been with Petrus since 2014 and previously worked for companies including the above Canadian Natural Resources and Crescent Point Energy Corp. (CPG: $10.96). Prior to his appointment as COO, Petrus's last COO was Neil Korchinski, but as noted above, that was many years ago. In 2016, Mr. Korchinski won a promotion to president and CEO, and Petrus did not appoint a new COO. Then in April, 2021, Mr. Korchinski left the company, just like Mr. Graham.
The timing of the departures coincided with a tightening of control by the Gray family. Don Gray was already chairman and a major shareholder (he founded Petrus in 2011). In March, 2021, two of his brothers, Glen Gray and Stuart Gray, also bought in as major shareholders, while the fourth brother, Ken Gray, became a director. Then Ken Gray became president and CEO in April, 2021. They have since spent their time tidying up Petrus's balance sheet rather than making new hires. The cleanup has included everything from a $49-million shares-for-debt swap last year to a $20-million rights offering earlier this month.
Investors seemed pleased to see the Grays shift some of their attention over to management changes. They were also likely glad to see a separate operational update from Petrus in the Alberta Cardium. Production held steady at 7,400 barrels a day for the month of April, same as the average for the first quarter. Petrus added that "the team expects to kick off the 2022 drilling program in late June." Its aim is to get production all the way up to 9,000 barrels a day, or even 9,500 barrels a day, by the end of the year."
Comment: ,87 cdn 12/31/2021 up to 3.00 cdn today. Petrus catching up as crude/WTI hits 117.00 usd today.
Thanks to posters for analysts projections on price going forward. Seems we are already hitting some of these projections and I assume some were for a year out. Some of these odds-makers may have to re-calibrate.
No trading in US today for Petrus due to holiday, last day's trading here was 68K shares, a 'heavy day' last Friday. More US OTC buyers coming into Petrus lately, I am one of them, lol.