Petrus Resources Ltd. (PRQ) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by, and welcome to Petrus Resources First Quarter 2021 Results Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Ken Gray, Chief Executive Officer. Please go ahead.

Welcome to Petrus Resources 2025 Q1 Earnings Call. My name is Ken Gray, CEO of Petrus and I am joined here by our executive team of Mathew Wong, CFO; Matt Skanderup, COO; and Lindsay Hatcher, VP Commercial and Corporate Development. Our last conference call was just a little over a month ago, so I'll keep this brief. For the quarter, we spud 7 wells, 4.1 net and have put two 1.7 net of those wells on production to date. Spring conditions have held us up a bit on completions, but we have managed to get the equipment on location and have started fracking operations on the three 1.7 net wells drilled that tie into our North Ferrier pipeline extension. Once completed later this month, we'll bring the pipeline extension into operation, and those wells will come online along with another well that has been shut in for several months due to third-party pipeline constraints. Fracking has also started on the two 0.4 net non-operated wells drilled in North Ferrier, and those wells should be online later this month as well. We have continued drilling over breakup and are currently drilling the third well of a 4-well program in our core Ferrier area. We expect to complete drilling operations on this pad by the end of the month and we'll be completing and bringing those wells on shortly afterwards. So lots to look forward to over the next couple of months and into the second half of the year. As a result of all this activity, our net debt is up about 10% from year-end. We have intentionally deployed more of our budgeted annual capital in Q1 to take advantage of certain time-sensitive strategic opportunities. At this point, total capital spending for the year is still expected to be within our guidance of $40 million to $50 million and will bring net debt and our debt to cash flow ratio back down over the second half of the year. With that, I'll open the floor to questions.

[Operator Instructions] I show no questions at this time. This does conclude today's conference call. Thank you for participating. You may now disconnect.