Calgary-based energy company Petrus Resources has sold off its oil and natural gas assets in the Peace River area. The 850,000 net acres of undeveloped land has been bought by Rising Star Resources for a total of $30 million.
Petrus says they averaged about a thousand barrels of oil a day from that area, which is roughly 12 per cent of the company’s total production. It says it wants to pay off some of its debts with the cash, and lower its per unit operating costs.
Rising Star’s President and Chief Executive Officer Steve Sugianto says he’s excited by the opportunity to build a large low risk development drilling inventory.