07:40 AM EDT, 03/27/2024 (MT Newswires) -- Petrus Resources ( PTRUF ) overnight Tuesday reported fourth-quarter net income of $39.7 million, or $0.32 per fully diluted share, up from $22.1 million, or $0.17 per fully diluted share, a year earlier.

Funds flow for the quarter ended Dec. 31, 2023, was $16.5 million, or $0.13 per fully diluted share, down from $34.1 million, or $0.27 per fully diluted share, a year earlier.

Total oil and natural gas sales for Q4 were $26.7 million, down from $48.6 million a year earlier.

For 2024, the company is targeting capital spending of $40 million to $50 million, with 90% allocated toward drilling new wells in Ferrier and North Ferrier areas.

Petrus is also targeting an annual average production of 9,000 to 10,000 barrels of oil equivalent per day; annual funds flow of $55 million to $65 million; and free funds flow of $15 million to $20 million.

Also, the company is targeting a monthly dividend of $0.01 per share. This annually represents about 9% of the current share price.Net debt in 2024 is expected to be in the range of $55 million to $60 million.