06:24 AM EDT, 06/28/2024 (MT Newswires) -- Petrus Resources ( PTRUF ) on Thursday reported May estimated production of 9,544 barrels of oil equivalent per day (boe/d), 69% of which was natural gas and 31% total liquids.

Production was relatively steady from April as volumes added from recently drilled wells offset natural decline, the company said.

About 170 boe/d of dry natural gas production in the Foothills area remains shut-in due to low natural gas prices. Completion operations on operated wells drilled earlier in the year started in mid-June and all three wells are expected to be flowing back in early July.

The company plans to return to drilling activities in North Ferrier late in the third quarter.

Capital spending amounted to about $0.6 million during the month.

Given the recent decline in Canadian natural gas prices, Petrus has been focusing on evaluating and implementing initiatives to boost liquids production, including strategic processing arrangements with midstream partners and adjustments to facilities to achieve higher natural gas liquids recovery rates.