Mr. Ken Gray reports

PETRUS RESOURCES ANNOUNCES CREDIT FACILITY INCREASE AND APPROVAL FOR NORMAL COURSE ISSUER BID

Petrus Resources Ltd. has increased its senior secured credit facility. Petrus's lender, ATB Financial, has completed its semi-annual borrowing base redetermination and has agreed to increase the borrowing limit from $30.0-million to $45.0-million. The credit facility is payable on demand by the lender, and the next semi-annual review is scheduled on or before Nov. 30, 2023.

The increase demonstrates confidence in the company and its strategic direction. A combination of debt reduction and production growth have bolstered Petrus's financial position and strengthened its balance sheet, which will allow it to continue to actively pursue its corporate objectives.

Petrus is also pleased to announce that the Toronto Stock Exchange has accepted Petrus's notice of intention to commence a normal course issuer bid. The NCIB allows Petrus to purchase up to 6,192,426 common shares (representing 5 per cent of Petrus's outstanding common shares as of June 15, 2023) over a period of 12 months commencing on June 28, 2023. On June 15, 2023, Petrus had 123,848,528 common shares outstanding. The NCIB will expire no later than June 27, 2024.

Under the NCIB, common shares may be repurchased on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems and in accordance with the rules of the TSX governing normal course issuer bids. The total number of common shares Petrus is permitted to purchase through the facilities of the TSX is subject to a daily purchase limit of 11,527 common shares, representing 25 per cent of the average daily trading volume of 46,110 common shares on the TSX calculated for the six-month period ended May 31, 2023; however, Petrus may make one block purchase per calendar week, which exceeds such daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Petrus.

Petrus believes that, at times, the prevailing share price does not reflect the underlying value of the common shares, and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Petrus's per-share metrics and thereby increase the underlying value of Petrus's common shares to its shareholders.

About Petrus Resources Ltd.

Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

We seek Safe Harbor.