Canada’s Petrus Resources Ltd. will acquire about 40 barrels of oil equivalent per day and full working interest in a drilled, completed Cardium horizontal well that is non-producing that will be tied in later in the year in the Ferrier area, according to a Feb .14 press release.

Petrus entered an agreement with a private company to acquire the interests in the Ferrier area.

Petrus will also acquire full working interest in about 3,360 net acres, or 5.25 net sections, of undeveloped Cardium land in its Ferrier core area; this land will add 21 gross (21 net) drilling locations, the press release said.

The acquisition, scheduled to close by Feb. 28, has a Jan. 1 effective date and is subject to customary closing conditions.

A non-brokered private placement of about 1.58 million common shares priced at CA$2.53 each—for gross proceeds of about CA$4 million—will help fund the purchase price alongside credit facilities.

This private placement was approved by the board of directors, the press release said. It is scheduled to close on or before Feb. 28, subject to approval of Toronto Stock Exchange and others.