CALGARY, Alberta, March 25, 2021 (GLOBE NEWSWIRE) -- Each of Mr. Don Gray, Glen Gray and Stuart Gray (collectively, the "Purchasers") announce that they have each individually acquired the number of common shares ("Common Shares") of Petrus Resources Ltd. ("Petrus" or the "Company") set forth below from an arm's length vendor, at a purchase price of $0.30 per share, pursuant to the terms of a share purchase agreement among the Purchasers and the vendor, as amended (the "Purchase Agreement). On closing of the acquisition, each Purchaser has individually acquired ownership and control over the number of Common Shares set forth below.

The ownership of Common Shares after giving effect to the Purchase Agreement, of each of Don Gray, Glen Gray and Stuart Gray is as set forth below:

Name	Number of Common Shares Acquired Pursuant to the Purchase Agreement⁽²⁾	Ownership of Common Shares After Giving Effect to the Purchase Agreement⁽³⁾
Don Gray⁽¹⁾	5,708,074 Common Shares	13,022,476 Common Shares (approximately 26.3% on a non-diluted basis)
Glen Gray	2,833,867 Common Shares	6,708,867 Common Shares (approximately 13.6% on a non-diluted basis)
Stuart Gray	2,833,867 Common Shares	4,941,867 Common Shares (approximately 9.9% on a non-diluted basis)

Note:

(1) Assuming the settlement, in full, of all deferred share units held by Mr. Don Gray, Mr. Don Gray would own and control 13,562,044 Common Shares (approximately 27.1% of the then issued and outstanding Common Shares, on a non-diluted basis).
(2) Acquired amounts are adjusted from initial amounts previously disclosed, being 6,000,000 Common Shares by Mr. Don Gray and 3,000,000 Common Shares by each of Mr. Glen Gray and Mr. Stuart Gray.
(3) Aggregate cash purchase price for Common Shares by Mr. Don Gray was $1,712,422, by Mr. Glen Gray was $850,160 and by Mr. Stuart Gray was $850,160.

As a result of completing the transactions contemplated by the Purchase Agreement, none of the Purchasers are "joint actors" in respect of the Purchase Agreement and none of the Purchasers are otherwise "joint actors" in respect Petrus of their ownership of Common Shares of Petrus.

Each Purchaser agreed to acquire the subject Common Shares for investment purposes. A Purchaser may, depending on market and other conditions, increase or decrease his ownership of Common Shares or other securities of the Company, whether in the open market, by privately negotiated agreement or otherwise.

For additional information or to obtain a copy of the applicable early warning report to be filed by each Purchaser in connection with the foregoing, please contact:

c/o 2400, 240 - 4th Avenue SW
Calgary, AB T2P 4H4

(403) 930-0889

Update on the Acquisition of Shares of Petrus Resources Ltd.