On May 30, 2022, Petrus announced the closing of its credit refinancing transactions, previously announced on May 5, 2022. The company entered into agreements with new lenders, securing two new credit facilities totaling up to CAD 55 million: a CAD 30 million reserve-based, secured operating revolving loan facility with ATB Financial and a CAD 25 million second lien secured term facility with Stuart Gray, a principal shareholder. These facilities, along with the net proceeds from a recently closed CAD 20 million rights offering, were utilized to repay in full all amounts owing under the company's previous secured revolving credit facility, effectively completing Petrus's debt restructuring.