CALGARY, Alberta, May 15, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces voting results from its annual shareholders' meeting held today.
Key Points:
- CALGARY, Alberta, May 15, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces voting results from its annual shareholders' meeting held today.
- At the meeting, each of Patrick McDonald, Glenn Hamilton, Dale Miller, Ryan Rawlyk, Matthew Shyba and Kathy Turgeon was elected, by ordinary resolution, as a director of the Company for the ensuing year, to hold office until the close of the next annual meeting of shareholders.
- Following are details as to the number of votes cast 'for' the election of each director nominee at the meeting, and the percentage that figure represented of the total shares voted or withheld from voting in respect of that nominee.
Quartz,
Inter Pipeline,
Economics,
Evi,
Conversation,
Basal,
Bank statement,
Sale,
MD,
PPR,
Provost,
Princess,
TSX,
Oil CALGARY, Alberta, May 15, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces its operating and financial results for the first quarter ended March 31, 2024.
Key Points:
- CALGARY, Alberta, May 15, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces its operating and financial results for the first quarter ended March 31, 2024.
- The decrease was a result of lower realized pricing slightly offset by a decrease in royalties and operating costs.
- In addition, the decrease was reduced by lower expenses and a gain on property dispositions in the first quarter of 2024.
- Prairie Provident has identified more than 40 Basal Quartz potential drilling opportunities targeting light/medium oil on its Michichi lands.
CALGARY, Alberta, April 02, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces its operating and financial results for the fourth quarter and year ended 2023.
Key Points:
- CALGARY, Alberta, April 02, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces its operating and financial results for the fourth quarter and year ended 2023.
- Production averaged 3,413 boe/d (64% liquids) for the fourth quarter of 2023, a 9% decrease from the same period in 2022.
- Fourth quarter 2023 operating netback1 before the impact of derivatives was $3.2 million ($10.03/boe), and $2.9 million ($9.07/boe) after realized losses on derivatives, a $3.4 million decrease and $0.6 million increase, respectively, from the fourth quarter of 2022.
- Net capital expenditures1 for the fourth quarter of 2023 of $0.7 million were primarily for the retention of mineral and surface leases.
CALGARY, Alberta, March 05, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce that it has closed the previously announced sales of its Evi assets in Northern Alberta for net proceeds of $22.5 million after adjustments, based on an effective date of August 1, 2023, and certain non-core assets located in the Provost area of Central Alberta for net proceeds of $1.7 million after adjustments, based on an effective date of July 1, 2023.
Key Points:
- CALGARY, Alberta, March 05, 2024 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce that it has closed the previously announced sales of its Evi assets in Northern Alberta for net proceeds of $22.5 million after adjustments, based on an effective date of August 1, 2023, and certain non-core assets located in the Provost area of Central Alberta for net proceeds of $1.7 million after adjustments, based on an effective date of July 1, 2023.
- The purchasers have assumed all future abandonment and reclamation obligations (ARO) pertaining to the sold assets, which carry total AER deemed liabilities of approximately $51.0 million gross ($46.4 million net).1
Of the net proceeds of approximately $24.2 million, $20 million has been used to reduce indebtedness under the Company’s senior secured credit facility, with the remainder to increase its working capital position.
- Going forward, the Company intends to focus on its inventory of attractive optimization and development opportunities in Central and Southern Alberta and continue with non-core property dispositions to enhance its financial flexibility.
Retrieved on:
Thursday, February 22, 2024
(1) PPR calculates Reserve Life Index (RLI) based on the estimated reserves amount as at December 31, 2023 for the relevant reserves category, as evaluated by Sproule, divided by actual 2023 annual production.
Key Points:
- (1) PPR calculates Reserve Life Index (RLI) based on the estimated reserves amount as at December 31, 2023 for the relevant reserves category, as evaluated by Sproule, divided by actual 2023 annual production.
- See “Cautionary Statements – Disclosure of Oil and Gas Reserves Data and Operational Information” and “Cautionary Statements – Reserve Life Index”.
- This resulted in positive reserve additions of 0.3 MMboe, 0.1 MMboe, and 0.1 MMboe for PDP, TP, and P+P reserves, respectively.
- The following table is a summary of the Company's estimated reserves as at December 31, 2023, as evaluated in the Sproule Report.
Retrieved on:
Friday, December 15, 2023
CALGARY, Alberta, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce the appointment of Mr. Ryan Rawlyk to the Board of Directors effective January 1, 2024.
Key Points:
- CALGARY, Alberta, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce the appointment of Mr. Ryan Rawlyk to the Board of Directors effective January 1, 2024.
- Its appointment coincides with the previous announcement appointing Mr. Rawlyk as the President & CEO effective January 1, 2024.
Retrieved on:
Monday, November 20, 2023
CALGARY, Alberta, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (the "Company") reports that it has filed amended Management’s Discussion and Analysis (MD&A) for the interim period ended September 30, 2023.
Key Points:
- CALGARY, Alberta, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (the "Company") reports that it has filed amended Management’s Discussion and Analysis (MD&A) for the interim period ended September 30, 2023.
- The Company's actual net debt (calculated as described in the MD&A) at September 30, 2023 was $79.084 million, not $102.645 million as indicated in the originally filed document.
- Please see page 21 of the amended MD&A for the corrected disclosure of net debt.
- This correction constitutes the only change from the interim MD&A originally filed on November 14, 2023.
Retrieved on:
Tuesday, November 14, 2023
Evi,
Audit committee,
Interim,
Executive Committee,
Bank statement,
Provost,
Controller,
MD,
Railway Executive Committee,
Audit,
Management CALGARY, Alberta, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") announces our operating and financial results for the quarter ended September 30, 2023.
Key Points:
- CALGARY, Alberta, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") announces our operating and financial results for the quarter ended September 30, 2023.
- Production averaged 3,523 boe/d (64% liquids) for the third quarter of 2023, slightly down from the second quarter average of 2023 (3,641 boe/d), with no development capital spent.
- Operating expenses for the third quarter of 2023 decreased by $2.97 per boe of production from the second quarter of 2023, principally due to continued attention to cost control and production optimization efforts.
- This focus on reducing operating expenses is expected to continue improving operating netbacks during the balance of 2023.
Princess,
AER,
Evi,
Canadian petroleum companies,
ARO,
Asset purchase agreement,
Cushing,
USD,
WTI,
Oil,
Real estate,
Bank,
Provost Both transactions are currently expected to close on or before January 31, 2024 and are subject to regulatory approval, customary closing conditions and purchase price adjustments.
Key Points:
- Both transactions are currently expected to close on or before January 31, 2024 and are subject to regulatory approval, customary closing conditions and purchase price adjustments.
- Completion of the Evi Sale and the Provost Sale will build upon the recapitalization initiated in May 2023 by streamlining the Company’s asset portfolio through the disposition of undercapitalized legacy assets, in turn allowing Prairie Provident to focus on higher return development opportunities in Central and Southern Alberta.
- The properties included in the Evi Sale comprise the Company’s entire asset base in the Northern Alberta region.
- National Bank Financial Inc. acted as financial advisor to Prairie Provident with respect to the Evi Sale.
Retrieved on:
Saturday, August 26, 2023
CALGARY, Alberta, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") announces our operating and financial results for the quarter ended June 30, 2023.
Key Points:
- CALGARY, Alberta, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") announces our operating and financial results for the quarter ended June 30, 2023.
- Second quarter 2023 operating netback1 before the impact of derivatives was $7.6 million ($23.02/boe), and $7.9 million ($23.88/boe) after realized gains on derivatives, a $3.1 million and $4.0 million increase from the first quarter of 2023, respectively.
- Operating expenses for the second quarter of 2023 decreased by $5.31 per boe of production from the first quarter of 2023 principally due to continued attention to cost control and production optimization efforts.
- This focus on reduction of operating expenses is expected to continue improving operating netbacks during the balance of 2023.
