Business
Prairie Provident Resources Announces First Quarter 2026 Results
CALGARY, Alberta, May 14, 2026 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Pro...
About this update from Prairie Provident Resources, Inc.
[{"type":"text","content":"Prairie Provident Resources Announces First Quarter 2026 Results\nCALGARY, Alberta, May 14, 2026 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (\"Prairie Provident\" or the \"Company\") (TSX:PPR) announces its financial and operating results for the first quarter of 2026. The Company’s interim financial statements for the three months ended March 31, 2026 and related Management’s Discussion and Analysis (“MD&A”) are available on the Company’s website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca. Q1 2026 REVIEW AND UPDATE Production averaged 2,202 boe/d (61% liquids)1 for Q1 2026 as Prairie Provident has continued to focus disciplined capital spending on well and facility optimization, and liability management. Year to date, the capital efficient optimization work has flattened corporate decline at approximately 2,200 boe/d (57% oil and natural gas liquids)2;Operating expenses were $29.86/boe for Q1 2026, a nominal increase relative to the $29.64/boe in Q1 2025, and a 16% decrease relative to the $35.75/boe in Q4 2025;Operating netback3 for Q1 2026 was $3.5 million ($17.48/boe), a $0.2 million decrease from Q1 2025 and a $3.0 million increase from Q4 2025. The increase relative to Q4 2025 was as a result of higher realized commodity prices as well as lower operating expenses on a per boe basis;Net loss of $3.0 million for Q1 2026, a $3.1 million reduction compared to Q1 2025. This decrease was driven by a non-cash warrant liability revaluation in the current quarter; andDuring Q1 2026, Prairie Provident spent $3.5 million towards decommissioning liabilities, including legacy Northwest Territories abandonment obligations. ____________ 1Comprised of medium crude oil, natural gas liquids (NGLs) and conventional natural gas in the volumes indicated as crude oil and condensate, NGLs and natural gas in the \"Financial and Operating Summary\" table below.2Comprised of approximately 1,185 bbl/d of medium crude oil, 75 bbl/d of NGLs and 5,650 Mcf/d of conventional natural gas.3Operating netback is a Non-GAAP financial measure and is defined below under \"Advisories - Non-GAAP and Other Financial Measures\". FINANCIAL AND OPERATING SUMMARY ($000s, except per unit amounts or as indicated)  Q1 2026Q4 2025Q1 2025      FINANCIAL   ...