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Prairie Provident Resources Announces Fourth Quarter and Year-End 2024 Financial and Operating Results, 2024 Year-End Reserves and Basal Quartz Update
CALGARY, Alberta, April 01, 2025 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie P...
About this update from Prairie Provident Resources, Inc.
[{"type":"text","content":"Prairie Provident Resources Announces Fourth Quarter and Year-End 2024 Financial and Operating Results, 2024 Year-End Reserves and Basal Quartz Update\n\n\n\n CALGARY, Alberta, April 01, 2025 (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 December 31, 2024 and year-end reserves. Prairie Provident’s audited annual consolidated financial statements and related Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024 and Annual Information Form, dated March 31, 2025 for the same period are available on the Company’s website at\n \n www.ppr.ca\n \n and filed on SEDAR+ at\n \n www.sedarplus.ca.\n \n\n\n\n 2024 ANNUAL\n \n\n HIGHLIGHTS\n \n\n\n\n In the first quarter of 2024, the Company sold its Evi assets in northern Alberta and certain non-core assets located in the Provost area of Central Alberta. Net proceeds of approximately CAD$24.2 million were received from these dispositions, with CAD$20.0 million used to reduce indebtedness under the Company’s senior secured note facility.\n \n\n\n In October 2024, the Company completed a rights offering raising aggregate gross proceeds of $12.0 million (the “Rights Offering”).\n \n\n\n The net proceeds from the Rights Offering were used to retire indebtedness and drill two Basal Quartz horizontal wells in Prairie Provident’s Michichi core area. The Company reported IP60 (initial 60-day average production) rates on the two wells of approximately 333 boe/d (221 bbl/d of medium crude oil and 674 Mcf/d of natural gas) and approximately 305 boe/d (189 bbl/d of medium crude oil and 697 Mcf/d of natural gas), respectively.\n \n\n\n For the year ended December 31, 2024, production averaged 2,310 boe/d (56% liquids).\n \n\n\n Operating netback\n \n 1\n \n for the year was $9.8 million ($11.57/boe) before the impact of derivatives in 2024, or $9.3 million ($11.00/boe) after realized losses on derivatives.\n \n\n Operating expenses were $32.98 per boe in 2024.\n \n\n As at December 31, 2024, net debt\n \n 1\n \n totaled CAD$62.8 million, comprised of CAD$50.3 million under the senior secured note facility, CAD$5.2 million under its second lien notes (including deferred interest paid-i...