Prairie Provident Resources Announces Successful Basal Quartz Drilling Program and First Quarter 2025 Results

About this update from Prairie Provident Resources, Inc.

[{"type":"text","content":"Prairie Provident Resources Announces Successful Basal Quartz Drilling Program and First Quarter 2025 Results\n\n\n\n CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (\"Prairie Provident\" or the \"Company\") is pleased to announce strong production results from its three-well Basal Quartz (“BQ”) horizontal drilling program in the Michichi area of Central Alberta during the first quarter of 2025. The Company also announces financial and operating results for the first quarter ended March 31, 2025.\n \n\n\n SUCCESSFUL RESULTS FROM BASAL QUARTZ DRILLING PROGRAM\n \n\n\n The Company successfully drilled and completed three BQ horizontal wells that are now all on production. The wells were executed within budget and continue to demonstrate the high-quality geological and reservoir characteristics of the Michichi BQ play.\n \n\n The following table summarizes the initial production (“IP”) rates and key operational details for the three BQ wells drilled during the first quarter of 2025, which were brought on production in April 2025:\n \n\n\n\n\n Well Identifier\n \n\n\n\n Days from\n \n Spud to Rig\n \n Release\n \n\n\n\n Lateral\n \n Length\n \n\n\n (metres)\n \n\n\n\n Fracture\n \n Stages\n \n\n\n\n IP Period\n \n\n\n\n Medium\n \n Crude Oil\n \n (bbl/d)\n \n\n\n (1)\n \n\n\n\n\n Conventional\n \n Natural Gas\n \n (Mcf/d)\n \n\n\n (1)\n \n\n\n\n\n Total\n \n (boe/d)\n \n\n\n (1)\n \n\n\n\n\n Peak Oil\n \n Rate\n \n (bbl/d)\n \n\n\n (1)\n \n\n\n\n\n\n 100/14-32-029-18W4\n \n\n 7\n \n\n 1,340\n \n\n 49\n \n\n IP30\n \n\n 275\n \n\n 953\n \n\n 434\n \n\n 357\n \n\n\n\n 102/13-32-029-18W4\n \n\n 7\n \n\n 1,319\n \n\n 48\n \n\n IP21\n \n\n 328\n \n\n 1,052\n \n\n 503\n \n\n 367\n \n\n\n\n 100/07-19-030-18W4\n \n\n 8\n \n\n 2,154\n \n\n 78\n \n\n IP21\n \n\n 389\n \n\n 1,080\n \n\n 569\n \n\n 585\n \n\n\n\n\n\n\n\n\n\n (1)\n \n\n\n\n\n\n Initial production rates are based on field estimates at wellhead. See “Advisories – Initial Production Rates” below.\n \n\n\n\n\n\n\n\n\n\n\n\n\n Total Company sales production for the first week of May 2025 averaged 3,467 boe/d (62.9% liquids)\n \n 1\n \n , of which 1,567 boe/d (69.0% liquids)\n \n 2\n \n was from the three BQ wells drilled during the first quarter of 2025.\n \n\n These recent three wells validate Prai...

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