CALGARY, Alberta, May 21, 2019 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) confirms that the Company has entered into an agreement securing an exclusive option to acquire up to 21 additional sections of land in the Princess area by year-end. The Company’s net undeveloped land holdings in the Princess area will be expanded to a total of 48,582 acres if the option is fully exercised, further increasing PPR’s inventory of high-quality Lithic Glauconite prospects that represent important contributors to our future growth.
Prairie Provident’s drilling program to date has demonstrated the Company’s ability to target higher-value oil and liquids-weighted drilling locations, supported by our sizeable asset base. The Princess area continues to contribute approximately 1,200 boe/d (77% liquids) to overall production. Current development plans include the drilling of two horizontal Glauconite wells and conducting a seismic program in 2019.
UPDATED CORPORATE PRESENTATION
In addition, Prairie Provident today posted an updated corporate presentation on our website. Investors and other interested parties are encouraged to visit www.ppr.ca to review the updated presentation.
ABOUT PRAIRIE PROVIDENT
Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta. The Company’s strategy is to grow organically in combination with accretive acquisitions of conventional oil prospects, which can be efficiently developed. Prairie Provident’s operations are primarily focused at the Michichi and Princess areas in Southern Alberta targeting the Banff, the Ellerslie and the Lithic Glauconite formations, along with an established and proven waterflood project at our Evi area in the Peace River Arch. Prairie Provident protects its balance sheet through an active hedging program and manages risk by allocating capital to opportunities offering maximum shareholder returns.