BOE Report

Prairie Storm Energy Corp. announces change in ownership

CALGARY, AB – Prairie Storm Energy Corp. (“Prairie Storm” or the “Corporation“) wishes to announce that a group of investors comprised of management, directors and employees of Prairie Storm (“Insiders“) and certain other investors external to the Corporation (“New Investors“) have completed the purchase of all of the issued and outstanding shares of the Corporation that were not owned by Insiders. With the closing of this transaction all of the issued and outstanding shares of Prairie Storm are now held by Insiders and New Investors.

About Prairie Storm

Prairie Storm is a focused producer of Cardium oil active in the Willesden Green and Ferrier areas of Alberta. The Corporation currently produces approximately 2,200 boe/d of high netback production, weighted 55% to liquids, that enjoys low operating costs due to the strategic ownership and control of key infrastructure including pipelines, compression and processing facilities. The corporation owns several units under water flood which have very low decline rates due to pressure support. With a large, primarily contiguous land base of approximately seventy-five sections, and the successful drilling and delineation of thirteen horizontal Cardium oil wells, the Corporation has booked 28.5 million boe of reserves at December 31, 2019 and maintains a large inventory of booked and un-booked locations. Prairie Storm is debt free with an undrawn credit facility, has over seventy percent of its forecast oil production for 2020 hedged at attractive pricing and enjoys a high working interest in its largely operated base of production.

Advisories & Contact
Cautionary Notes
Advisory Regarding Forward-Looking StatementsIn the interest of providing information ‎regarding Prairie Storm, including management’s assessment of Prairie Storm’s future plans and ‎operations, certain statements in this press release are “forward-looking information” within the ‎meaning of applicable Canadian securities legislation (“forward-looking statements”). In some ‎cases, forward-looking statements can be identified by terminology such as “anticipate”, ‎‎”believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “objective”, ‎‎”ongoing”, “outlook”, “potential”, “project”, “plan”, “should”, “target”, “would”, “will” or similar ‎words suggesting future outcomes, events or performance. The forward-looking statements ‎contained in this press release speak only as of the date thereof and are expressly qualified by this ‎cautionary statement. ‎

These forward-looking statements are based on certain key assumptions. Readers are cautioned that such assumptions, although considered reasonable by Prairie Storm at the time of preparation, may prove to be incorrect.

Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. 

There is no representation by Prairie Storm that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Prairie Storm does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.