Announcement • Mar 26
Prairie Provident Resources Inc., Annual General Meeting, May 21, 2026 Prairie Provident Resources Inc., Annual General Meeting, May 21, 2026. Announcement • Jan 08
Prairie Provident Resources Inc. Provides an Operational Update on its Drilling Program in its Princess and Michichiareas Prairie Provident Resources Inc. provided an operational update on its drilling program in its Princess and Michichi areas. The Company successfully drilled and completed one Ellerslie multi-leg open hole horizontal well, 102/03-24-018-11W4M, in its Princess core area. The well's initial production results are summarized in the following table: Well Identifier Days from Lateral Fracture IP Period Heavy Crude Conventional Total Peak Oil Spud to Rig Length Stages (days) Oil (bbl/d)(1) Oil (bbl/D)(1) Natural Gas (boe/d)(1) Rate Release (metres) (Mcf/d)(1) Initial production rates are based on field estimates at wellhead. Production continues to increase as the well cleans up. Latest daily production was approximately 290 boe/d (185 bbl/d of heavy oil) based on field estimates at the wellhead. To date, initial production from 102/03-24-017-11W4M has been constrained due to limitations on the natural gas takeaway volumes. The company expects the flush natural gas production to decline in the near term and as such, natural gas takeaway will not be an issue in the future. At Princess, the Company installed and commissioned a water disposal facility at 10-23-018-11W4 million. Included in this project was the tie-in of the 102/10-23-018-11 W4M Pekisko water disposal well. The Company expects annual area operating cost savings of approximately $600,000 from this project, by eliminating produced water trucking and third-party water disposal charges. At Michichi, two one-mile Basal Quartz horizontal wells were drilled off the 4-31-30-18W4M surface pad site at March 30-30-18W4 million and 02-30-30-30-18W 4M. Both wells encountered high quality Basal Quartz reservoir as evidenced by the geological strip logs. However, production casing failures occurred during the primary cementing operations at both wells. Downhole camera visualizations show casing shearing/deformation at similar depths on a casing collar. The Company is still investigating but believes these are separate events that may have been caused by an oblique slip in a system of critically stressed sub-seismic faults triggered by geo-mechanical factors. In the Michichi/Drumheller area, Prairie Provident has adhered to the standard offset well drilling design for single leg cased-hole Basal Quartz horizontal wells. The Company believes the 03-30-30-18 W4M and 02-30-30 -18W4M well are unlikely to be salvageable in their current configuration. The Company is currently assessing the impact of these geo-mechanical events on its future drilling design in the Michichi area and will provide operational updates regarding future Basal Quartz development. Announcement • Apr 21
Prairie Provident Resources Inc., Annual General Meeting, May 22, 2025 Prairie Provident Resources Inc., Annual General Meeting, May 22, 2025. Location: 2nd floor conference room, 500 4th avenue south west, alberta, calgary Canada Announcement • Feb 28
Prairie Provident Announces Spud of Basal Quartz Horizontal Well Prairie Provident Resources Inc. announced the spud of the Basal Quartz horizontal well 100/14-32-29-18W4. Drilling operations are expected to take eight days to complete, after which the well will be fracture stimulated and brought on-stream. This is the Company’s third Basal Quartz well following the successful drilling and completion of 102/03-19-030-18W4 and 100/15-32-029-18W4 in the fourth quarter of 2024. Announcement • Feb 12
Prairie Provident Resources Inc. announced that it expects to receive CAD 5 million in funding Prairie Provident Resources Inc. announced a private placement to issue 117,647,059 common shares at a price of CAD 0.0425 per common share for gross proceeds of up to CAD 5,000,000.0075 on February 11, 2025. The company is pursuant to available exemptions from the prospectus requirements of applicable Canadian securities laws. Warrants will not be issued to purchasers under the private placement. The private placement will be made in reliance on available exemptions from the prospectus requirements of applicable Canadian securities laws, and the common shares issued and sold thereunder will subject to a hold period of four months and one day from the date of issuance. Closing of the offerings is expected to occur on or about February. 24, 2025, or such other date or dates as and the agents may agree, and is subject to certain conditions including receipt by Prairie Provident of all necessary approvals from the TSX (Toronto Stock Exchange). Announcement • Dec 19
Prairie Provident Resources Inc. Provides Basal Quartz Drilling Update Prairie Provident Resources Inc. provided an update on its first two Basal Quartz wells in the Michichi area of Central Alberta. Prairie Provident spud the first Basal Quartz horizontal well, 102/03-19-030-18W4, on October 15, 2024. Following the nine-day drilling operation, the well was fracture stimulated and brought on-stream through production test facilities, with produced natural gas being conserved, on November 9, 2024. This represents an on-stream cycle time of 25 days. The well is currently being produced on cleanup with an initial 30-day average production rate (“IP30”) of approximately 275 bbl/d of medium crude oil and 850 Mcf/d of natural gas (415 boe/d). The well is equipped with conventional artificial lift and is still capable of flowing. Production has been restricted to optimize reservoir management. Prairie Provident spud the second Basal Quartz horizontal well, 100/15-32-029-18W4, on October 25, 2024. This well was drilled in seven days, fracture stimulated, and brought on-stream on November 18, 2024, representing an on-stream cycle time of 24 days. Produced natural gas volumes have been conserved since the commencement of production. This well is being produced on cleanup and achieved an initial 21-day average production rate of approximately 240 bbl/d of medium crude oil and 800 Mcf/d of natural gas (375 boe/d) through production test facilities. The well is equipped with conventional artificial lift and is still capable of flowing. Production on this well has also been restricted to optimize reservoir management. Due to a downhole mechanical issue in the horizontal lateral, 29 of 50 stages or 815 meters of the 1,325 meters of total drilled lateral were fracture stimulated. The Company expects that future infill locations in section 32 have the potential to produce at higher rates with the full 1,400-meter horizontal lateral leg being fracture stimulated and contributing to overall production rates. Prairie Provident has adjusted its Michichi Basal Quartz type curve to reflect the prudent reservoir management being practiced. This type curve exhibits a lower IP30 rate, along with a more gradual decline rate, resulting in an estimated payout of seven months at December 9, 2024 strip pricing. Both the 102/03-19 and 100/15-32 wells are now producing through permanent Company-operated facilities, allowing continued optimized production rates from both wells. Prairie Provident’s current production is approximately 2,800 boe/d. The Company has identified more than 40 Basal Quartz potential drilling opportunities on its Michichi lands alone. These drilling opportunities are not booked in the most recent independent evaluation of Prairie Provident's reserves data, effective December 31, 2023. The Company's existing proved undeveloped reserves bookings at Michichi, as reflected in the 2023 year-end evaluation, consist primarily of Banff formation oil reserves. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: CA$0.01 (vs CA$0.004 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.01 (up from CA$0.004 loss in 3Q 2023). Revenue: CA$8.08m (down 56% from 3Q 2023). Net income: CA$5.16m (up CA$7.85m from 3Q 2023). Profit margin: 64% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Oct 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 74% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Negative equity (-CA$54m). Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$49.8m market cap, or US$36.7m). Announcement • Oct 02
Prairie Provident Resources Inc. has completed a Follow-on Equity Offering in the amount of CAD 13.239475 million. Prairie Provident Resources Inc. has completed a Follow-on Equity Offering in the amount of CAD 13.239475 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 529,579,000
Price\Range: CAD 0.025
Transaction Features: Rights Offering Reported Earnings • Aug 15
Second quarter 2024 earnings released: CA$0.01 loss per share (vs CA$0.021 loss in 2Q 2023) Second quarter 2024 results: CA$0.01 loss per share (improved from CA$0.021 loss in 2Q 2023). Revenue: CA$7.98m (down 55% from 2Q 2023). Net loss: CA$6.52m (loss narrowed 26% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • Jul 31
Prairie Provident Resources Inc. Announces Departure of David Stobbe as Chief Financial Officer Prairie Provident Resources Inc. announced that David Stobbe, Senior Controller and Chief Financial Officer has departed the Company. The Company is recruiting a replacement and will provide an update as details become available. New Risk • May 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$9.9m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-CA$48m). Minor Risk Market cap is less than US$100m (CA$43.0m market cap, or US$31.5m). Reported Earnings • May 17
First quarter 2024 earnings released: CA$0.01 loss per share (vs CA$0.06 profit in 1Q 2023) First quarter 2024 results: CA$0.01 loss per share (down from CA$0.06 profit in 1Q 2023). Revenue: CA$11.1m (down 34% from 1Q 2023). Net loss: CA$4.60m (down 159% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Apr 02
Full year 2023 earnings released: CA$0.04 loss per share (vs CA$0.019 loss in FY 2022) Full year 2023 results: CA$0.04 loss per share (further deteriorated from CA$0.019 loss in FY 2022). Revenue: CA$69.6m (down 17% from FY 2022). Net loss: CA$20.1m (loss widened CA$17.7m from FY 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 09
Prairie Provident Resources Inc., Annual General Meeting, May 15, 2024 Prairie Provident Resources Inc., Annual General Meeting, May 15, 2024, at 10:00 Mountain Standard Time. Location: Petroleum Club, Viking Room Calgary Alberta Canada Announcement • Mar 06
An unknown buyer completed the acquisition of Evi Unit Located in Northern Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 22.5 million. An Unknown buyer entered into a definitive agreement to acquire Evi Unit Located in Northern Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 27 million on October 30, 2023. The purchase price (before adjustments) represents a prior twelve month operating net income multiple of 3.5x. Upon completion of the Evi Sale, the purchaser will become responsible for all future abandonment and reclamation obligations (ARO) pertaining to the Evi assets, with AER deemed liabilities of approximately CAD 48.1 million gross (CAD 43.5 million net). Transaction is subject to regulatory approval, customary closing conditions and purchase price adjustments and is expected to close on or before January 31, 2024. National Bank Financial Inc. acted as a financial advisor to Prairie Provident.
An unknown buyer completed the acquisition of Evi Unit Located in Northern Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 22.5 million on March 5, 2024. In a related transaction, An unknown buyer completed the acquisition of certain non-core assets located in the Provost area of Central Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 1.7 million on March 5, 2024. The purchasers have assumed all future abandonment and reclamation obligations (ARO) pertaining to the sold assets, which carry total AER deemed liabilities of approximately CAD 51.0 million gross (CAD 46.4 million net). Of the net proceeds of approximately CAD 24.2 million, CAD 20 million has been used to reduce indebtedness under the Company’s senior secured credit facility, with the remainder to increase its working capital position. Board Change • Feb 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Chairman of the Board Pat McDonald is the most experienced director on the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 15
Prairie Provident Resources Inc. Appoints Ryan Rawlyk to the Board of Directors Effective January 1, 2024 Prairie Provident Resources Inc. announce the appointment of Mr. Ryan Rawlyk to the Board of Directors effective January 1, 2024. Its appointment coincides with the previous announcement appointing Mr. Rawlyk as the President & CEO effective January 1, 2024. Board Change • Nov 19
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Chairman of the Board & Interim CEO Pat McDonald is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2023 earnings released: CA$0.005 loss per share (vs CA$0.012 loss in 3Q 2022) Third quarter 2023 results: CA$0.005 loss per share. Revenue: CA$17.6m (down 28% from 3Q 2022). Net loss: CA$2.69m (loss widened 79% from 3Q 2022). Announcement • Nov 01
An unknown buyer has entered into a definitive agreement to acquire Certain non-core assets located in the Provost area of central Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 2.5 million. An unknown buyer has entered into a definitive agreement to acquire Certain non-core assets located in the Provost area of central Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 2.5 million on October 30, 2023. Purchase price to be paid is CAD 1.8 million payable in cash, subject to effective date adjustments based on an effective date of July 1, 2023, and The Provost Sale also provides for future contingent payments to the Company of up to CAD 720,000 in aggregate based on the price of oil and production from the Provost assets during the 24-month period following closing as follows: (i) CAD 10,000 for any month that WTI Cushing averages between USD $80.00 and $89.99; (ii) CAD 20,000 for any month that WTI Cushing averages between USD $90.00 and $99.99; and (iii) CAD 30,000 for any month that WTI Cushing averages USD $100 or more, prorated for any month in which production from the assets is less than 70 boe/d.. In a related transaction Prairie Provident Resources Inc. has entered into a definitive agreement with a private oil and gas company to sell the Prairie Provident Resources Inc.'s Evi cash generating unit located in northern Alberta. Both transactions are subject to regulatory approval, customary closing conditions and purchase price adjustments. Both transactions are currently expected to close on or before January 31, 2024. Proceeds of the completed transactions will allow the Company to achieve a material reduction in debt and associated interest expense. Additionally, a portion of the proceeds will be directed to a development program designed to increase production, cash flow and reserves value from Prairie Provident’s core areas located in Central and Southern Alberta, including Princess, Provost and Michichi.National Bank Financial, Inc. acted as Financial Advisor to Prairie Provident Resources Inc. (TSX:PPR). Announcement • Oct 31
An Unknown buyer entered into a definitive agreement to acquire Evi Unit Located in Northern Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 27 million. An Unknown buyer entered into a definitive agreement to acquire Evi Unit Located in Northern Alberta from Prairie Provident Resources Inc. (TSX:PPR) for CAD 27 million on October 30, 2023. The purchase price (before adjustments) represents a prior twelve month operating net income multiple of 3.5x. Upon completion of the Evi Sale, the purchaser will become responsible for all future abandonment and reclamation obligations (ARO) pertaining to the Evi assets, with AER deemed liabilities of approximately CAD 48.1 million gross (CAD 43.5 million net).
National Bank Financial Inc. acted as a financial advisor to Prairie Provident.
Transaction is subject to regulatory approval, customary closing conditions and purchase price adjustments and is expected to close on or before January 31, 2024. Reported Earnings • Aug 28
Second quarter 2023 earnings released: CA$0.02 loss per share (vs CA$0.03 profit in 2Q 2022) Second quarter 2023 results: CA$0.02 loss per share (down from CA$0.03 profit in 2Q 2022). Revenue: CA$18.1m (down 44% from 2Q 2022). Net loss: CA$8.80m (down 326% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 91% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
Prairie Provident Resources Inc. Appoints Dale Miller to Its Board of Directors Prairie Provident Resources Inc. announce the appointment of Mr. Dale Miller to its Board of Directors, voting results from its annual shareholders' meeting held on Aug. 23, 2024, and an update on its pending interim filings. Mr. Miller is a professional engineer with 40 years of experience in the Oil and Gas industry. He is currently President of Dark Horse Energy Consultants Ltd., and serves on the Board of Directors of Yangarra Resources Ltd. Prior thereto, Mr. Miller was President & COO of Long Run Exploration Ltd.Mr. Miller has an extensive senior management resume with exploration and production companies. He holds a Bachelor of Science degree, Petroleum Engineering, from the University of Tulsa, and is a member of APEGA. Board Change • Jul 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Matthew Shyba was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 15
Prairie Provident Resources Inc. Announces Board Changes Prairie Provident Resources Inc. announced the appointment of Mr. Glenn Hamilton and Ms. Kathy Turgeon to its Board of Directors. The Company also announced the resignation from the Board of Ms. Bettina Pierre-Gilles, whose numerous contributions and dedicated service on behalf of the Company and its shareholders are recognized and acknowledged. Mr. Hamilton has over 35 years of experience in accounting and finance in the oil and gas industry and served as Corporate Advisor of Bonavista Energy Corporation from May 2015 until July 2016. Prior thereto, Mr. Hamilton served as Senior Vice President and Chief Financial Officer of Bonavista from June 2008 until May 2015, and as Vice President and Chief Financial Officer of NuVista Energy Ltd. from July 2003 until May 2006. Mr. Hamilton has served on the Boards of Directors of both public and private energy companies. He currently sits on the Boards of Ember Resources Inc., Inter Pipeline Ltd. and Islander Oil and Gas Inc. He has a Bachelor of Commerce degree and is a Chartered Accountant and holds the ICD.D designation from the Institute of Corporate Directors. Ms. Turgeon has over 25 years of experience in accounting and finance in the oil and gas industry and since 2007 has been Chief Financial Officer of Peyto Exploration & Development Corp. Ms. Turgeon joined Peyto as Controller in 2004 and was appointed VP Finance in 2006. Prior to joining Peyto, Ms. Turgeon served as Associate Director, Finance with the Department of Campus Infrastructure and as Internal Auditor for the University of Calgary. Ms. Turgeon previously served as a director of Peyto and of Granite Oil Corp.Ms. Turgeon has a Bachelor of Commerce Degree from the University of Calgary and has her CPA-CA designation from the Institute of Certified Professional Accountants of Alberta. Announcement • May 27
Prairie Provident Resources Inc., Annual General Meeting, Jul 19, 2023 Prairie Provident Resources Inc., Annual General Meeting, Jul 19, 2023. Announcement • May 17
Prairie Provident Resources Inc. announced that it has received CAD 4 million in funding from White Tundra Investments On May 16, 2023, Prairie Provident Resources Inc. closed the transaction. The company amended the terms of the deal and issued 44,444,444 units at a price of CAD 0.09 per unit for gross proceeds of CAD 4,000,000. Each Unit is comprised of one Common Share and one warrant with each warrant entitling the holder thereof to subscribe for and purchase one Common Share at an exercise price of CAD 0.10 for a 5-year term ending May 16, 2028. The transaction included participation from new investor White Tundra Investments. Certain directors and officers of the Company participated in the transaction under applicable securities laws, acquiring 7,424,423 Units in total. In connection with the transaction, the agent received a cash commission equal to 8.0% of the gross proceeds from the sale of Units pursuant to the brokered portion of the transaction, as well as 2,627,604 broker warrants. Each broker warrant entitles the holder to subscribe for and purchase one Unit at an exercise price of CAD 0.09 per Unit for a 5-year term ending May 16, 2028. The Agent also received an advisory fee of CAD 83,500 plus an additional 927,951 advisory broker warrants, each having the same terms as the broker warrants. Announcement • Dec 20
Prairie Provident Resources Inc. Announces CEO Changes Prairie Provident Resources Inc. announced the appointment of Patrick R. McDonald, who has served as Chairman of the Company since March 2011 and continues in that role, as Interim Chief Executive Officer. Mr. McDonald succeeds R. Anthony Berthelet, who previously served as President and Chief Executive Officer and a director of the Company. Mr. McDonald has 40 years of experience in North American upstream and midstream operations and has founded, financed and managed public and private E&P companies. Since 2003, he has been Chief Executive Officer and a Director of Carbon Energy Corporation, a company which he founded and which operates upstream and midstream assets in the Ventura Basin of California. Mr. McDonald is a Certified Petroleum Geologist and is a member of the American Association of the Petroleum Geologists and of the Canadian Society of Petroleum Geologists. Price Target Changed • Nov 16
Price target increased to CA$0.30 Up from CA$0.18, the current price target is provided by 1 analyst. New target price is 28% above last closing price of CA$0.23. Stock is up 88% over the past year. The company posted earnings per share of CA$0.076 last year. Reported Earnings • Nov 12
Third quarter 2022 earnings released: CA$0.01 loss per share (vs CA$0.077 loss in 3Q 2021) Third quarter 2022 results: CA$0.01 loss per share (improved from CA$0.077 loss in 3Q 2021). Revenue: CA$26.4m (up 25% from 3Q 2021). Net loss: CA$1.50m (loss narrowed 85% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 78% per year whereas the company’s share price has increased by 77% per year. Recent Insider Transactions • Sep 22
Independent Non-Executive Director recently bought CA$51k worth of stock On the 19th of September, Matthew Shyba bought around 225k shares on-market at roughly CA$0.23 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$80k. Insiders have collectively bought CA$414k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 02
Independent Non-Executive Director recently bought CA$57k worth of stock On the 25th of August, Matthew Shyba bought around 250k shares on-market at roughly CA$0.23 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$80k. Insiders have collectively bought CA$342k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: CA$0.03 (vs CA$0.19 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.03 (down from CA$0.19 in 2Q 2021). Revenue: CA$27.0m (up 50% from 2Q 2021). Net income: CA$3.89m (down 84% from 2Q 2021). Profit margin: 14% (down from 133% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 23
Independent Non-Executive Director recently bought CA$72k worth of stock On the 14th of July, Matthew Shyba bought around 345k shares on-market at roughly CA$0.21 per share. In the last 3 months, they made an even bigger purchase worth CA$80k. Insiders have collectively bought CA$243k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 13
Independent Non-Executive Director recently bought CA$80k worth of stock On the 8th of July, Matthew Shyba bought around 380k shares on-market at roughly CA$0.21 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$181k more in shares than they have sold in the last 12 months. Announcement • Jun 28
Prairie Provident Resources Inc. Appoints Matthew Shyba to Its Board of Directors, Effective July 1, 2022 Prairie Provident Resources Inc. announced the appointment of Matthew Shyba to its Board of Directors, effective July 1, 2022. Mr. Shyba owns 4,238,097 common shares of PPR, representing approximately 3.3% of the issued and outstanding common shares of PPR. He is a corporate lawyer and private investor with over 10 years of capital markets experience, with significant expertise in corporate finance, corporate governance and mergers & acquisitions. In addition, he is currently Chief Executive Officer of Shyba Capital Inc., a private investment company based in Calgary. Mr. Shyba previously practiced in the securities and capital markets group at Borden Ladner Gervais LLP and subsequently held senior legal roles, including as General Counsel, at large public and private organizations. He obtained his Juris Doctor from the Schulich School of Law at Dalhousie University. Announcement • May 26
Prairie Provident Resources Inc. Announces Director Retirements Prairie Provident Resources Inc. announced that Mr. Derek Petrie and Mr. Rob Wonnacott have decided to retire from the Board of Directors and will not be standing for re-election at this week’s annual shareholders' meeting to be held at 10:00 a.m. (Calgary time) on May 26, 2022. Mr. Petrie and Mr. Wonnacott have served on the Board since 2016 and 2011 respectively. Reported Earnings • May 13
First quarter 2022 earnings released: CA$0.01 loss per share (vs CA$0.071 loss in 1Q 2021) First quarter 2022 results: CA$0.01 loss per share (up from CA$0.071 loss in 1Q 2021). Revenue: CA$10.3m (down 35% from 1Q 2021). Net loss: CA$1.90m (loss narrowed 84% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to CA$0.30 Up from CA$0.18, the current price target is provided by 1 analyst. New target price is 36% above last closing price of CA$0.22. Stock is up 529% over the past year. The company posted earnings per share of CA$0.076 last year. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: CA$0.08 (vs CA$0.53 loss in FY 2020) Full year 2021 results: EPS: CA$0.08 (up from CA$0.53 loss in FY 2020). Revenue: CA$57.4m (up 22% from FY 2020). Net income: CA$10.4m (up CA$101.2m from FY 2020). Profit margin: 18% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 10
Prairie Provident Resources Inc. Appoints Jason Dranchuk as Chief Financial Officer Effective April 1, 2022 Prairie Provident Resources Inc. announced the appointment of Mr. Jason Dranchuk to Prairie Provident as Chief Financial Officer effective April 1, 2022. Mr. Dranchuk brings more than 25 years of experience across the Western Canadian upstream energy sector in various senior finance roles, including 10 years as Chief Financial Officer. Buying Opportunity • Mar 10
Now 23% undervalued Over the last 90 days, the stock is up 140%. The fair value is estimated to be CA$0.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% per annum over the last 3 years. The company has become profitable over the last year. Announcement • Mar 06
Prairie Provident Resources Inc. Announces New Board Member and Creation of ESG Board Committee Prairie Provident Resources Inc. announced the appointment of Ms. Bettina Pierre-Gilles to its Board of Directors, effective March 03, 2022 and the creation of its Environmental, Social and Governance (ESG) Board Committee. Currently, Ms. Pierre-Gilles is the Chair and Managing Director of the Piikani Investment Corporation. Ms. Pierre-Gilles will be appointed Chair of the newly formed ESG Committee and will serve as a member of the Corporation’s Audit Committee. Recognizing the importance of Board oversight of sustainability, the Board has established a stand-alone ESG Committee. As Chair, Ms. Pierre-Gilles will lead the Committee's work with management to prepare PPR’s inaugural ESG report and develop ESG strategy, targets, and management systems. Announcement • Dec 15
Prairie Provident Announces Successful Second Half 2021 Drilling Program Prairie Provident Resources Inc. provided an operational update outlining the successful second half 2021 drilling program in its core Princess area. Two Lithic Glauconite horizontal wells and one Ellerslie horizontal well were brought online in the second half of 2021. Current corporate average daily production based on field estimates is approximately 5,175 boe/d1. The 2021 second half 3-well program began with the 103/11-13-018-11W4 drilled in the Ellerslie formation with 75% of the lateral in fair to good reservoir with oil shows throughout. The 1,919m of lateral section was completed with 16 frac stages at 110 m spacing. The well was brought on production September 14th and over the first 30 days of production averaged approximately 111 bbl/d of heavy oil and 0.47 MMcf/d of conventional natural gas for a total of 190 boe/d. The 104/14-12-019-11W4 was drilled in the Lithic Glauconite channel and encountered consistent oil shows throughout the lateral section culminating in 80% of the horizontal in high quality reservoir. The 2010m of lateral section was completed with 15 frac stages at 120 m spacing. It was brought on production October 2nd and over the first 30 days of production, it has averaged approximately 185 bbl/d of heavy oil and 0.22 MMcf/d of conventional natural gas for a total of 220 boe/d. Prairie Provident’s most recent Lithic Glauconite channel well was drilled in a southeastern block of prospective lands at 103/03-29-018-10W4. The well drilled approximately 2,400m of high-quality reservoir sands with excellent oil shows for 100% of the lateral. The liner was successfully cemented in place with 37 sleeves at approximately 65 m spacing. The well was brought on production on December 2nd and over the first week of production, it has averaged approximately 817 bbl/d of heavy oil plus an associated 0.86 MMcf/d of conventional natural gas for a total of 961 boe/d. The second half capital program was executed for a total of approximately $6.9 million and is estimated to payout in 14 months with economic assumptions of WTI at US$70/bbl; AECO at CAD$3.90/Mcf; and CAD/USD at 0.79. Once again this demonstrates the Company’s ability to target and execute on high-value oil weighted drilling locations in the Princess area. The Company has reviewed completion methods and optimized fracture port spacing to increase value from the remaining Glauconite drilling opportunities as well as further Ellerslie and Detrital potential drilling opportunities in the area. Reported Earnings • Nov 13
Third quarter 2021 earnings released: CA$0.08 loss per share (vs CA$0.048 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: CA$15.9m (up 27% from 3Q 2020). Net loss: CA$9.92m (loss widened 20% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS CA$0.19 (vs CA$0.10 loss in 2Q 2020) Second quarter 2021 results: Revenue: CA$18.0m (up 147% from 2Q 2020). Net income: CA$24.0m (up CA$41.6m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Announcement • Aug 12
Prairie Provident Resources Inc. Provides Production Guidance for the Year 2021 Prairie Provident Resources Inc. provided production guidance for the year 2021. The Company's full-year 2021 guidance estimates remain unchanged from those presented in the Company’s news release dated March 26, 2021. Board Change • Jul 31
High number of new directors President, CEO & Director Tony Berthelet was the last director to join the board, commencing their role in 2021. Executive Departure • Jul 06
Independent Director William J. Roach has left the company On the 29th of June, William J. Roach's tenure as Independent Director ended after 2.6 years in the role. As of March 2021, William J. still personally held only 123.77k shares (CA$1.9k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.75 years. Reported Earnings • May 13
First quarter 2021 earnings released: CA$0.07 loss per share (vs CA$0.40 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: CA$10.4m (down 26% from 1Q 2020). Net loss: CA$11.5m (loss narrowed 83% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Announcement • May 12
Prairie Provident Resources Inc. Provides Production Guidance for the Year 2021 Prairie Provident Resources Inc. provided production guidance for the year 2021. Production is expected to increase throughout the remainder of 2021 as the company look forward to adding new production from 2021 capital program.