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CALGARY, Alberta, Nov. 14, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) announces its financial and operating results for the third quarter of 2025. The Company’s interim financial statements for the three and nine months ended September 30, 2025 and related Management’s Discussion and Analysis (“MD&A”) are available on our website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca.
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THIRD QUARTER 2025 FINANCIAL AND OPERATING HIGHLIGHTS
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- Production averaged 2,295 boe/d (57% liquids)1 for Q3 2025, which was 6% or 122 boe/d higher than Q3 2024, due to the increased Basal Quartz production.
- Q3 2025 operating expenses were $30.39 boe/d, an increase of 13% or $3.46 per boe/d from Q3 2024, principally due to higher spending with respect to chemicals, lease and road maintenance, property taxes and workovers.
- Q3 2025 operating netback2 was $1.9 million ($9.18/boe), a 27% decrease relative to Q3 2024. The decrease was a result of lower pricing received in Q3 2025 and higher operating expenses on a per boe basis, offset by lower royalties.
- Net loss was $6.9 million in Q3 2025, a $12.0 million reduction compared to Q3 2024. The decrease was mainly due to a $10.9 million gain on debt modification in Q3 2024, lower operating netbacks and higher G&A expenses, D&D costs, finance cost and foreign exchange losses.
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SUBSEQUENT EVENTS
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As more particularly outlined in the Company’s news release of November 3, 2025, on October 31, 2025, the Company completed a preferred share financing, raising $26.5 million in gross proceeds, and concluded amendments to its debt agreements to extend maturities by 24 months, defer cash interest obligations through 2026, and adjust financial covenants.
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SPUD OF PRINCESS WELL
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On November 13, 2025, the Company spud a three-leg open-hole Ellerslie horizontal well at 103/6-24-018-11W4M in its Princess area (Southern Alberta). Prairie Provident has also commenced construction of a water disposal facility at its 100% working interest Princess 10-23-018-11W4M battery, which is intended to reduce area operating costs and maximize production.
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Following the drilling of the Princess 103/6-24-018-11W4M Ellerslie horizontal well, the drilling rig will move up to a 2-well padsite in the Company’s Michichi core area.
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| FINANCIAL AND OPERATING SUMMARY | ||||||||||
| ($000s, except per unit amounts or as indicated) | Q3 2025 | Q2 2025 | Q3 2024 | YTD 2025 | YTD 2024 | |||||
| (Restated)(1) | (Restated)(1) | |||||||||
| FINANCIAL | ||||||||||
| Revenue | ||||||||||
| Petroleum and natural gas sales | 9,394 | 12,554 | 9,651 | 33,021 | 32,135 | |||||
| Royalties | (1,040 | ) | (1,292 | ) | (1,623 | ) | (3,804 | ) | (5,011 | ) |
| Revenue | 8,354 | 11,262 | 8,028 | 29,217 | 27,124 | |||||
| Realized gain (loss) on derivatives | – | – | – | – | (485 | ) | ||||
| Unrealized gain (loss) on derivatives | – | – | – | – | 416 | |||||
| Revenue, net of gains (losses) on derivatives | 8,354 | 11,262 | 8,028 | 29,217 | 27,055 | |||||
| Net income (loss)(1) | (6,897 | ) | (6,501 | ) | 5,039 | (19,535 | ) | (6,841 | ) | |
| $ per share – Basic | – | – | 0.01 | (0.01 | ) | (0.01 | ) | |||
| $ per share – Diluted | – | – | 0.01 | (0.01 | ) | (0.01 | ) | |||
| Adjusted Funds Flow(2) | (557 | ) | 3,117 | 264 | 4,342 | (1,286 | ) | |||
| $ per share – Basic | – | – | – | – | – | |||||
| $ per share – Diluted | – | – | – | – | – | |||||
| Capital expenditures(2) | 115 | 2,923 | 656 | 11,061 | 1,674 | |||||
| Net capital expenditures(2) | 103 | 2,923 | 26 | 11,125 | (22,679 | ) | ||||
| Adjusted working capital (deficit)(1)(2) | (7,342 | ) | (6,182 | ) | 1,709 | (7,342 | ) | 1,709 | ||
| Adjusted net debt(1)(2) | (77,821 | ) | (74,312 | ) | (58,728 | ) | (77,821 | ) | (58,728 | ) |
| Common Shares outstanding (000s) | ||||||||||
| End of period | 1,401,576 | 1,401,576 | 1,116,156 | 1,401,576 | 1,116,156 | |||||
| Weighted average – Basic | 1,401,576 | 1,401,438 | 720,476 | 1,359,436 | 720,476 | |||||
| Weighted average – Diluted | 1,401,576 | 1,401,438 | 720,746 | 1,359,436 | 720,746 | |||||
| OPERATING | ||||||||||
| Production Volumes | ||||||||||
| Crude oil and condensate (bbl/d) | 1,235 | 1,616 | 1,118 | 1,351 | 1,202 | |||||
| Natural gas liquids (bbl/d) | 83 | 102 | 81 | 92 | 68 | |||||
| Natural gas (Mcf/d) | 5,860 | 6,260 | 5,846 | 5,899 | 6,088 | |||||
| Total (boe/d)(3) | 2,295 | 2,762 | 2,173 | 2,426 | 2,285 | |||||
| % Liquids | 57 | % | 62 | % | 55 | % | 59 | % | 56 | % |
| Realized Prices | ||||||||||
| Crude oil and condensate ($/bbl) | 76.55 | 74.97 | 86.44 | 78.95 | 86.21 | |||||
| Natural gas liquids ($/bbl) | 43.52 | 44.07 | 51.56 | 47.96 | 61.93 | |||||
| Natural gas ($/Mcf) | 0.67 | 1.96 | 0.69 | 1.67 | 1.55 | |||||
| Total ($/boe)(3) | 44.49 | 49.96 | 48.25 | 49.85 | 51.33 | |||||
| Operating Netback ($/boe) | ||||||||||
| Realized price | 44.49 | 49.96 | 48.25 | 49.85 | 51.33 | |||||
| Royalties | (4.92 | ) | (5.14 | ) | (8.12 | ) | (5.74 | ) | (8.00 | ) |
| Operating expenses(1) | (30.39 | ) | (25.37 | ) | (26.93 | ) | (28.26 | ) | (34.02 | ) |
| Operating netback(2) | 9.18 | 19.45 | 13.20 | 15.85 | 9.31 | |||||
| Realized gains (losses) on derivatives | – | – | – | – | (0.77 | ) | ||||
| Operating netback, after realized gains (losses) on derivatives(1)(2) | 9.18 | 19.45 | 13.20 | 15.85 | 8.54 | |||||
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