.jpg)
1 hour ago
3
Article content
CALGARY, Alberta, May 14, 2026 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) announces its financial and operating results for the first quarter of 2026. The Company’s interim financial statements for the three months ended March 31, 2026 and related Management’s Discussion and Analysis (“MD&A”) are available on the Company’s website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Q1 2026 REVIEW AND UPDATE
Article content
Article content
Article content
- Production averaged 2,202 boe/d (61% liquids)1 for Q1 2026 as Prairie Provident has continued to focus disciplined capital spending on well and facility optimization, and liability management. Year to date, the capital efficient optimization work has flattened corporate decline at approximately 2,200 boe/d (57% oil and natural gas liquids)2;
- Operating expenses were $29.86/boe for Q1 2026, a nominal increase relative to the $29.64/boe in Q1 2025, and a 16% decrease relative to the $35.75/boe in Q4 2025;
- Operating netback3 for Q1 2026 was $3.5 million ($17.48/boe), a $0.2 million decrease from Q1 2025 and a $3.0 million increase from Q4 2025. The increase relative to Q4 2025 was as a result of higher realized commodity prices as well as lower operating expenses on a per boe basis;
- Net loss of $3.0 million for Q1 2026, a $3.1 million reduction compared to Q1 2025. This decrease was driven by a non-cash warrant liability revaluation in the current quarter; and
- During Q1 2026, Prairie Provident spent $3.5 million towards decommissioning liabilities, including legacy Northwest Territories abandonment obligations.
Article content
Article content
____________
Article content
| 1 | Comprised of medium crude oil, natural gas liquids (NGLs) and conventional natural gas in the volumes indicated as crude oil and condensate, NGLs and natural gas in the “Financial and Operating Summary” table below. |
| 2 | Comprised of approximately 1,185 bbl/d of medium crude oil, 75 bbl/d of NGLs and 5,650 Mcf/d of conventional natural gas. |
| 3 | Operating netback is a Non-GAAP financial measure and is defined below under “Advisories – Non-GAAP and Other Financial Measures”. |
Article content
FINANCIAL AND OPERATING SUMMARY
Article content
| ($000s, except per unit amounts or as indicated) | Q1 2026 | Q4 2025 | Q1 2025 | |||||
| FINANCIAL | ||||||||
| Revenue | ||||||||
| Petroleum and natural gas sales | 10,554 | 8,786 | 11,073 | |||||
| Royalties | (1,173 | ) | (1,116 | ) | (1,472 | ) | ||
| Revenue | 9,381 | 7,670 | 9,601 | |||||
| Realized loss on derivatives | – | – | – | |||||
| Unrealized gain on derivatives | – | – | – | |||||
| Revenue, net of gains (losses) on derivatives | 9,381 | 7,670 | 9,601 | |||||
| Net income (loss) | (3,014 | ) | 5,477 | (6,137 | ) | |||
| $ per share – Basic | (0.06 | ) | 0.12 | (0.14 | ) | |||
| $ per share – Diluted | (0.06 | ) | 0.10 | (0.14 | ) | |||
| Adjusted Funds Flow(1) | (1,422 | ) | (3,736 | ) | 1,782 | |||
| $ per share – Basic | (0.03 | ) | (0.08 | ) | 0.04 | |||
| $ per share – Diluted | (0.03 | ) | (0.08 | ) | 0.04 | |||
| Capital expenditures(1) | 306 | 9,059 | 8,023 | |||||
| Net capital expenditures(1) | 306 | 9,017 | 8,099 | |||||
| Adjusted working capital (deficit)(1) | 4,279 | 6,058 | (6,246 | ) | ||||
| Adjusted net debt(1) | (71,876 | ) | (67,168 | ) | (72,751 | ) | ||
| Common Shares outstanding (000s)(3) | ||||||||
| End of period(3) | 46,747 | 46,719 | 46,711 | |||||
| Weighted average – Basic(3) | 46,738 | 46,719 | 42,463 | |||||
| Weighted average – Diluted(3) | 46,738 | 55,224 | 42,463 | |||||
| OPERATING | ||||||||
| Production Volumes | ||||||||
| Crude oil and condensate (bbl/d) | 1,261 | 1,194 | 1,201 | |||||
| Natural gas liquids (bbl/d) | 75 | 74 | 91 | |||||
| Natural gas (Mcf/d) | 5,195 | 5,546 | 5,574 | |||||
| Total (boe/d)(2) | 2,202 | 2,193 | 2,221 | |||||
| % Liquids | 61 | % | 58 | % | 58 | % | ||
| Realized Prices | ||||||||
| Crude oil and condensate ($/bbl) | 79.92 | 67.10 | 86.88 | |||||
| Natural gas liquids ($/bbl) | 49.54 | 42.91 | 56.53 | |||||
| Natural gas ($/Mcf) | 2.46 | 2.20 | 2.43 | |||||
| Total ($/boe)(2) | 53.26 | 43.55 | 55.39 | |||||
| Operating Netback ($/boe) | ||||||||
| Realized price | 53.26 | 43.55 | 55.39 | |||||
| Royalties | (5.92 | ) | (5.53 | ) | (7.37 | ) | ||
| Operating expenses | (29.86 | ) | (35.75 | ) | (29.64 | ) | ||
| Operating netback(1) | 17.48 | 2.27 | 18.38 | |||||
| Realized loss on derivatives | – | – | – | |||||
| Operating netback, after realized loss on derivatives(1) | 17.48 | 2.27 | 18.38 | |||||
English (US)