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Prairie Provident Resources Inc T.PPR

Alternate Symbol(s):  PRPRF

Prairie Provident Resources Inc. is a Canada-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta. The Company has 167,869 net acres in its Michichi core area with approximately 40 Basal Quartz potential drilling opportunities targeting light/medium oil. Its core areas also include Princess. The Company's subsidiaries include Prairie Provident Resources Canada Ltd., Lone Pine Resources Inc., Lone Pine Resources (Holdings) Inc., Arsenal Energy USA Inc. and Arsenal Energy Holding Ltd.


TSX:PPR - Post by User

Comment by pppon Apr 11, 2019 9:25am
92 Views
Post# 29611782

RE:PPR: Setting the facts straight for the liars

RE:PPR: Setting the facts straight for the liars Stockfy, the best thing you can do here is sell this PO$. I owned it for awhile but nothing adds up. Read these and you will see the light.

 

Prairie Provident to acquire Marquee Energy

 

2018-09-13 15:45 ET - News Release

Also News Release (C-MQX) Marquee Energy Ltd (2)

Mr. Tim Granger of Prairie Provident Resources reports

PRAIRIE PROVIDENT RESOURCES INC. ANNOUNCES STRATEGIC ACQUISITION OF MARQUEE ENERGY LTD. TO UNLOCK SIGNIFICANT UNDEVELOPED LIGHT OIL GROWTH POTENTIAL; CONCURRENT FLOW-THROUGH AND UNIT FINANCING

Prairie Provident Resources Inc. and Marquee Energy Ltd. have entered into an agreement to effect the acquisition of Marquee by way of a plan of arrangement. Under the terms of the arrangement, Marquee shareholders will receive 0.0886 of a Prairie Provident Resources common share for each Marquee share. Based on Prairie Provident Resources' closing price of 42 cents on Sept. 12, 2018, the exchange ratio translates to 3.7 cents per Marquee common share, representing a 24-per-cent premium to Marquee's closing price on Sept. 12, 2018. The total consideration, including Marquee's net debt of $39-million, is approximately $55-million. The arrangement includes a reciprocal break fee of $2.5-million.

Upon completion of the arrangement, Prairie Provident Resources' production is anticipated to be approximately 7,700 barrels of oil equivalent per day (69 per cent oil and liquids) and proved plus probable reserves more than double to 43,321 Mboe (thousand barrels of oil equivalent) as of Dec. 31, 2017, yielding a pro forma net asset value per share of $2.71 (or $561-million). The proved plus probable reserve life index (RLI) goes to 23 years (from 10 years).

Marquee is a publicly traded, Western Canadian-focused oil and gas producer, with current production of approximately 2,700 boe/d (greater than 50 per cent oil and liquids). Marquee's core assets are located in the Michichi area, where it owns a high working interest in a large, proven and delineated Banff light oil accumulation with greater than 60 proved undevelop



 

Prairie Provident Resources Inc
Symbol C : PPR
Shares Issued 115,849,110
Close 2018-09-10 C$ 0.42
Recent Sedar Documents

 

Prairie Provident estimates Princess production at 5,750 boe/d

 

2018-09-10 07:58 ET - News Release

 

Mr. Tim Granger reports

PRAIRIE PROVIDENT ANNOUNCES FURTHER PRINCESS DRILLING PROGRAM UPDATE

Prairie Provident Resources Inc. has provided an operational update on successful drilling and completion results from its core Princess area. Corporate average daily production based on field estimates is approximately 5,750 barrels of oil equivalent per day (boe/d) (75 per cent liquids), with approximately 150 boe/d of additional production shut in due to infrastructure capacity constraints at the Princess area.

Based on current and projected production rates, Prairie Provident anticipates full-year production to be within its 2018 guidance range of 5,200 to 5,600 boe/d. Prairie Provident's full-year 2018 capital budget remains consistent with the original guidance of $26-million. After bringing the Princess-5 well (defined hereunder) on stream, the company has approximately 17 per cent of its 2018 capital budget available for further development at its Evi core area, where it intends to drill three new exploratory wells beginning in November, 2018.

Princess area update


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