Prairie Provident Resources Inc T.PPR

Q3 report error- Debt

[filefish]

I noticed this error on first read of the MD&A, at the end of the report, which was subsequently corrected.

The Company's actual net debt (calculated as described in the MD&A) at September 30, 2023 was $79.084 million, not $102.645 million as indicated in the originally filed document.  The difference is attributable to a clerical error. 

PPR seems to be operating upder the Peter Priincipal.
I sure hope that the executive committee which was set up to "run the Company" can find a suitable merger partner before all is lost.
Also, conspicuously absent from any mention was Director Matthew Shyba who put up a large $ stake in PPR to save them from bankruptcy back in April. 

[SilverSam]

Shyba has too much skin in the game to walk away now.  He would have to take a huge loss at current market prices.  Should he decide to cut his losses, that would be a tell-tale sign that the ship is in trouble, something which I do not see any sign of at this time after all of the re-structuring. The current share price is a real bargain for any risk-takers out there. 

[filefish]

PPR is dead in the water in terms of production until the licenses for the Asset sales are transferred and the cash is in the bank (expected in January). At that point they will  be able to start drilling again. Yes, we need to watch the insider trading reports for any tell tale signs. It is evident that they have not been able to attract outside talent to fill management positions. The

[SilverSam]

With oil prices floundering in the mid-70 range, increased production at this point would not do a lot for the share price, so having to wait another 6 months will not matter all that much.  Shareholders can view it as an opportunity to increase their positions, if they feel so inclined.

[filefish]

We the shareholders do not have 6 months to wait. Drilling must begin as soon as practical and the production numbers need to start increasing . The Revolving Facility which expires 7/1/24 is in jeopardy of not being renewed as per the company comments below: The executive committee's influence will be critical as to how the  asset sale payment receipts are applied to operations and to

[SilverSam]

One has to presume that the majority shareholder intends on protecting its investment.  Whether that means another asset sale, further investment by the shareholder, or some kind of merger or sale of the company, there has been too much time and effort put into this project to let it fail.  Of course, this is all conjecture on my part and I'll readily admit that I could be wrong