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Oil & Gas Company's 'Borrowing Base Confirmed,' 2019 Capital Program Fully Funded

Streetwise Reports
0 Comments|April 15, 2019

This finance news was covered in a Mackie Research Capital Corp. report.

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In an April 10 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Prairie Provident Resources Inc.'s (PPR:TSX) US$60 million, senior-secured revolving note facility was confirmed. At year-end 2018, the company had drawn US$49 million on it.

With the confirmation, the company "should have the financial flexibility to execute on its 2019 capital program," Newman added, the budget for which is CA$14.2 million. Of that allocated total, CA$12.3 million is for lower risk development work, including drilling three horizontal Glauconite wells at Princess in Southern Alberta. Also planned is expansion of the energy company's waterflood program at its Evi property in Northern Alberta.

Also regarding the financial vehicle, Newman noted, the Prudential Capital Group relaxed some of the related covenants until year-end 2019 in consideration of the atypically wide Canadian oil price differentials that happened in Q4/18.

Mackie has a Buy rating and a CA$0.70 per share target price on Prairie Provident, whose stock is currently trading at around CA$0.20 per share.

 

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Prairie Provident Resources Inc., April 10, 2019

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

Bill Newman: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. Within the last two years, Mackie Research Capital has managed or comanaged an offering of securities for, and received compensation for investment banking and related services from Prairie Provident Resources Inc. Bill Newman has research coverage on Prairie Provident Resources Inc.

 


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