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Prairie Provident Comments on New Quebec O&G Regulations

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   |    Thursday,June 07,2018

Prairie Provident reported an ops update as well as a response to the latest O&G regulations announced by the government of Quebec.

Regulatory Changes

While not material to Prairie Provident’s operations, the Company is aware that the Province of Quebec announced yesterday proposed new regulations for oil and gas exploration and development. If implemented as proposed, the regulations would restrict certain oil and gas activities in Quebec, including through a prohibition on shale fracturing, and limit industry opportunities to explore for and develop resources in that province.

Prairie Provident will monitor the progress of the proposed regulations as they undergo a 45-day comment period. The Company holds approximately 240,000 acres of Utica shale rights in Quebec, development of which would be restricted under the proposed regulations.

Western Canada Ops on Track

Prairie Provident is pleased to report that its core western Canadian operations remain on track. Over the last week, production averaged approximately 5,500 boe/d based on field estimates, with the last well of its first-half 2018 drilling program currently being brought online. The Company continues to execute its 2018 development program and is maintaining its previously disclosed guidance.

 

 

 

 

 



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