Drilling / Well Results | Key Wells | Forecast - Production

Prairie Provident's Latest Well Projected to Exceed Type Curve

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   |    Monday,September 10,2018

Prairie Provident Resources reported successful drilling and completion results from its core Princess area.

New Well IP at Princess Area 

Prairie Provident’s latest exploratory Lithic Glauconite well, targeting a new Glauc channel (100% WI) and drilled in a southern block of prospective lands at 103/14-12-019-11W4 (“Princess-5”), commenced production on September 4, 2018 and averaged 550 boe/d (60% liquids) over its first 3 producing days.

The early success of Princess-5 further improves PPR’s internal type curve expectations for the area, and based on the results to date management anticipates improved reserves and economics in the Princess area.

Expects to Hit 2018 Guidance Expectations

Corporate average daily production based on field estimates is approximately 5,750 boe/d (75% 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% 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.