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Prairie Provident's Output Up +30% from 1Q18 as Well Results Impress

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   |    Monday,July 30,2018

Prairie Provident Resources reported successful drilling and completion results from its core Princess area as well as a jump in production.

Production Up +30% from 1Q18

Corporate average daily production based on field estimates for the week ending July 27, 2018 was approximately 6,000 boe/d (74% liquids), a 30% increase over average daily Q1 2018 production.

Based on current and projected production rates, Prairie Provident anticipates full-year production to be well within its 2018 guidance range of 5,200 to 5,600 boe/d.

Princess Drilling Exceeds Expectations

On July 20, 2018, Prairie Provident brought on production its recently drilled Princess 4 (102/13-26-020-11W4) well.

Princess-4 was drilled using a 1.5-mile lateral, targeting the same Lithic Glauconite formation as Princess-1. Princess-4 is currently producing at a constrained rate of approximately 900 boe/d (85% liquids).

Princess-1 commenced production on May 7, 2018, averaging 830 boe/d (77% liquids) for producing days in May, 950 boe/d (79% liquids) in June and 940 boe/d (75% liquids) in July.

The cost to bring the five Glauc wells drilled in 2018 on-stream averaged approximately $1.7 million per well. Based on current production rates and netbacks, Princess-1 and Princess-4 could achieve payout in approximately three months, delivering the strongest economics in PPR’s portfolio of properties.

In July 2018, an exploratory Glauc well (Princess 5) targeting a new Glauc channel. Starting July 9, 2018, Princess-5 flow-tested over three days and produced at an average flow-back rate of 770 boe/d (56% liquids) during the final 24 hours. The flow test result shows similar characteristics as Princess-1 and Princess-4. The Company anticipates having Princess-5 on production in August.