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FINANCIAL AND OPERATING SUMMARY
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| ($000s, except per unit amounts or as indicated) | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| (Restated)(1) | (Restated)(1) | ||||
| FINANCIAL | |||||
| Revenue | |||||
| Petroleum and natural gas sales | 12,554 | 11,073 | 9,488 | 23,627 | 22,484 |
| Royalties | (1,292) | (1,472) | (1,517) | (2,764) | (3,388) |
| Revenue | 11,262 | 9,601 | 7,971 | 20,863 | 19,096 |
| Realized gain (loss) on derivatives | – | – | – | – | (485) |
| Unrealized gain (loss) on derivatives | – | – | – | – | 416 |
| Revenue, net of gains (losses) on derivatives | 11,262 | 9,601 | 7,971 | 20,863 | 19,027 |
| Net loss(1) | (6,501) | (6,137) | (6,935) | (12,638) | (11,880) |
| $ per share – Basic | – | – | (0.01) | (0.01) | (0.02) |
| $ per share – Diluted | – | – | (0.01) | (0.01) | (0.02) |
| Adjusted Funds Flow(2) | 3,117 | 1,782 | (1,577) | 4,899 | (1,550) |
| $ per share – Basic | – | – | – | – | – |
| $ per share – Diluted | – | – | – | – | – |
| Capital expenditures(2) | 2,923 | 8,023 | 440 | 10,946 | 1,018 |
| Net capital expenditures(2) | 2,923 | 8,099 | 895 | 11,022 | (22,705) |
| Common Shares outstanding (000s) | |||||
| End of period | 1,401,576 | 1,401,335 | 716,156 | 1,401,576 | 716,087 |
| Weighted average – Basic | 1,401,438 | 1,273,892 | 716,138 | 1,338,017 | 716,059 |
| Weighted average – Diluted | 1,401,438 | 1,273,892 | 716,138 | 1,338,017 | 716,059 |
| OPERATING | |||||
| Production Volumes | |||||
| Crude oil and condensate (bbl/d) | 1,616 | 1,201 | 993 | 1,410 | 1,244 |
| Natural gas (Mcf/d) | 6,260 | 5,574 | 5,923 | 5,919 | 6,211 |
| Natural gas liquids (bbl/d) | 102 | 91 | 65 | 96 | 62 |
| Total (boe/d)(3) | 2,762 | 2,221 | 2,045 | 2,493 | 2,341 |
| % Liquids | 62% | 58% | 52% | 60% | 56% |
| Realized Prices | |||||
| Crude oil and condensate ($/bbl) | 74.97 | 86.88 | 94.21 | 80.02 | 86.13 |
| Natural gas ($/Mcf) | 1.96 | 2.43 | 1.21 | 2.18 | 1.96 |
| Natural gas liquids ($/bbl) | 44.07 | 56.53 | 54.61 | 49.91 | 68.50 |
| Total ($/boe)(3) | 49.96 | 55.39 | 50.98 | 52.36 | 52.77 |
| Operating Netback($/boe) | |||||
| Realized price | 49.96 | 55.39 | 50.98 | 52.36 | 52.77 |
| Royalties | (5.14) | (7.37) | (8.15) | (6.13) | (7.95) |
| Operating expenses(1) | (25.37) | (29.64) | (39.36) | (27.26) | (37.34) |
| Operating netback(2) | 19.45 | 18.38 | 3.47 | 18.97 | 7.48 |
| Realized gains (losses) on derivatives | – | – | – | – | (1.14) |
| Operating netback, after realized gains (losses) on derivatives(1)(2) | 19.45 | 18.38 | 3.47 | 18.97 | 6.34 |
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(1) Restated. For further information, refer to the “Restatements” section in the MD&A .
(2) This is a Non-GAAP financial measure. For further information, refer to “Advisories – Non-GAAP and Other Financial Measures” below.
(3) The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to “Advisories – Barrels of Oil Equivalent” below.
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ABOUT PRAIRIE PROVIDENT
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Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from its existing assets to fund low-risk development and maintain stable cash flow while limiting its production decline.
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For further information, please contact:
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Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: investor@ppr.ca
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ADVISORIES
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Forward-Looking Statements
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This news release contains certain statements (“forward-looking statements”) that constitute forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward- looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.
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Without limiting the foregoing, this news release contains forward-looking statements pertaining to Basal Quartz drilling opportunities.
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Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.
