Prairie Provident Resources Announces Strategic Asset Sales

CALGARY, Alberta, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) is pleased to announce that it has entered into a definitive agreement with a private oil and gas company to sell the Company's Evi cash-generating unit located in northern Alberta for a base purchase price of $27.0 million payable in cash, subject to effective date adjustments based on an effective date of August 1, 2023 (the “Evi Sale“). Upon completion of the Evi Sale, the purchaser will become responsible for all future abandonment and reclamation obligations (ARO) pertaining to the Evi assets, with AER deemed liabilities of approximately $48.1 million gross ($43.5 million net).

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