Prairie Provident Reports on AGM Voting Results Prairie Provident Resources Inc. Calgary, Alberta, CANADA
CALGARY, Alberta, June 29, 2021 (GLOBE NEWSWIRE) Prairie Provident Resources Inc. ( Prairie Provident or the Company ) announces the results of voting on matters submitted to shareholders at the Company s annual meeting held today.
Election of Directors
At the meeting, each of Patrick McDonald, Mimi Lai, Derek Petrie, Ajay Sabherwal and Rob Wonnacott was nominated for election as a director of the Company for the ensuing year. Each such nominee was elected by ordinary resolution, for a term of office ending at the close of the next annual meeting of shareholders.
Prairie Provident Resources Announces Fourth Quarter and Year-End 2020 Financial and Operating Results
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Prairie Provident Announces Cancellation of Shares
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) costs of $4.78/boe, including technical revisions.
During 2020, the downturn in commodity prices necessitated suspension of capital development so there were no material reserves added from drilling.
Year-end 2020 estimated net present values of future net revenue before tax discounted at 10% (“NPV
10 BT”) for PDP, 1P and 2P reserves totaled $54.7 million, $107.4 million and $218.0 million, respectively.
Approximately 100% of PPR’s total estimated abandonment and reclamation obligations (ARO) is included in the 2020 reserves evaluation (2019 – approximately 79%).
Reserve life index
(1) was 4.7 years, 10.5 years and 16.0 years on a PDP, 1P and 2P basis, respectively.
Notes:
(1)
Finding & Development Costs and “Reserve Life Index” does not have a standardized meaning. See Cautionary Statements – Disclosure of Oil and Gas Reserves Data and Operational Information and Cautionary Statements – Reserve Life Index below