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Prairie Provident Resources says it knows of no reason for market volatility

Shares in Toronto dropped sharply yesterday, losing around 18% at one point. But they have since climbed and are up 4.17%
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Over the last week, production averaged around 5,500 barrels of oil equivalent per day

Prairie Provident Resources Inc (TSE:PPR) told investors it knows of no reason for recent market  volatility, as there has been no change in operations or corporate position.

Shares in Toronto dropped sharply yesterday, losing around 18%  at one point. But they have since climbed and are up 4.17%  to C$0.38 on the day, having closed at C$0.38 yesterday.

"Prairie Provident is pleased to report that its core Western Canadian operations remain on track," it said in a regulatory statement today.

"Over the last week, production averaged approximately 5,500 barrels of oil equivalent per day based on field estimates, with the last well of its first-half 2018 drilling programme currently being brought on-line.

"The company continues to execute its 2018 development program and is maintaining its previously disclosed guidance."

The junior oiler did note though that the Province of Quebec announced yesterday proposed new regulations for the sector.

"If implemented as proposed, the regulations would restrict certain oil and gas activities in Quebec, including through a prohibition on shale fracturing, and limit industry opportunities to explore for and develop resources in that province," it said.

The company holds around 240,000 acres of Utica shale rights in Quebec, but it said these are non-core holdings that do not have any production or reserves, are not relevant to Prairie Provident's liquidity and capital resources, and are not included in its current development plan.

Prairie Provident is mainly focused at Wheatland and Princess in Southern Alberta, targeting the Ellerslie and the Lithic Glauc formations, along with an early-stage water flood project at Evi in the Peace River Arch.

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