Prairie Provident Announces Third Quarter 2025 Results

Executive Summary

• Prairie Provident reported Q3 2025 net loss of $6.9 M, an improvement of $12.0 M versus the prior year’s loss.
• Production increased 6% YoY to 2,295 boe/d (57% liquids), driven by higher Basal Quartz output.
• The company completed a $26.5 M preferred‑share financing and amended its debt agreements to extend maturities and defer interest.

Key Details

• Production: 2,295 boe/d (57% liquids) – up 122 boe/d vs Q3 2024.
• Operating Expenses: $30.39 /boe, +13% YoY due to higher chemicals, lease/road maintenance, property taxes and workovers.
• Operating Netback: $9.18 M ($1.90/boe), down 27% YoY from $13.20 /boe in Q3 2024.
• Net Loss: $(6.9) M for Q3 2025, a $12.0 M reduction versus Q3 2024 loss of $(18.9) M (the prior year’s larger loss reflected a $10.9 M gain on debt modification).
• Adjusted Funds Flow: $(557) K in Q3 2025 vs $3.1 M in Q2 2025 and $264 K YoY.
• Capital Expenditures: $115 K (Q3 2025); Net capital expenditures $103 K.
• Debt & Liquidity: Adjusted net debt $(77.8) M; adjusted working capital deficit $(7.34) M.
• Preferred‑Share Financing (Oct 31 2025): Gross proceeds $26.5 M; used to strengthen balance sheet and fund ongoing operations.
• Debt Amendments: Extended maturities by 24 months, deferred cash interest through 2026, and modified covenant metrics.
• Spud of Princess Well (Nov 13 2025): Initiated three‑leg open‑hole Ellerslie horizontal well at 103/6‑24‑018‑11W4M; commenced construction of water disposal facility at Princess 10‑23‑018‑11W4M to reduce operating costs.
• Future Drilling: Rig to move to a two‑well pad in the Michichi core area after completion of Princess well.

Notable Quotes

(No direct CEO/President quotes were included in the release.)