CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident”, “PPR” or the “Company”) is pleased to announce the results of our independent 2018 year-end reserves evaluation conducted by Sproule Associates Limited (“Sproule”) with an effective date of December 31, 2018 (the “Sproule Report”) and provide highlights from our year-end 2018 operations. 2018 RESERVES HIGHLIGHTS Increased proved developed producing (“PDP”), total proved (“1P”) and proved plus probable (“2P”) reserves by 29%, 56% and 64%, respectively, over December 31, 2017 reported reserves, bringing totals for PDP, 1P and 2P to 11.0 MMboe, 22.4 MMboe and 33.9 MMboe, respectively; Significantly grew higher-value liquids reserves in 2018 as total liquids represented 73% of 1P reserves, with total liquids reserves increasing 15%, 46% and 54% across PDP, 1P and 2P, respectively, relative to December 31, 2017 reported reserves; Increased the before-tax estimated net present value of future net revenue (discounted at 10%) for PDP, 1P and 2P reserves by 16% to $175 million, 45% to $301 million and 66% to $495 million, respectively; Achieved reserves per share growth of 5% and 10% year-over-year in 1P and 2P reserves, respectively; Generated 1P and 2P finding, development and acquisition (“FD&A”) (1) […]
