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CALGARY, Alberta – PrairieSky Royalty Ltd. (“ PrairieSky ” or the “ Company “) ( TSX: PSK ) is pleased to announce its fourth quarter (“ Q4 2020 “) and year-end operating and financial results for the period ended December 31, 2020, which demonstrate the benefits of a low-cost, high margin business that delivers free cash flow through all commodity cycles, a royalty asset acquisition, and a dividend increase. Royalty Asset Acquisition and Dividend Increase: • PrairieSky has entered into a definitive agreement to acquire a large royalty portfolio, which will consolidate a significant fee mineral title position in Western Canada within the Company. The acquisition includes approximately 640,000 net acres of additional producing and undeveloped royalty interests, approximately 650 BOE per day of royalty production, and an extensive proprietary seismic database for cash consideration of $45.0 million. • PrairieSky’s Board of Directors approved an 8% increase in the annual dividend to $0.26 per common share or $0.065 per quarter, effective for the March 31, 2021 record date. Fourth Quarter 2020 Highlights: • Revenues increased 8% to $47.0 million, comprised of royalty production revenues of $43.6 million and other revenues of $3.4 million, compared to Q3 2020. • Funds […]
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