Prairie Provident Resources plans to focus on its inventory in Central and Southern Alberta going forward. (Source: Shutterstock)
Calgary-based Prairie Provident Resources Inc. closed the sale of its Evi assets in Northern Alberta for net proceeds of CA$22.5 million (US$16.66 million), effective Aug. 1, 2023, according to a March 5 press release.
The company also closed on the sale of non-core assets located in the Provost area of Central Alberta for net proceeds of CA$1.7 million (US$1.26 million) effective July 1, 2023.
The purchasers assumed all future abandonment and reclamation obligations—approximately CA$51 million gross, according to the press release (US$37.72 million).
Of the approximately CA$24.2 million (US$17.9 million) of net proceeds, CA$20 million (US$14.8 million) has been used to reduce indebtedness under the company’s senior secured credit facility, with the remainder set to increase its working capital position, the release said.
Prairie Provident Resources plans to focus on its inventory in Central and Southern Alberta going forward.
Recommended Reading
Watch for Falling Gas DUCs: E&Ps Resume Completions at $4 Gas
2025-01-23 - Drilled but uncompleted (DUC) gas wells that totaled some 500 into September 2024 have declined to just under 400, according to a J.P. Morgan Securities analysis of Enverus data.
Winter Storm Snarls Gulf Coast LNG Traffic, Boosts NatGas Use
2025-01-22 - A winter storm along the Gulf Coast had ERCOT under strain and ports waiting out freezing temperatures before reopening.
E&P Highlights: Dec. 30, 2024
2024-12-30 - Here’s a roundup of the latest E&P headlines, including a substantial decline in methane emissions from the Permian Basin and progress toward a final investment decision on Energy Transfer’s Lake Charles LNG project.
Analysts’ Oilfield Services Forecast: Muddling Through 2025
2025-01-21 - Industry analysts see flat spending and production affecting key OFS players in the year ahead.
US Drillers Cut Oil, Gas Rigs for First Time in Six Weeks
2025-03-07 - Baker Hughes said this week's decline puts the total rig count down 30, or 5% below this time last year.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.