SUBSCRIBE
PROFILE

Prairie Provident cuts debt and strengthens Basal Quartz assets

Prairie Provident Resources closed 2024 with a reorganisation of its assets and a strategic focus on the Basal Quartz formation, backed by capital raises and revised reserve estimates.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Prairie Provident Resources Inc., a Calgary-based company listed on the Toronto Stock Exchange, released its financial and operational results for the year ended 31 December 2024, along with an updated evaluation of its reserves. During the year, the company divested several non-core assets, reduced its debt load and accelerated development in the Basal Quartz formation, located in its core Michichi area in Alberta.

Debt reduction through divestments and capital raising

The sale of the Evi assets and certain non-core properties in the Provost area yielded net proceeds of approximately CAD$24.2mn, of which CAD$20.0mn was allocated to repaying indebtedness under the senior secured note facility. In October, the company completed a rights offering that raised CAD$12.0mn in gross proceeds, which were used to drill two horizontal wells in the Basal Quartz and further reduce debt.

Production decline offset by targeted gains

Annual average production reached 2,310 barrels of oil equivalent per day (boe/d), down from 3,558 boe/d in 2023, with liquids accounting for 56% of total output. The two newly drilled Basal Quartz wells delivered initial 60-day average production rates of 333 and 305 boe/d, respectively. Operating expenses averaged CAD$32.98 per boe, while the company posted an operating netback of CAD$9.8mn before the impact of derivatives.

Reserves revision and new drilling phase

According to the report from independent evaluator Trimble Engineering Associates Ltd., proved and probable reserves now total 24.4 million barrels of oil equivalent (MMboe), with a net present value before taxes estimated at CAD$337.2mn, discounted at 10%. The company recorded a reserves reduction due to divestments (-8.4 MMboe) and technical revisions, while adding 9.4 MMboe through new drillable locations in the Basal Quartz.

2025 Basal Quartz development underway

In the first quarter of 2025, three additional horizontal wells were drilled in the Basal Quartz following the late 2024 completions. Fracturing operations were finalised for two of the wells, with the third scheduled to begin in early April. All wells will be equipped with conventional artificial lift and are expected to come onstream by mid-April, with natural gas being captured locally.

  • Popular on energynews.pro
Enbridge commits $3bn to new projects while maintaining 2025 guidance
Bulgaria places Lukoil refinery under state control to avoid US sanctions
VoltaGrid raises $5.0bn to deploy 4.3 GW of capacity by 2028
India and Russia strengthen nuclear cooperation with new projects
Washington demands Gazprom Neft’s exit from NIS and maintains sanctions
Blackstone injects $1.2bn into West Virginia’s first natural gas power plant
Blackstone commits $1.2bn to develop Wolf Summit, a 600 MW combined-cycle natural gas plant, marking a first for West Virginia and addressing rising electricity demand across the Mid-Atlantic corridor.
ADNOC Gas posts record $1.34 billion profit in Q3
UAE-based ADNOC Gas reports its highest-ever quarterly net income, driven by domestic sales growth and a new quarterly dividend policy valued at $896 million.
Caprock Midstream expands Texas gas network and appoints Steve Jones as CEO
Caprock Midstream II invests in more than 90 miles of gas pipelines in Texas and strengthens its leadership with the arrival of Steve Jones, supporting its expansion in the dry gas sector.
Harvest Midstream takes over Kenai LNG terminal to strengthen Alaska’s energy security
Harvest Midstream has completed the acquisition of the Kenai liquefied natural gas terminal, a strategic move to repurpose existing infrastructure and support energy reliability in Southcentral Alaska.
Dana Gas explores return to Syria with SPC amid Western sanctions relief
Dana Gas signed a memorandum of understanding with the Syrian Petroleum Company to assess the revival of gas fields, leveraging a legal window opened by temporary sanction easings from European, British and US authorities.
Egypt activates a public investment lever with the new Badr-15 gas well
With the commissioning of the Badr-15 well, Egypt reaffirms its commitment to energy security through public investment in gas exploration, amid declining output from its mature fields.
Venture Global signs 20-year LNG supply agreement with Mitsui
US-based Venture Global has signed a long-term liquefied natural gas (LNG) export agreement with Japan’s Mitsui, covering 1 MTPA over twenty years starting in 2029.
Natural Gas Services raises 2025 guidance after 14.6% increase in adjusted EBITDA
Natural Gas Services Group reported a strong third quarter, supported by fleet expansion and rising demand, leading to an upward revision of its full-year earnings outlook.
Putin and Tokayev strengthen regional energy partnership with Uzbekistan
The visit of Kazakh President Kassym-Jomart Tokayev to Moscow confirms Russia's intention to consolidate its regional energy alliances, particularly in gas, amid a tense geopolitical and economic environment.
CSV commissions Albright plant, expanding sour gas processing deployment in Canada
CSV Midstream Solutions launched operations at its Albright facility in the Montney, marking a key milestone in the deployment of Canadian sour gas treatment and sulphur recovery capacity.
Glenfarne forms strategic alliance with Baker Hughes to accelerate Alaska LNG
Glenfarne has selected Baker Hughes to supply critical equipment for the Alaska LNG project, including a strategic investment, reinforcing the progress of one of the largest gas infrastructure initiatives in the United States.
Gas Liquids Engineering secures construction clearance for Canada’s REEF terminal
Gas Liquids Engineering completed the engineering phase of the REEF project, a strategic liquefied gas infrastructure developed by AltaGas and Vopak to boost Canadian exports to Asia.
KNPC plans gas production increase to 18.3 million cylinders by 2027
Kuwait National Petroleum Company aims to boost gas production to meet domestic demand driven by demographic growth and new residential projects.
Jinhong Gas invests in Spain with a strategic cryogenic unit
Chinese group Jinhong Gas finalises a new industrial investment in Spain, marking its first European establishment and strengthening its global strategy in the industrial gas sector.
Three U.S. gas basins reshape prices, flows and contracts
Appalachia, Permian and Haynesville each reach the scale of a national producer, anchor the United States’ exportable supply and set regional differentials, LNG arbitrage and compliance constraints across the chain, amid capacity ramp-ups and reinforced sanctions.
AltaGas raises $460mn to strengthen financial structure and retain MVP
AltaGas finalises a $460mn equity raise linked to the strategic retention of its stake in the Mountain Valley Pipeline, prompting credit outlook upgrades from S&P and Fitch.
Vallourec to deliver over 30,000 tonnes of pipes for TotalEnergies in Iraq
TotalEnergies has tasked Vallourec with supplying tubular solutions for drilling 48 wells as part of its integrated gas project in Iraq, reinforcing their ongoing industrial cooperation on the Ratawi field.
JERA launches environmental assessment for 2.6GW gas plant project in Sodegaura
The Japanese energy group plans to replace four steam turbines at its Sodegaura site with three combined-cycle gas turbines, with full commissioning targeted for 2041.
Petrus Resources increases quarterly production and reduces net debt
Petrus Resources recorded a 7% increase in production in the third quarter of 2025, along with a reduction in net debt and a 21% rise in cash flow.
Venture Global signs 20-year deal to supply LNG to the Balkans via Greece
Venture Global has signed a liquefied natural gas sales agreement with Atlantic-See LNG Trade S.A., a newly formed Greek joint venture, to supply 0.5 million tonnes annually starting in 2030, reinforcing regional energy security.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.