Prairie Provident Resources Announces Strategic Asset Sales - Seite 3

Forward-Looking Statements

This news release contains certain statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

Without limiting the foregoing, this news release contains forward-looking statements pertaining to: satisfaction of the conditions precedent to and the completion of the Evi Sale and the Provost Sale; anticipated benefits of the Evi Sale and the Provost Sale, including streamlining of the Company's asset portfolio and high-grading of its development inventory; future intentions with respect to debt repayment; the ability to direct a portion of net sale proceeds to development, and the Company's ability to increase production, cash flow and reserves value from that development activity; the Company's ability to achieve drilling and optimization success consistent with management’s expectations; and liquidity and capital resources that may be available to complete development.

Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. In particular, the Company can give no assurance that requisite regulatory approvals from the Alberta Energy Regulator (AER) will be obtained in respect of the Evi Sale or the Provost Sale, or if approved that the terms and conditions of any such approval (including in relation to security deposits) will be acceptable to the parties, or that either transaction will be successfully completed, whether on the terms proposed or at all. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that the Company will be able to complete the Evi Sale and Provost Sale on the agreed terms; that all necessary regulatory approvals from the AER will be obtained in respect of the Evi Sale and the Provost Sale on terms and conditions that are acceptable to the parties, and that all other conditions precedent to completion of the Evi Sale and the Provost Sale will be satisfied, not later than January 31, 2024;; that the purchaser under each of the Evi Sale and the Provost Sale will fund the purchase price at closing; the results from reactivation and development projects, that Prairie Provident will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities, and their consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/ CAD exchange rates; future interest rates; continued availability of external financing and cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas products.