Junior exploration company operating near Brooks says its moves are paying off

By Medicine Hat News on July 20, 2019.

Medicine Hat News

A junior exploration company operating near Brooks states this week that its targeting of tight oil plays in the mature Princess field is paying off.

Prairie Provident Resources stated Wednesday that its new well in the southern zone of the formation was brought on line in June. It is producing 250 barrels of crude oil per day as well as natural gas. At that rate, state company officials, the $1.6 million capital cost will be paid off in less than a year.

The company has nine further Glauconite potential well sites identified as well as other liquids-rich focused projects in the area. The 2019 capital budget for the company, which also operates near Drumheller, was set at $14.2 million last December.

The company’s full second-quarter financial statements will be made available on Aug. 8.