Prairie Provident Resources files Amended Management’s Discussion and Analysis
November 20 2023 - 6:00AM
Prairie Provident Resources Inc. (the "Company") reports that it
has filed amended Management’s Discussion and Analysis (MD&A)
for the interim period ended September 30, 2023.
The Company’s originally filed interim MD&A
for this period, which was filed with applicable Canadian
securities regulatory authorities on November 14, 2023 and is
available electronically at www.sedarplus.ca, inadvertently
overstated (at page 21 thereof) the Company's net debt as at
September 30, 2023. The Company's actual net debt (calculated as
described in the MD&A) at September 30, 2023 was $79.084
million, not $102.645 million as indicated in the originally filed
document. The difference is attributable to a clerical error.
Whereas the originally filed MD&A shows an outstanding
borrowings figure of $95.527 million at September 30, 2023, actual
borrowings at that date were $71.966 million, comprised of amounts
outstanding under the Company’s senior secured revolving notes
($66.761 million at September 30, 2023) and second lien notes
($5.205 million outstanding at September 30, 2023), respectively,
all as more particularly set out under the heading "Capital
Resources and Liquidity" in the MD&A. All other debt amounts
specified in the Company’s interim financial statements and related
MD&A are correctly stated. Please see page 21 of the amended
MD&A for the corrected disclosure of net debt. This correction
constitutes the only change from the interim MD&A originally
filed on November 14, 2023.
ABOUT PRAIRIE PROVIDENT
Prairie Provident is a Calgary-based company
engaged in the exploration and development of oil and natural gas
properties in Alberta. The Company’s strategy is to optimize cash
flows from our existing assets, providing low risk development and
stable low decline cash flow.
For further information, please contact:
Prairie Provident Resources Inc.1100, 640 - 5th
Avenue SWCalgary, Alberta, Canada T2P 3G4Main: (403) 292-8000Fax:
(403)-292-8001Email: info@ppr.ca
Non-GAAP and Other Financial
Measures
This news release discloses certain financial
measures that are ‘non-GAAP financial measures’ or ‘supplementary
financial measures’ within the meaning of applicable Canadian
securities laws. Such measures do not have a standardized or
prescribed meaning under International Financial Reporting
Standards (IFRS) and, accordingly, may not be comparable to similar
financial measures disclosed by other issuers. Non-GAAP and other
financial measures are provided as supplementary information by
which readers may wish to consider the Company’s performance but
should not be relied upon for comparative or investment purposes.
Readers must not consider non-GAAP and other financial measures in
isolation or as a substitute for analysis of the Company’s
financial results as reported under IFRS. For a reconciliation of
each non-IFRS measure to its nearest IFRS measure, please refer to
the “Non-GAAP and Other Financial Measures” section of the
MD&A.
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