Prairie Provident Resources Announces Second Quarter 2026 Results

CALGARY, Alberta, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") (TSX:PPR) announces its financial and operating results for the second quarter of 2026. The Company’s interim financial statements for the three and six months ended June 30, 2026, and related Management’s Discussion and Analysis (“MD&A”) are available on the Company’s website at www.ppr.ca and filed on SEDAR+ at www.sedarplus.ca.

Q2 2026 REVIEW AND UPDATE * Production averaged 2,153 boe/d (57% liquids)(1) for Q2 2026 as Prairie Provident has continued to focus spending on well and facility optimization. In the first half of 2026, with no new wells drilled, the capital efficient optimization work has flattened corporate decline at 2,178 boe/d (59% oil and natural gas liquids)(1); * Operating expenses were $38.88/boe for Q2 2026, a 30% increase relative to the $29.86/boe in Q1 2026 and a 53% increase relative to the $25.37/boe in Q2 2025 due to higher workover spending to maintain production in Q2 2026; * Operating netback(2) for Q2 2026 was $3.9 million ($19.73/boe), a $0.4 million increase from Q1 2026 and a $1.0 million decrease from Q2 2025. The increase relative to Q1 2026 was as a result of higher realized commodity prices due to the ongoing Middle East conflict; * Net loss of $6.3 million for Q2 2026, a $0.2 million reduction compared to Q2 2025. This decrease was driven by non-cash impairment reversals and lower depletion and depreciation expense in the current quarter; and * At June 30, 2026, the Company was in breach of its financial debt covenants as described in the MD&A. In such case, the First Lien Loan and the Second Lien Notes lenders have the right to demand immediate repayment of all amounts owed under both facilities. As a result of this breach, the First Lien Loan and Second Lien Notes debt is classified as current at June 30, 2026. The Company continues to have discussions with its lenders. (1 Comprised of medium crude oil, natural gas liquids (NGLs) and conventional natural gas in the volumes indicated as crude oil and condensate, NGLs and natural gas in the "Financial and Operating Summary" table below.2 Operating netback is a Non-GAAP financial measure and is defined below under "Advisories - Non-GAAP and Other Financial Measures".)