Q1 2026 REVIEW AND UPDATE
Production averaged 2,202 boe/d (61% liquids)1 for Q1 2026 as Prairie Provident has continued to focus disciplined capital spending on well and facility optimization, and liability management. Year to date, the capital efficient optimization work has flattened corporate decline at approximately 2,200 boe/d (57% oil and natural gas liquids)2;
Operating expenses were $29.86/boe for Q1 2026, a nominal increase relative to the $29.64/boe in Q1 2025, and a 16% decrease relative to the $35.75/boe in Q4 2025;
Operating netback3 for Q1 2026 was $3.5 million ($17.48/boe), a $0.2 million decrease from Q1 2025 and a $3.0 million increase from Q4 2025. The increase relative to Q4 2025 was as a result of higher realized commodity prices as well as lower operating expenses on a per boe basis;
Net loss of $3.0 million for Q1 2026, a $3.1 million reduction compared to Q1 2025. This decrease was driven by a non-cash warrant liability revaluation in the current quarter; and
During Q1 2026, Prairie Provident spent $3.5 million towards decommissioning liabilities, including legacy Northwest Territories abandonment obligations.
____________
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
Comprised of approximately 1,185 bbl/d of medium crude oil, 75 bbl/d of NGLs and 5,650 Mcf/d of conventional natural gas.
3
Operating netback is a Non-GAAP financial measure and is defined below under "Advisories - Non-GAAP and Other Financial Measures".
FINANCIAL AND OPERATING SUMMARY
($000s, except per unit amounts or as indicated)
Q1 2026
Q4 2025
Q1 2025
FINANCIAL
Revenue
Petroleum and natural gas sales
10,554
8,786
11,073
Royalties
(1,173
)
(1,116
)
(1,472
)
Revenue
9,381
7,670
9,601
Realized loss on derivatives
-
-
-
Unrealized gain on derivatives
-
-
-
Revenue, net of gains (losses) on derivatives
9,381
7,670
9,601
Net income (loss)
(3,014
)
5,477
(6,137
)
$ per share, Basic
(0.06
)
0.12
(0.14
)
$ per share, Diluted
(0.06
)
0.10
(0.14
)
Adjusted Funds Flow(1)
(1,422
)
(3,736
)
1,782
$ per share, Basic
(0.03
)
(0.08
)
0.04
$ per share, Diluted
