Latest news with #Ellerslie
RNZ News
30-05-2025
- General
- RNZ News
Ellerslie murders: Shu Man Poon to serve 19 years in prison after guilty plea
Fuk-Fu Joseph Kwok and Mei Han Chong Photo: Supplied / NZ police The man who admitted to murdering an Ellerslie couple has been sentenced to at least 19 years in prison in the High Court at Auckland on Friday. Fuk-Fu Joseph Kwok and his wife Mei Han Chong were killed at their home in November 2023. Shu Man Poon, 43, was meant to stand trial for their murder at the beginning of this month, before pleading guilty on the day his trial was expected to start. Appearing before Justice Johnstone, he wiped tears from his eyes with his head bowed as the sentence was handed down. The victim's son was also present in court, sobbing as victim impact statements were read out before a packed public gallery. The court has suppressed any other details of Friday's sentencing, including victim impact statements. The other man charged with the couple's murder, Lok Fung Lorrence Li , 27, is expected to stand trial in August next year. Kwok's body was found in their Ellerslie home having been stabbed several times. Chong's body was found days later in the Greenhithe area, and with police saying she had died from blunt force injuries to the head . Detective Inspector Scott Beard said at the time the murders were beyond comprehension. "This news is understandably distressing to her family, in particular Mei and Joseph's son." "It is beyond comprehension for the family as to how something like this could happen to Mei and Joseph." The couple had moved to New Zealand from Hong Kong in 1988. They both had multiple siblings, including two who also live in New Zealand. Chong was a nurse before becoming a midwife, and was a supportive mother to her and Joseph's son. "When Mei came to New Zealand she felt the language barrier would be an issue for her as a nurse, so focused on her family. She also supported her son as he began a career in medicine. Beard said while she was very small in stature, she was "strong-minded and passionate about issues that were dear to her". Kwok was an orthopaedic nurse for many years and was "happy in his own world" and cared about supporting his family and doing a good job. "He was still working incredibly hard, and got home from work at 11.30pm the night before he was murdered. "Joseph and Mei were a loving couple whose careers involved helping other people. "Our thoughts are with them and their grieving family." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
21-05-2025
- Sport
- NZ Herald
Central Districts get vote of confidence from racing bosses
Things got worse on Anzac Day when the Awapuni relaunch lasted one race before that meeting was called off for the usual reason: a slippery surface making racing unsafe. Add to that long-term doubts about the sustainability of the remaining Trentham grandstand and Ōtaki losing its only Group 1 to Ellerslie and good news has been hard to come by in the lower half of the North Island. But help, or at least the promise of help, is on the way. New Zealand Thoroughbred Racing have backed the new Awapuni track by scheduling two Group 1s to be run there in the spring, if the track can come up to scratch by then. That IF has to be in capital letters as NZTR chief executive Matt Ballesty has made it clear the track must prove itself first and any sign of trouble that threatens the Group 1s will see an alternate venue found. The two races are the Arrowfield Stud Plate and the Livamol, traditionally the second and third legs of the Hawke's Bay Triple Crown. With Hastings out of play for the spring (more on that soon) the three Group 1s it usually holds will be split between Ellerslie for the first, the Tarzino Trophy, with the next two legs tentatively at Awapuni. 'Subject to a visit from track expert Liam O'Keefe in early June we intend to run the two Group 1s in that region,' Ballesty told the Herald. 'However, if the track isn't exactly where it needs to be and more time is needed we won't rush and we will look at other options. 'NZTR understands all participants, especially trainers, need to know in advance where the races are to be held.' While the move is hardly the most boisterous vote of confidence in Awapuni being up and running by spring, NZTR are bringing in the big guns in Flemington track man O'Keefe, who helped Ellerslie smooth out their problems when they launched their StrathAyr track last year. Like Ellerslie, one of the key Awapuni issues has been compaction of the top layer, making it prone to becoming slippery, so it will need constant verti-draining to break up that level and create more organic matter, ultimately providing a more natural surface. But one of Awapuni's issues is rocks underneath the surface which limits the use of certain verti-draining machines. There will be weekly management meetings between the local administration body RACE, NZTR, O'Keefe and fellow track expert Callum Brown. If that all goes well racing is scheduled to return to the turf track in August with Ballesty saying, 'a safe return to racing is our number one priority'. So while nothing is certain in the increasingly weird world of race track management, NZTR are at least giving Awapuni and those who run it the chance to prove themselves. The second piece of good news for the region came in Hastings last night when Ballesty announced racing will remain at the current track with recambering work to start soon. The Hastings track has been dogged by problems in recent years, admittedly not helped by erratic spring weather, but one of its biggest issues has been the camber on the bend out of the straight. There has been debate about whether it is better to fix the current track or look to build a new track in the Hastings region, but Ballesty answered that question when addressing club members last night. 'We will start work on correcting the camber on the track and all going well hope to have it ready for racing in spring 2026,' he said. That is a far quicker, and cheaper, option than moving the track in what is a famous racing region and all going well Awapuni and Hastings could be racing, on safer surfaces, in the New Year. Michael Guerin wrote his first nationally published racing articles while still in school and started writing about horse racing and the gambling industry for the Herald as a 20-year-old in 1990. He became the Herald's Racing Editor in 1995 and covers the world's biggest horse racing carnivals.
Hamilton Spectator
14-05-2025
- Business
- Hamilton Spectator
Prairie Provident Resources Announces Successful Basal Quartz Drilling Program and First Quarter 2025 Results
CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. ('Prairie Provident' or the 'Company') is pleased to announce strong production results from its three-well Basal Quartz ('BQ') horizontal drilling program in the Michichi area of Central Alberta during the first quarter of 2025. The Company also announces financial and operating results for the first quarter ended March 31, 2025. SUCCESSFUL RESULTS FROM BASAL QUARTZ DRILLING PROGRAM The Company successfully drilled and completed three BQ horizontal wells that are now all on production. The wells were executed within budget and continue to demonstrate the high-quality geological and reservoir characteristics of the Michichi BQ play. The following table summarizes the initial production ('IP') rates and key operational details for the three BQ wells drilled during the first quarter of 2025, which were brought on production in April 2025: Total Company sales production for the first week of May 2025 averaged 3,467 boe/d (62.9% liquids)1, of which 1,567 boe/d (69.0% liquids)2 was from the three BQ wells drilled during the first quarter of 2025. These recent three wells validate Prairie Provident's excitement with the emerging BQ/Ellerslie play on its Michichi lands. Direct offsetting operational activity continues to be strong. Legacy vertical well control, available 3D/2D seismic data, and offset drilling activity are important factors in de-risking the Michichi BQ play. Prairie Provident has identified more than 40 potential drilling opportunities targeting medium crude oil on its Michichi lands. The Company owns and controls key Michichi infrastructure, which provides a competitive advantage for the future development of this play, and has sizeable tax pools, including approximately $330 million of non-capital losses. _________ FIRST QUARTER 2025 FINANCIAL AND OPERATING HIGHLIGHTS Prairie Provident's interim financial statements for the first quarter ended March 31, 2025 and related Management's Discussion and Analysis (MD&A) are available on our website at and filed on SEDAR+ at . Financial and operating highlights for the period include: _________ FINANCIAL AND OPERATING SUMMARY ABOUT PRAIRIE PROVIDENT Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company's strategy is to optimize cash flow from its existing assets to fund low-risk development and maintain stable cash flow while limiting its production decline. For further information, please contact: Dale Miller, Executive Chairman Phone: (403) 292-8150 Email: investor@ ADVISORIES 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 Basal Quartz drilling opportunities. 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. 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: results from drilling and development activities; 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 internally generated 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 production. The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident's products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident's operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of new or additional tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident's oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident's public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident's current Annual Information Form dated March 31, 2025 as filed with Canadian securities regulators and available from the SEDAR+ website ( under Prairie Provident's issuer profile). The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Oil and Gas Reader Advisories Barrels of Oil Equivalent The oil and gas industry commonly expresses production volumes and reserves on a 'barrel of oil equivalent' ('boe') basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may therefore be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value. Potential Drilling Opportunities vs Booked Locations This news release refers to potential drilling opportunities and booked locations. Unless otherwise indicated, references to booked locations in this news release are references to proved drilling locations or probable drilling locations, being locations to which Trimble Engineering Associates Ltd. (Trimble), the Company's independent qualified reserves evaluator, attributed proved or probable reserves in its most recent year-end evaluation of Prairie Provident's reserves data, effective December 31, 2024. Trimble's year-end evaluation was in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and, pursuant thereto, the Canadian Oil and Gas Evaluation (COGE) Handbook. References in this news release to potential drilling opportunities are references to locations for which there are no attributed reserves or resources, but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resource information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which Prairie Provident in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not booked locations. Prairie Provident generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production. Initial Production Rates This news release discloses initial production (IP) rates for certain wells as indicated. Initial production rates are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during an initial short-term production period, and the difference may be material. Non-GAAP and Other Financial Measures This news release discloses certain financial measures that are 'non-GAAP financial measures', 'non-GAAP ratios' 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-GAAP measure to its nearest IFRS measure, please refer to the 'Non-GAAP and Other Financial Measures' section of the MD&A. This news release also includes reference to certain metrics commonly used in the oil and gas industry but which do not have a standardized or prescribed meanings under the Canadian Oil and Gas Evaluation (COGE) Handbook or applicable law. Such metrics are similarly 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. Following is additional information on non-GAAP and other financial measures and oil and gas metrics used in this news release. Adjusted Funds Flow ('AFF') - AFF is a Non-GAAP financial measure calculated based on net cash from operating activities before changes in non-cash working capital, transaction costs, restructuring costs and other non-recurring items. The Company believes that AFF provides a useful measure of the Company's operational performance on a continuing basis by eliminating certain non-cash charges and charges that are non-recurring or discretionary. Management utilizes the measure to assess the Company's ability to finance capital expenditures and debt repayments. AFF as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. AFF per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of earnings per share. AFF per share is a Non-GAAP ratio. Operating Netback - Operating netback is a Non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors to evaluate operating performance. Operating netback included in this report were determined by taking oil and gas revenues less royalties and operating costs. Operating netback, after realized gains (losses) on derivatives, adjusts the operating netback for only the realized portion of gains and losses on derivatives. Operating netback may be expressed in absolute dollar terms or on a per boe basis. Per boe amounts are determined by dividing the absolute value by working interest production. Operating netback per boe and operating netback, after realized gains (losses) on derivatives per boe are Non-GAAP financial ratios. Capital Expenditures and Net Capital Expenditures - Capital expenditures and net capital expenditures are Non-GAAP financial measures commonly used in the petroleum and natural gas industry, which the Company believes are useful measures to assist management and investors to assess Prairie Provident's investment in its existing asset base. Capital expenditures is calculated as the sum of property and equipment expenditures and exploration and evaluation expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. Net capital expenditures is calculated as capital expenditures, plus acquisitions from business combinations, which is the outflow cash consideration paid to acquire oil and gas properties, less asset dispositions (net of acquisitions), which is the cash proceeds from the disposition of producing properties and undeveloped lands.
Yahoo
14-05-2025
- Business
- Yahoo
Prairie Provident Resources Announces Successful Basal Quartz Drilling Program and First Quarter 2025 Results
CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. ("Prairie Provident" or the "Company") is pleased to announce strong production results from its three-well Basal Quartz ('BQ') horizontal drilling program in the Michichi area of Central Alberta during the first quarter of 2025. The Company also announces financial and operating results for the first quarter ended March 31, 2025. SUCCESSFUL RESULTS FROM BASAL QUARTZ DRILLING PROGRAM The Company successfully drilled and completed three BQ horizontal wells that are now all on production. The wells were executed within budget and continue to demonstrate the high-quality geological and reservoir characteristics of the Michichi BQ play. The following table summarizes the initial production ('IP') rates and key operational details for the three BQ wells drilled during the first quarter of 2025, which were brought on production in April 2025: Well Identifier Days from Spud to Rig Release Lateral Length(metres) Fracture Stages IP Period Medium Crude Oil (bbl/d)(1) Conventional Natural Gas (Mcf/d)(1) Total (boe/d)(1) Peak Oil Rate (bbl/d)(1) 100/14-32-029-18W4 7 1,340 49 IP30 275 953 434 357 102/13-32-029-18W4 7 1,319 48 IP21 328 1,052 503 367 100/07-19-030-18W4 8 2,154 78 IP21 389 1,080 569 585(1) Initial production rates are based on field estimates at wellhead. See 'Advisories – Initial Production Rates' below. Total Company sales production for the first week of May 2025 averaged 3,467 boe/d (62.9% liquids)1, of which 1,567 boe/d (69.0% liquids)2 was from the three BQ wells drilled during the first quarter of 2025. These recent three wells validate Prairie Provident's excitement with the emerging BQ/Ellerslie play on its Michichi lands. Direct offsetting operational activity continues to be strong. Legacy vertical well control, available 3D/2D seismic data, and offset drilling activity are important factors in de-risking the Michichi BQ play. Prairie Provident has identified more than 40 potential drilling opportunities targeting medium crude oil on its Michichi lands. The Company owns and controls key Michichi infrastructure, which provides a competitive advantage for the future development of this play, and has sizeable tax pools, including approximately $330 million of non-capital losses. _________ Comprised of approximately 2,052 bbl/d of medium crude oil, 7,705 Mcf/d of conventional natural gas and 131 bbl/d of NGLs. Comprised of approximately 1,013 bbl/d of medium crude oil, 2,909 Mcf/d of conventional natural gas and 69 bbl/d of NGLs. FIRST QUARTER 2025 FINANCIAL AND OPERATING HIGHLIGHTS Prairie Provident's interim financial statements for the first quarter ended March 31, 2025 and related Management's Discussion and Analysis (MD&A) are available on our website at and filed on SEDAR+ at Financial and operating highlights for the period include: In February and March of 2025, the Company completed a brokered equity financing raising aggregate gross proceeds of $8.67 million to facilitate further development in the BQ formation at Michichi. In Q1 2025, the Company drilled three gross (3.0 net) new wells in the BQ formation. These wells were completed and brought on production in April 2025. Production averaged 2,221 boe/d (58% liquids)1 for Q1 2025, which was 16% or 415 boe/d lower than Q1 2024, primarily due to the sale of the Company's former Evi CGU in Q1 2024 and natural production declines. Q1 2025 operating expenses were $29.64 boe/d, a decrease of 17% or $6.15 per boe/d from Q1 2024, principally due to the sale of the Evi CGU and certain Provost properties in Q1 2024 which experienced higher operational costs and partially offset by increases in workover costs. Q1 2025 operating netback2 before the impact of derivatives was $3.7 million ($18.38/boe), and $3.7 million ($18.38/boe) after realized losses on derivatives, a 74% and a 115% increase, respectively, relative to Q1 2024. The increase was a result of slightly higher realized pricing, lower royalties and operating costs and no realized losses on derivatives. Net loss totaled $6.1 million in Q1 2025, a $1.2 million increase compared to Q1 2024. The increase was due to lower petroleum and natural gas sales, higher G&A expenses, impairment expense and finance costs offset by lower operating expenses. _________ Comprised of approximately 1,201 bbl/d of medium crude oil, 5,574 Mcf/d of conventional natural gas and 91 bbl/d of NGLs. 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 2025 Q4 2024 Q1 2024 (Restated)(1) FINANCIAL Revenue Petroleum and natural gas sales 11,073 11,111 12,996 Royalties (1,472 ) (567 ) (1,871 ) Revenue 9,601 10,544 11,125 Realized gain (loss) on derivatives - - (485 ) Unrealized gain (loss) on derivatives - - 416 Revenue, net of gains (losses) on derivatives 9,601 10,544 11,056 Net loss(1) (6,137 ) (10,123 ) (4,945 ) $ per share – Basic - (0.01 ) (0.01 ) $ per share – Diluted - (0.01 ) (0.01 ) Adjusted Funds Flow(2) 1,782 (192 ) 27 $ per share – Basic - - - $ per share – Diluted - - - Capital expenditures(2) 8,023 9,083 578 Net capital expenditures(2) 8,099 9,023 (23,600 ) Common Shares outstanding (000s) End of period 1,401,335 1,197,401 716,087 Weighted average – Basic 1,273,892 1,170,310 715,861 Weighted average – Diluted 1,273,892 1,170,310 715,861 OPERATING Production Volumes Crude oil and condensate (bbl/d) 1,201 1,298 1,495 Natural gas (Mcf/d) 5,574 6,107 6,498 Natural gas liquids (bbl/d) 91 69 58 Total (boe/d)(3) 2,221 2,385 2,636 % Liquids 58 % 57 % 59 % Realized Prices Crude oil and condensate ($/bbl) 86.88 83.16 80.75 Natural gas ($/Mcf) 2.43 1.49 2.64 Natural gas liquids ($/bbl) 56.53 53.93 85.21 Total ($/boe)(3) 55.39 50.65 54.17 Operating Netback ($/boe) Realized price 55.39 50.65 54.17 Royalties (7.37 ) (2.58 ) (7.80 ) Operating costs(1) (29.64 ) (30.02 ) (35.79 ) Operating netback(2) 18.38 18.05 10.58 Realized gains (losses) on derivatives - - (2.02 ) Operating netback, after realized gains (losses) on derivatives(1)(2) 18.38 18.05 8.56 (1) Restated. For further information, refer to the 'Restatements' section in the MD&A. (2) This is a Non-GAAP financial measure. For further information, refer to 'Advisories - Non-GAAP and Other Financial Measures' below. (3) The term barrels of oil equivalent ('boe') may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to 'Advisories - Barrels of Oil Equivalent' below. ABOUT PRAIRIE PROVIDENT Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company's strategy is to optimize cash flow from its existing assets to fund low-risk development and maintain stable cash flow while limiting its production decline. For further information, please contact: Dale Miller, Executive ChairmanPhone: (403) 292-8150Email: investor@ ADVISORIESThis 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 Basal Quartz drilling opportunities. 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. 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: results from drilling and development activities; 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 internally generated 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 production. The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident's products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident's operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of new or additional tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident's oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident's public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident's current Annual Information Form dated March 31, 2025 as filed with Canadian securities regulators and available from the SEDAR+ website ( under Prairie Provident's issuer profile). The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary of Oil Equivalent The oil and gas industry commonly expresses production volumes and reserves on a 'barrel of oil equivalent' ('boe') basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead nor at the plant gate, which is where Prairie Provident sells its production volumes. Boes may therefore be a misleading measure, particularly if used in isolation. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency ratio of 6:1, utilizing a 6:1 conversion ratio may be misleading as an indication of value. Potential Drilling Opportunities vs Booked Locations This news release refers to potential drilling opportunities and booked locations. Unless otherwise indicated, references to booked locations in this news release are references to proved drilling locations or probable drilling locations, being locations to which Trimble Engineering Associates Ltd. (Trimble), the Company's independent qualified reserves evaluator, attributed proved or probable reserves in its most recent year-end evaluation of Prairie Provident's reserves data, effective December 31, 2024. Trimble's year-end evaluation was in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and, pursuant thereto, the Canadian Oil and Gas Evaluation (COGE) Handbook. References in this news release to potential drilling opportunities are references to locations for which there are no attributed reserves or resources, but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resource information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which Prairie Provident in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not booked locations. Prairie Provident generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production. Initial Production Rates This news release discloses initial production (IP) rates for certain wells as indicated. Initial production rates are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during an initial short-term production period, and the difference may be news release discloses certain financial measures that are 'non-GAAP financial measures', 'non-GAAP ratios' 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-GAAP measure to its nearest IFRS measure, please refer to the 'Non-GAAP and Other Financial Measures' section of the MD&A. This news release also includes reference to certain metrics commonly used in the oil and gas industry but which do not have a standardized or prescribed meanings under the Canadian Oil and Gas Evaluation (COGE) Handbook or applicable law. Such metrics are similarly 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. Following is additional information on non-GAAP and other financial measures and oil and gas metrics used in this news release. Adjusted Funds Flow ('AFF') - AFF is a Non-GAAP financial measure calculated based on net cash from operating activities before changes in non-cash working capital, transaction costs, restructuring costs and other non-recurring items. The Company believes that AFF provides a useful measure of the Company's operational performance on a continuing basis by eliminating certain non-cash charges and charges that are non-recurring or discretionary. Management utilizes the measure to assess the Company's ability to finance capital expenditures and debt repayments. AFF as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. AFF per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of earnings per share. AFF per share is a Non-GAAP ratio. Operating Netback - Operating netback is a Non-GAAP financial measure commonly used in the oil and gas industry, which the Company believes is a useful measure to assist management and investors to evaluate operating performance. Operating netback included in this report were determined by taking oil and gas revenues less royalties and operating costs. Operating netback, after realized gains (losses) on derivatives, adjusts the operating netback for only the realized portion of gains and losses on derivatives. Operating netback may be expressed in absolute dollar terms or on a per boe basis. Per boe amounts are determined by dividing the absolute value by working interest production. Operating netback per boe and operating netback, after realized gains (losses) on derivatives per boe are Non-GAAP financial ratios. Capital Expenditures and Net Capital Expenditures - Capital expenditures and net capital expenditures are Non-GAAP financial measures commonly used in the petroleum and natural gas industry, which the Company believes are useful measures to assist management and investors to assess Prairie Provident's investment in its existing asset base. Capital expenditures is calculated as the sum of property and equipment expenditures and exploration and evaluation expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. Net capital expenditures is calculated as capital expenditures, plus acquisitions from business combinations, which is the outflow cash consideration paid to acquire oil and gas properties, less asset dispositions (net of acquisitions), which is the cash proceeds from the disposition of producing properties and undeveloped in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
11-05-2025
- Entertainment
- RNZ News
The Dust Palace finds home in dedicated hub
This audio is not downloadable due to copyright restrictions. The country's leading circus theatre company, The Dust Palace, has two reasons to celebrate. They're about to open and tour their new show Haus of Yolo and secondly, following a new partnership with the local council, The Dust Palace has now moved into a new venue in Ellerslie, Tamaki Makaurau. The former theatre will be a dedicated hub for circus arts, cabaret and live performance; serving both artists and the surrounding community. Eve Gordon spoke to Culture 101's Perlina Lau about the benefits of having the new space for artists and performers. Haus of Yolo will open at 138 Main Highway, Ellerslie from the 15th to the 18th of May before heading to Kerikeri, Hastings and Canada.
