Prairie Provident Resources plans to focus on its inventory in Central and Southern Alberta going forward. (Source: Shutterstock)
Calgary-based Prairie Provident Resources Inc. closed the sale of its Evi assets in Northern Alberta for net proceeds of CA$22.5 million (US$16.66 million), effective Aug. 1, 2023, according to a March 5 press release.
The company also closed on the sale of non-core assets located in the Provost area of Central Alberta for net proceeds of CA$1.7 million (US$1.26 million) effective July 1, 2023.
The purchasers assumed all future abandonment and reclamation obligations—approximately CA$51 million gross, according to the press release (US$37.72 million).
Of the approximately CA$24.2 million (US$17.9 million) of net proceeds, CA$20 million (US$14.8 million) has been used to reduce indebtedness under the company’s senior secured credit facility, with the remainder set to increase its working capital position, the release said.
Prairie Provident Resources plans to focus on its inventory in Central and Southern Alberta going forward.
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