Mr. Patrick McDonald reports

PRAIRIE PROVIDENT RESOURCES ANNOUNCES FIRST QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Prairie Provident Resources Inc. has released operating and financial results for the first quarter ended March 31, 2023. Prairie Provident's interim financial statements and related management's discussion and analysis are available on the company's website and filed on SEDAR.

Message to shareholders

Patrick McDonald, interim president and chief executive officer, commented: "The operations team has done an excellent job of maintaining production levels through the first quarter of 2023 while deploying minimal capital. The company continues to pursue non-core asset sales and other transactions to further increase liquidity and allow the company to carry out a meaningful low-risk, low-cost capital program over the remainder of 2023 and into 2024. We look forward to providing further updates in the near term."

First quarter 2023 financial and operational highlights:

• Production averaged 3,733 barrels of oil equivalent per day (63 per cent liquids) for the first quarter of 2023, consistent with the fourth quarter of 2022 (3,753 boe/d), in spite of capital constraints. The company anticipates that the recapitalization will provide additional liquidity that will allow the company to increase well reactivations and production and facility optimizations.
• First quarter 2023 operating netback (1) before the impact of derivatives was $4.5-million ($13.46 per boe) and $3.9-million ($11.69 per boe) after realized losses on derivatives, a $2.0-million and a $1.7-million decrease from the fourth quarter of 2022, respectively.
• Operating expenses for the first quarter of 2023 decreased by 92 cents per boe of production from the fourth quarter of 2022 principally due to capital discipline. The restoration of production as a result of the implementation of renewed well servicing and production optimization activities along with reduced cost of electricity is expected to improve operating netbacks during the balance of 2023.
• Net capital expenditures (1) for the first quarter of 2023 of $100,000 were largely directed toward critical operations in Evi, Princess and Michichi.

(1) Operating netback and net capital expenditures are non-generally accepted accounting principle financial measures.

About Prairie Provident Resources Inc.

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 flow from existing assets, providing low-risk development and stable low-decline cash flow.

We seek Safe Harbor.