Mr. Patrick McDonald reports

PRAIRIE PROVIDENT RESOURCES ANNOUNCES APPOINTMENT OF GLENN HAMILTON AND KATHY TURGEON TO THE BOARD OF DIRECTORS

Prairie Provident Resources Inc. has appointed Glenn Hamilton and Kathy Turgeon to its board of directors.

"We are excited to have Glenn and Kathy join the board and look forward to their contributions to the continuing transformation of the company, which began with the recapitalization completed in May, 2023. They bring extensive experience serving as senior executives and members of corporate boards in the oil and gas exploration and production industry as well as other industries and not-for-profit organizations," said board chairman Patrick McDonald.

The company also announces the resignation from the board of Bettina Pierre-Gilles, whose numerous contributions and dedicated service on behalf of the company and its shareholders are recognized and acknowledged.

Mr. Hamilton has over 35 years of experience in accounting and finance in the oil and gas industry and served as corporate adviser of Bonavista Energy Corp. from May, 2015, until July, 2016. Prior thereto, Mr. Hamilton served as senior vice-president and chief financial officer of Bonavista from June, 2008, until May, 2015, and as vice-president and chief financial officer of NuVista Energy Ltd. from July, 2003, until May, 2006.

Mr. Hamilton has served on the boards of directors of both public and private energy companies. He currently sits on the boards of Ember Resources Inc., Inter Pipeline Ltd., and Islander Oil and Gas Inc. He has a bachelor of commerce degree and is a chartered accountant and holds the ICD.D designation from the Institute of Corporate Directors.

Ms. Turgeon has over 25 years of experience in accounting and finance in the oil and gas industry and since 2007 has been chief financial officer of Peyto Exploration & Development Corp. Ms. Turgeon joined Peyto as controller in 2004 and was appointed vice-president, finance, in 2006. Prior to joining Peyto, Ms. Turgeon served as associate director, finance, with the department of campus infrastructure and as internal auditor for the University of Calgary.

Ms. Turgeon previously served as a director of Peyto and of Granite Oil Corp. Ms. Turgeon has a bachelor of commerce degree from the University of Calgary and has her CPA-CA designation from the Institute of Certified Professional Accountants of Alberta.

The appointments of Mr. Hamilton and Ms. Turgeon follow completion in May, 2023, of the company's previously announced recapitalization transactions, which included the settlement of $53.4-million (U.S.) of subordinated note indebtedness through an issue of common shares and the concurrent exercise of warrants formerly held by PCEP Canadian Holdco LLC (the former noteholder), and resulted in the former noteholder holding approximately 75.6 per cent of the company's outstanding common shares. Pursuant to an investor rights agreement entered into in connection with the closing of those transactions, the board size has been fixed at five with the former noteholder, as the holder of more than 50 per cent of the outstanding common shares, having the right to nominate three directors. Mr. Hamilton and Ms. Turgeon have been appointed to the board pursuant to the exercise of that right. A third nominee may be brought forward at a future date.

Annual shareholders meeting

The company's annual meeting of shareholders will be held on Aug. 23, 2023, for the purposes of electing directors and appointing an auditor for the ensuing year. Mr. Hamilton and Ms. Turgeon, together with continuing directors Mr. McDonald, Ajay Sabherwal and Matthew Shyba, will be nominated for reelection at the meeting.

Executive management

Mr. McDonald, board chairman, continues to serve as interim chief executive officer of the company pending determination on a permanent CEO appointment. CEO candidate consideration is continuing, and will be concluded under the direction of the reconstituted board.

On a transitional basis, Mr. McDonald has also been discharging the regulatory responsibilities of chief financial officer with respect to the company's annual and interim filings to date in 2023. The recruitment and appointment of a permanent CFO will similarly be overseen and concluded by the reconstituted board.

Material developments regarding CEO and CFO determinations will be the subject of future disclosures.

About Prairie Provident Resources Inc.

Prairie Provident is a Calgary-based company engaged in the exploration, development and production of its low-decline, long-life oil reserves in Alberta. The company is currently producing oil and gas in Western Canada with significant growth opportunities from a deep inventory of low-risk horizontal drilling locations and waterflood potential.