Mr. Patrick McDonald reports

PRAIRIE PROVIDENT RESOURCES ANNOUNCES DELAY IN SECOND QUARTER 2023 INTERIM FILINGS

Prairie Provident Resources Inc. has delayed the filing of its interim financial report for the interim period ended June 30, 2023, and related management's discussion and analysis and management certifications for the same period past today's deadline as prescribed under Canadian securities laws. The delay and corresponding filing default are expected to be relatively brief as the company anticipates completing the second quarter filings on or before Aug. 22, 2023.

The delay arises from the transitional effect of a temporary staffing shortage arising approximately four weeks ago, which has since been addressed but compromised the timetable for Prairie Provident to finalize the Q2 filings, and for its auditor to complete its review procedures, by today's prescribed deadline. The company is working diligently and expeditiously to complete the Q2 filings and interim review as soon as practicable, and has devoted all necessary resources to do so by Aug. 22, 2023.

The company has informed staff of the Alberta Securities Commission about the anticipated delay and filing default, and has applied to the ASC for a temporary management cease trade order pursuant to National Policy 12-203 (Management Cease Trade Orders) pending completion of the Q2 filings. If an MCTO is issued, Prairie Provident will satisfy the alternative information guidelines set out in NP 12-203, including by issuing biweekly default status reports in the form of further news releases, until the Q2 filings are completed. An MCTO would prohibit trading in securities of the company by certain insiders, but would not generally restrict persons who are not directors, officers or insiders of the company from trading in Prairie Provident securities.

Whether or not an MCTO is issued, the quarterly blackout under the company's corporate disclosure and trading policy remains in effect and continues to restrict any trading by directors, officers and other insiders of the company until after the Q2 filings are completed.

In accordance with NP 12-203, Prairie Provident confirms that there is no insolvency proceeding to which it is subject, and no other material information concerning its affairs that has not been generally disclosed as required under applicable securities regulatory requirements.

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 water flood potential.

We seek Safe Harbor.