Mr. Patrick McDonald reports

PRAIRIE PROVIDENT RESOURCES ANNOUNCES SECOND QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Prairie Provident Resources Inc. has released operating and financial results for the quarter ended June 30, 2023. Prairie Provident's interim financial statements and related management's discussion and analysis are available on its website and filed on SEDAR+.

Message to shareholders

Patrick McDonald, interim president and chief executive officer, commented: "With the May, 2023, completion of the company's recapitalization transactions, Prairie Provident is positioned to focus on the creation of and unlocking of value, which exists within the company's asset base. The operations team has been able to maintain production levels through attention to production and maintenance activities and the reduction of operating expenses. The company will continue to pursue the divestiture of non-core assets and other transactions to further reduce debt and to create financial flexibility to allow the company to pursue a low-risk, low-cost capital property development program."

Second quarter 2023 financial and operational highlights:

• Production averaged 3,641 barrels of oil equivalent per day (66 per cent liquids) for the second quarter of 2023, consistent with the first quarter of 2023 (3,733 boe/d), with minimal capital spent.
• Second quarter 2023 operating netback (1) before the impact of derivatives was $7.6-million ($23.02 per boe), and $7.9-million ($23.88 per boe) after realized gains on derivatives, a $3.1-million and $4.0-million increase from the first quarter of 2023, respectively.
• Operating expenses for the second quarter of 2023 decreased by $5.31 per boe of production from the first quarter of 2023 principally due to continued attention to cost control and production optimization efforts. This focus on reduction of operating expenses is expected to continue improving operating netbacks during the balance of 2023.

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

We seek Safe Harbor.