Mr. Ryan Rawlyk reports

PRAIRIE PROVIDENT ANNOUNCES YEAR-END 2023 RESERVES

Prairie Provident Resources Inc. has released the results of its Dec. 31, 2023, independent reserves evaluation conducted by Sproule Associates Ltd. (the Sproule report).

The Sproule report highlights that despite minimal capital spending, reserves additions were realized year-over-year driven primarily by positive technical revisions associated with lower fixed costs, reactivations and optimizations. A 16-year reserve life index on total proved reserves underscores the potential of the assets to deliver meaningful growth and shareholder value.

Reserves summary

The presentation herein summarizes certain information contained in the Sproule report, which was prepared in accordance with National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities (NI 51-101), and the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (COGE Handbook). Sproule evaluated 100 per cent of the company's reserves. The Sproule report is based on forecast prices and costs, and applies Sproule's forecast escalated commodity price deck, and foreign exchange rate and inflation rate assumptions as at Dec. 31, 2023. Estimated future net revenue is stated without any provisions for interest costs, other debt service charges, or general and administrative expenses, and after the deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs.

Additional information regarding the company's reserves data, and other oil and gas information, will be included in the company's annual information form (AIF) for the year ended Dec. 31, 2023, which will be filed under the company's issuer profile on SEDAR+ not later than April 2, 2024.

Summary of corporate reserves

The associated table is a summary of the company's estimated reserves as at Dec. 31, 2023, as evaluated in the Sproule report.

Net present values of future net revenue before income taxes discounted at (per cent/year)

The associated table is a summary of the estimated net present values of future net revenue (before income taxes) associated with Prairie Provident's reserves as at Dec. 31, 2023, discounted at the indicated percentage rates per year, as evaluated in the Sproule report.

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.