Prairie Provident Resources Commences Court-Supervised Process under Companies' Creditors Arrangement Act

VANCOUVER, BC, Oct. 28, 2026 /CNW/ -- Prairie Provident Resources Inc. (the "Company") (TSX: PPR) announces thattheCourtofKing'sBenchofAlberta(the"Court")has granted aninitial order (the "Initial Order") on October 27, 2026 under theCompanies'CreditorsArrangementAct(Canada)(the"CCAA")initiatingproceedings in respect of the Company and its wholly-owned subsidiary, Prairie Provident Resources Canada Ltd. (togetherwiththeCompany,"PrairieProvident"). 

The Initial Order provides a stay of any proceedings against Prairie Provident or affecting its business or property until November 6, 2026 to allow Prairie Provident to continue operating its business while it works with its stakeholders to implement a restructuring solution intended to preserve enterprise value and maximize outcomes for stakeholders.

The Initial Order appoints Alvarez & Marsal Canada Inc. as monitor of Prairie Provident (in such capacity, the "Monitor"), with enhanced powers that include broad authority to manage and operate Prairie Provident's business, control Prairie Provident's bank accounts and cash management, and exercise any rights that Prairie Provident may have. At a hearing scheduled for October 30, 2026, the Monitor intends to apply to seek an Amended and Restated Initial Order pursuant to the CCAA to, among other things, further extend the stay of proceedings and approve a sales and investment solicitation process in respect of Prairie Provident's business and property.

The Monitor intends to work cooperatively with the Companies' lenders and other stakeholders to evaluate alternatives. All current directors and officers of the Company have resigned effective October 27, 2026. Day-to-day operations are expected to continue in the ordinary course during the CCAA proceedings under the Monitor's direction, and current employees and consultants of Prairie Provident will remain employees and consultants.

As a result of the creditor proceedings against the Company, trading of the Company's common shares on the Toronto Stock Exchange (the "TSX") was halted before market opened October 27, 2026. The Company anticipates that the trading halt will remain in effect pending completion of the TSX's review of the Company's continued listing eligibility.

Further news releases will be provided during the CCAA proceedings as required by law and applicable securities regulations, or as determined necessary by the Company or the Court. A copy of the Initial Order together with Prudential's application materials are available on the proposed Monitor's website at www.alvarezandmarsal.com/PPR. Readers are urged to consult the full text of the documents for further details. Additional documents will be posted as they become available.

Forward-Looking Statements

This news release contains certain statements and information that constitute forward-looking information and forward-looking statements within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). These statements relate to future events or future performance. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, this news release contains forward-looking statements pertaining to, without limitation, the following: the ability of Prairie Provident to facilitate an effective restructuring solution and its ability to maximize outcomes for its stakeholders; the anticipated ongoing cooperation between Prairie Provident and the Monitor; the powers of the Monitor; the ability of Prairie Provident to continue its day-to-day operations in the ordinary course; Prairie Provident current employees and consultants remaining with Prairie Provident; the ability of the Company to meet its continuous disclosure obligations under applicable securities laws; the conduct and outcome of any sale and investment solicitation process; halting of trading of the Company's common shares on the TSX; and future filings under applicable securities laws and TSX rules.

Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements are based upon a number of assumptions and is subject to a numberofrisksanduncertainties,manyofwhicharebeyondPrairie Provident'scontrol,whichcouldcause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking statements.These risks and uncertainties include, but are not limited to, the risks and uncertainties related to the CCAA process.Additional information on the risks and uncertainties facing Prairie Provident is contained in the Company's annual information form and other continuous disclosure documents filed undertheCompany'sprofileonSEDAR+atwww.sedarplus.ca.Theforward-lookingstatementscontainedinthisnewsrelease are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

SOURCE Prairie Provident Resources Inc.

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