Share on StockTwits
Join our smart investors - Get the best stock directories in  blockchain, cannabis, crypto, AI, IoT, cleantech. Daily podcasts in cannabis and crpto. Just $99  a year

Oil & Gas Firm Expands Alberta Acreage, Announces Drill Program

Source: Streetwise Reports


May 28, 2019 ( Newswire) Details of both events are described in a Mackie Research Capital Corp. report.

In a May 21 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Prairie Provident Resources Inc. (PPR:TSX) acquired an option to expand its Princess core land by up to 13,440 acres, or 46%. This would increase the oil and gas company's net undeveloped land position at Princess to 75.9 sections, or 48,582 acres.

"The acquisition of additional lands in the Princess area expands Prairie Provident's inventory of potential drilling locations for the highly prolific Glauconite play," added Newman.

In other news, Newman relayed, Prairie Provident will soon commence a two-well development drill program at Princess following the two successful exploration wells, 13-26-20-11W4 and 14-12-019-11W4, it drilled last year in the Lithic Glauconite sandstone channels.

One of the new wells will be drilled to the northwest of the 13-26 well along the same channel, Newman explained. The other will be drilled directly to the south of the 14-12 well that appears to extend northward onto the newly optioned property.

"The current two-well development drilling program at Princess offsets some of the best wells drilled in the area and has the potential to boost oil production in the near term," Newman commented, adding they could pay out in under a year.

The analyst highlighted that Prairie Provident "remains highly undervalued," currently trading at a discount to its peers. Based on its "long-term growth potential from its large inventory development oil locations and expanding waterflood programs," Newman wrote, Mackie Research maintained its Buy recommendation and its CA$0.70 per share target price on Prairie Provident. The stock is now trading at around CA$0.11 per share.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Prairie Provident Resources Inc., May 21, 2019


Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at


Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

Bill Newman: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. Within the last two years, Mackie Research Capital has managed or comanaged an offering of securities for, and received compensation for investment banking and related services from Prairie Provident Resources Inc. Bill Newman has research coverage on Prairie Provident Resources Inc.

More Info: Newswire

This news is published on the Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: Learn more about publishing your news release on the newswire

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: Global investors must adhere to regulations of each country.

Please read privacy policy:

Follow Us on StockTwits

Get more Oil and Gas - news, articles, and stock directories