07:17 AM EST, 12/19/2024 (MT Newswires) -- Prairie Provident Resources ( PRPRF ) , near a 52-week low, late on Wednesday provided an update on its two Basal Quartz wells in the Michichi area of Central Alberta.

The company said it spud the first Basal Quartz horizontal well, on Oct. 15, and is currently being produced on cleanup with an initial 30-day average production rate ("IP30") of about 275 bbl/d of medium crude oil and 850 Mcf/d of natural gas (415 boe/d). Prairie Provident spud the second Basal Quartz horizontal well, on Oct. 25, and is being produced on cleanup and achieved an initial 21-day average production rate of about 240 bbl/d of medium crude oil and 800 Mcf/d of natural gas (375 boe/d) through production test facilities.

Both the Basal Quartz horizontal wells were equipped with conventional artificial lift, is still capable of flowing, and that production on both wells has been restricted to optimize reservoir management, the company said in a statement.

Prairie Provident expects future infill locations in section 32 to have the potential to produce at higher rates with the full 1,400-meter horizontal lateral leg being fracture stimulated and contributing to overall production rates.

The company also said it adjusted its Michichi Basal Quartz type curve to reflect the prudent reservoir management being practiced. Both the wells are now producing through permanent company-operated facilities, allowing continued optimized production rates from both wells.

Shares of the company closed flat at $0.03 on Wednesday on the Toronto Stock Exchange.