10:13 AM EDT, 08/14/2024 (MT Newswires) -- Prairie Provident Resources ( PRPRF ) , near a 52-week low, on Wednesday reported a narrower second quarter net loss even as revenue fell by more than half.

Net loss for the second quarter narrowed to $6.5 million, or $0.01 per share, compared with a net loss of $8.8 million or $0.02 per share, in the same period of 2023.

Total revenue of $8 million, compares with $18 million, the year before.

The company reported that production averaged 2,045 boe/d (52% oil and liquids), a 44% decline, primarily due to the sale of the Evi CGU assets, production declines and wells requiring maintenance.

It remained active in its decommissioning program with $1.4 million spent during the first six months of 2024.

Prairie Provident reports that it remains in a "challenging position" regarding its ability to meet its financial and debt obligations.