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Prairie Provident Resources, Inc.

Oil Exploration & Production

"Prairie Provident Resources Inc. explores for and develops oil and natural gas properties primarily in the Western Canadian Sedimentary Basin in Alberta. It explores for light and medium oil with associated natural gas. The company’s principal areas include the Wheatland and Princess properties located in Southern Alberta; and the Evi property located in the Peace River Arch area of Northern Alberta. It holds area of approximately 240,000 net acres in the Utica shale in Quebec's Saint Lawrence lowlands. The company was incorporated in 2016 and is headquartered in Calgary, Canada." From Bloomberg. The Company is publicly-traded in the U.S. under the ticker PRPRF.

Corporate Highlights

3/28/2019: Company published IVQ 2018 results

11/21/2018:  PPR closed the Marquee acquisition "expanding our size and competitive position through economies of scale, an increased inventory of drilling locations and operating synergies which avail us the opportunity to continue improving on our capital efficiencies and enhancing per share metrics".

BDC Credit Reporter View

3/28/2019: Notwithstanding decent results (see Corporate Highlights), the company - and GSBD's investment - remains virtually worthless. The stock price closed at $0.14, down on the day and close to its 52 week high. The chances of GSBD ever recovering the $9.2mn invested - worth only $0.5mn at 12/31/2018 seems as low as ever. Reduced valuation to CCR 4. Some eventual loss expected.

10/6/2018: Notwithstanding the merger with Marquee in September 2018, the Company's stock price remains depressed.

IIQ 2018: The $0.942mn valuation - a 90% discount to original cost- is the lowest since GSBD first invested in 2016. Leaving valuation at CCR 3.

Highlights

Goldman Sachs BDC (GSBD) invested $9.2mn  in the equity of the Company from IIIQ 2016. The position has consistently been valued at a huge discount to par, reaching (95%) as of December 2018.