Calgary, Alberta – May 26, 2022 – Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) announces shareholder voting results on the election of directors and appointment of an auditor, as considered by shareholders at the Company’s annual meeting held today.
ELECTION OF DIRECTORS
At the meeting, each of Patrick McDonald, Bettina Pierre-Gilles, Ajay Sabherwal and Tony Berthelet was nominated and elected, by ordinary resolution, as a director of the Company for the ensuing year, to hold office until the close of the next annual meeting of shareholders.
As previously announced, the terms of office of Rob Wonnacott and Derek Petrie, who had respectively served as directors of Prairie Provident since 2011 and 2016, concluded at the meeting. Mr. Wonnacott and Mr. Petrie decided to retire from the Board of Directors and did not stand for re-election.
Detailed results of the voting for each director nominee at the meeting are as follows.
| Director Nominee | Votes For | Votes Withheld | ||
| Number | % | Number | % | |
| Patrick McDonald (Chair) | 32,810,772 | 75.26 | 10,784,057 | 24.74 |
| Bettina Pierre-Gilles | 42,485,976 | 97.45 | 1,108,853 | 2.55 |
| Ajay Sabherwal | 32,961,488 | 75.61 | 10,633,341 | 24.39 |
| Tony Berthelet | 42,709,241 | 97.97 | 885,588 | 2.03 |
APPOINTMENT OF AUDITOR
Shareholders also passed an ordinary resolution appointing Ernst & Young LLP as the auditor of the Company for the ensuing year, to hold office until the close of the next annual meeting of shareholders. Following are detailed results of the voting on that resolution.
| Auditor | Votes For | Votes Withheld | ||
| Number | % | Number | % | |
| Ernst & Young LLP | 39,813,956 | 81.31 | 9,154,687 | 18.69 |
ABOUT PRAIRIE PROVIDENT:
Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from our existing assets, grow a base waterflood business in Evi (Slave Point Formation) and Michichi (Banff Formation) providing stable low decline cash flow, and organically develop a new complementary play to facilitate reserves and production growth. The Princess area in Southern Alberta continues to provide short cycle returns through successful development of the Glauconite and Ellerslie Formations.
For further information, please contact:
Prairie Provident Resources Inc.
Tony Berthelet
President and Chief Executive Officer
Tel: (403) 292-8125
Email: [email protected]
Or
Jason Dranchuk
Chief Financial Officer
Tel: (403) 292-8150
Email: [email protected]
Prairie Provident Resources Inc.