Prairie Storm Resources Corp.
Prairie Storm Resources Corp.
Sector: Mining
Description
Prairie Storm Resources Corp, earlier known as Quendale Capital Corp, is a natural resource mining company that primarily identifies, evaluates, acquires, explores, exploits, and develops oil fields (including petroleum) and natural gas projects in western Canada. Prairie Storm Resources Corp. began its journey as a private oil and gas company incorporated under the Alberta Business Corporation Act (ABCA) on January 21, 2015. In 2018, Prairie Storm Resources Corp became a public company listed on the TSX Venture Exchange Market. The common shares of Prairie Storm Resources are traded under the ticker symbol PSEC.
On December 16, 2020, Prairie Storm Resources Corp. acquired all the issued and outstanding stock of Prairie Storm Energy Corp. through a reverse takeover transaction. The Calgary-based mineral exploration company extracts, exploits, and produces Cardium from bioturbated oil field formations.
Prairie Storm Resources improves the recovery processes and ensures sustainable netback growth with comparatively less reduction in oil assets. Prairie Storm Resources Corp. strategically acquired oil and gas projects to control crucial infrastructural components – pipelines, compression units, and processing plants – at low operational costs.
In addition, the Cardium producer owns and manages numerous under water flood facilities featuring pressure support with low diminish rates. Prairie Storm Resources holds a gross land package of 68,908 acres (net land holding amounting to 49,785 acres).
Further, the company has completed exploration programs, including drilling and delineation activities on 13 Cardium oil wells. The exploration and production operations of Prairie Storm resources Corp. are geographically focused in Alberta, specifically in the Willesden Green and Ferrier regions. The oil and gas company has zero debt capital with a favorable working capital balance.
Prairie Storm Resources Corp. aims to continue its exploration operations to identify and evaluate the oil and gas resource potential of its projects for the development and advancement of the oil fields and gas reserves to increase overall production.
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