GSAM Account Surrenders Common Shares of Prairie Provident for Cancellation

NEW YORK, March 12, 2021 /CNW/ - Goldman Sachs Asset Management L.P. ("GSAM"), on behalf of an account GSAM manages called Lone Pine Luxembourg A S.à r.l., announces the disposition and surrender to Prairie Provident Resources Inc. ("Prairie Provident") of 44,711,330 common shares in Prairie Provident, representing approximately 25.98% of the total number of common shares previously outstanding, for nominal consideration. The transaction removes 44,711,330 common shares from Prairie Provident's outstanding share capital and correspondingly increases the proportionate equity interest of remaining shareholders. After giving effect to the cancellation, there are 127,612,089 common shares left outstanding in Prairie Provident, of which another account managed by GSAM now owns 4,721,912, representing 3.7% of the outstanding shares.

This press release is being issued pursuant to the requirements of the early warning provisions of Canadian securities legislation. A copy of the Early Warning Report to be filed by GSAM in connection with the transactions described above will be available on the Company's SEDAR profile at www.sedar.com.

GSAM is located at 200 West Street, New York, NY, 10282, USA. Prairie Provident is located at Suite 1100, 640 – 5^th Avenue S.W., Calgary, Alberta, T2P 3G4, Canada.

SOURCE Goldman Sachs Asset Management L.P.

To obtain a copy of the Early Warning Report filed under National Instrument 62-103, please contact: Patrick Scanlan, Vice President, Tel: [phone]