The Calgary-headquartered company is also keeping its
fingers crossed for further awards in the European economic powerhouse as it
awaits decisions on further applications.

PRD has won a five-year licence to explore and produce on
the Sudbayern-Nord block in the Molasse basin.

The Canadian, which also maintains a Berlin office, said the
area has a history of significant petroleum discoveries.

PRD will have to drill at least one well in the initial
five-year period and bring it into production.

“PRD has also applied for several other exploration and
production licenses in Germany… and anticipates responses to these applications
in the coming months,” it said on Tuesday.

Excluding Tuesday’s award, Germany-focused PRD currently
holds five production licences and three exploration licences. The production
licences, with initial three-year periods, are: Hohenassel, Broistedt, Molme,
Oberg and Volkensen.

The three exploration licences, with five-year periods, are
in the Steinhorst, Wittmund and Sittensen regions.