Prospera Energy Announces a +500
bbls per Day Flowing Well and Continued Horizontal Drilling
Success
Calgary, Alberta, December 14, 2023 -- InvestorsHub NewsWire --
Prospera Energy Inc.
("Prospera" or the "Company") (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is pleased to announce a medium light oil +500
barrels per day flowing well from a full day of production testing.
This above gradient pressure reservoir will typically flow for a
few months and will transition into an artificial lift system
production of approximately +150 bblspd of stabilized
rate.
A second well is also to come online
within the next few days expecting similar production rates.
Prospera will continue the medium light oil drilling development to
increase production and diversify the heavy-light oil product mix
to increase shareholder value.
Prospera is also delighted to
announce the heavy oil drilling success of attaining lateral pay
greater than 500 meters (m) that has realized initial production
rates higher than 100+ bblspd. The second group of horizontal
transformation wells drilled has attained consistently +500m of
lateral pay and the most recent (the 8th
horizontal well) has attained +700m
of lateral pay. The 9th
well is expected to commence in the
next few days.
Pleasantly, based on the drilling and
optimization success PEI has achieved a high daily gross production
rate of 1,577 BOEPD. As a result, Prospera is expected to exceed
the year-end exit target of 1,800 BOEPD. These
successful developments translate to significant additional reserve
and appreciation of PEI net present value (NPV).
Prospera's Joint
Venture partners are in receivable and therefore in default
position until remedied. Consequently, Prospera assumes 100% of the cash received from the
partner's share of oil sales.
Prospera Energy will continue the
phase 2 development transformation to optimize recovery from the
significant remaining reserves and achieve operational excellence
to become a low-cost producer. In 2024, PEI plans to further
enhance recovery through (EOR) Enhanced Oil Recovery methods and
add to existing production levels through strategic acquisitions to
expand on core reserve base and to diversify product
mix.
The restructured Prospera remains
steadfast in its commitment to eliminating the legacy arrears to
landowners, regulators, and the local community. Prospera is sincerely thankful to all
stakeholders for their cooperation and collaboration for PEI's
continued growth.
On behalf of the entire PEI team,
Prospera wishes you and your family a very Merry Christmas, the
best of the festive season, and safe holidays.
About Prospera
Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is a publicly traded energy
company based in Western Canada, specializing in the exploration,
development, and production of crude oil and natural gas. Prospera
is primarily focused on optimizing hydrocarbon recovery from legacy
fields through environmentally safe and efficient reservoir
development methods and production practices. Prospera was
restructured in the first quarter of 2021 to become profitable and
in compliance to regulation, environment, landowners, and service
providers.
The company is in the midst of a three-stage restructuring process
aimed at prioritizing cost effective operations while appreciating
production capacity and reducing liabilities. Prospera has
completed the first phase by optimizing low hanging opportunities,
attaining free cash flow, while bringing operation to safe
operating condition, all while remaining compliant. Currently,
Prospera is executing phase II of the restructuring process, the
horizontal transformation intended to accelerate growth and capture
the significant remaining reserves (400 million bbls). These
horizontal laterals allow PEI to reduce its environmental and
surface footprint by eliminating the numerous vertical well leases
along the lateral path. Phase III of
Prospera's corporate redevelopment strategy is to optimize recovery
through EOR applications. Further, Prospera will pursue its
acquisition strategy to diversify its product mix. Its goal is to
attain 50% light oil, 40% heavy oil and 10% gas.
PEI continues to apply efforts to
minimize its environmental footprint. Also, efforts to reduce and
eventually eliminate emissions, alongside pursuing innovative ESG
methods to enhance API quality, thereby achieving higher margins
and eliminating the need for diluents.
For Further
Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Website: www.prosperaenergy.com
FORWARD-LOOKING
STATEMENTS
This news release contains
forward-looking statements relating to the future operations of the
Corporation and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will," "may," "should," "anticipate," "expects" and similar
expressions. All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding future plans and objectives of the
Corporation, are forward looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such
statements.
Although Prospera believes that
the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Prospera can give
no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to, risks associated with the oil and gas
industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses, and health,
safety and environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures.
The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Prospera. As
a result, Prospera cannot guarantee that any forward-looking
statement will materialize, and the reader is cautioned not to
place undue reliance on any forward- looking information. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release, and Prospera does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by Canadian securities
law.
Neither the TSXV nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
