Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in western Canada specializing in the exploration, development and production of crude oil and natural gas, is reporting its 2023 results. Highlights of the report include average net sales in Q4 2023 of 723 boe/d (847 boe/d gross), an 86% increase over Q4 2022 levels, and average net sales of 505 boe/d (621 boe/d gross) in 2023, an increase of 18% from 2022 levels; average sales prices of $71.48/boe in 2023, down from $89.13/boe in 2022; and a positive operating netback of $3,356,774 in 2023. In addition, the company’s 2023 third-party reserves report showed a before-tax PDP reserve increase of 508%, from $4.4 million to $27.1 million in 2023 using a discount rate of 10%; a before-tax 2P reserve increase of $60.8 million, from $72.5 million in 2022 to $133.3 million in 2023 using a discount rate of 10%; and an increase in total proved and probable reserves value, up 25% from 4,306 to 5,403 Mboe. In addition, the report showed Prospera’s capital-development program consisted of nine heavy oil horizontal wells and one medium oil vertical well, contributing an additional 1,000 bpd of additional production capability. The company’s restructuring efforts are also impacting the balance sheet, with an increase in property and equipment balance, coming in at $38.8 million from $29 million on Dec. 31, 2022, and positive shareholders equity balance of $1.2 million compared to a deficit of $6.2 million at the end of 2022. “[Last year] transformational development yielded initial production rates much higher than expected production rates,” stated the company in the report. “As result, the asset value of Prospera increased to $133 million. This robust increase stems from initial exploitation of medium-oil property and only one of the three core oil properties. The upside for exploitation at hand for Prospera is significant. In 2024, Prospera will continue to extend its transformational development accessing untapped reserves while reducing the environmental footprint. Further, expand these developments to the remaining core properties that have much larger reserves in place.”
To view the full press release, visit https://ibn.fm/zQrlV
About Prospera Energy Inc.
Prospera Energy 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 with regulatory, environmental, municipal, landowner and service stakeholders. 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 and attaining free cash flow while also bringing operations to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase 2 of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 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 and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint as well as efforts to reduce and eventually eliminate emissions while also pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. For more information, visit the company’s website at www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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