Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced the spudding of the first horizontal well of the 10-well modular multi-pad infill drill program in the latter part of this week, subject to any weather-related or uncontrollable delays. According to the update, close to a hundred services have been coordinated along with lease preparation, permits and licenses. This drill program stems from a comprehensive geological, seismic and reservoir management delineation designed to cost-effectively optimize recovery with optimum wells while aligning with planned enhanced and improved recovery techniques. As previously announced, this 10-well program can add an approximately 750 bpd at a low decline to Prospera’s current 900+boepd. This modular development is intended to accelerate production and recovery to capture the significant remaining heavy oil reserves (400 million bbls).
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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 has announced a mid-August spud of PEI’s phase 2 restructured development program intended to increase production. The phase 2 development entails the drilling of 10 horizontal wells in heavy oil and 8 slanted wells in medium-light oil to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal laterals and slanted wells will allow PEI to increase production by approximately 1,000bpd with recovery of approximately 100Mstb per well. PEI will 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 will focus on continuing the company’s horizontal modular development to appreciate production and optimize recovery of remaining reserves. Prospera intends to implement full-scale EOR applications based on the results of its phase II pilot program, which is forecasted to optimize recovery by greater than 10%. Prospera also intends to continue its acquisition strategy to diversify its product mix. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas – all while continuing to eliminate carbon emissions as part of its existing ESG initiatives. For more information about the company, visit 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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