Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in western Canada, announced that it has resumed phase 2 development of its horizontal infill drilling program. The company anticipates the horizontal infill drilling transformation from vertical wells will continue through winter. By working to bring this specific horizontal production online as quickly as possible, the company can sustain momentum and capitalize on the current strong oil price environment. According to the announcement, the first five horizontal wells that have been drilled performed higher than the estimated type curve with the IP60 exceeding Prospera’s expectations. The company reports that permits have been received for the development of light oil slanted wells and the lease has been constructed, with development expected to begin in the next few weeks, depending on weather. The company noted that it will continue the phase 2 development program to increase production, aiming to achieve year-end targets and enhance share value. The update also observed that, in addition to the first closing of debt financing, Prospera has received a favorable response to its nonbrokered private placement of debt financing up to $3 million, with that financing designed to accommodate joint venture partner deficit and to extend drilling.
To view the full press release, visit https://ibn.fm/Ua9xa
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 Energy has announced a mid-August spud of PEI’s phase 2 restructured development program intended to increase production. This phase includes the transformation from vertical wells to horizontal wells to access the significant remaining reserves (400 million bbls) in Prospera’s Saskatchewan heavy oil fields. This transformation will also reduce PEI environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 of Prospera’s restructured development program involves full-scale reservoir management with IOR/EOR applications to provide support to optimize recovery and lower the decline to sustain steady volume delivery. Prospera plans to further its acquisition strategy, expanding within its core area and diversifying its product mix. The goal for PEI is to attain 50% light oil, 40% heavy oil and 10% gas. PEI is committed to ESG initiatives aimed at minimizing its environmental footprint, reducing and ultimately eliminating emissions, and exploring innovative methods to enhance API quality. This approach not only improves margins but also eliminates 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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