InvestorNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announces Plans to Begin 2024 Development Program

July 5, 2024 08:40:33

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in western Canada and specializing in the exploration, development and production of crude oil and natural gas, will be starting its 2024 development drilling program later this month. According to the announcement, the initial focus will be on multiped, medium-oil infill directional wells, based on 2023 positive drilling results. The program will be financed through nondilutive debt financing of $11 million, which was recently finalized and specifically dedicated to the 2024 development program. The company noted that the 2023 capital outlay for the initial medium-oil well is on target to pay out in approximately seven months demonstrating effective program execution and efficient return on capital. “Due to existing infrastructure already in place, these subsequent infill medium-oil wells are expected to continue robust economics,” stated the company in the press release. “The 2024 medium-oil drilling program includes infill development of two pools and the initial drilling of a new pool. The horizontal transformation to capture the substantial remaining heavy oil reserves will be continued subsequent to the medium-oil drills. Multilateral development is also proposed for the untapped other two core heavy oil properties. In addition to the improved recovery via horizontal wells and reservoir management, enhanced oil recovery is commencing with a pilot project.”

To view the full press release, visit https://ibn.fm/zPAjx

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 and 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. Prospera will also 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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