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, is reporting on its third-quarter production and financial results. According to the announcement, the company is steadily recovering production rates that had been impacted by adverse weather in earlier quarters, with PEI reaching gross peak rates of 770+ boe/d, with another 350 boe/d behind the pipe to be optimized. In addition, the report noted that phase 2 development drilling had begun during the quarter, which necessitated the temporary shut-in of the adjacent production of approximately 120 boe/d for smoother drilling operations; the report stated that the second phase of restructuring development includes the transformation from vertical wells to horizontal wells to access the significant remaining reserves in Prospera’s Saskatchewan heavy oil fields.
Financial numbers of note included positive operating income of $1,101,827 in Q3 2023 compared to $783,084 in the same quarter of 2022, and net income of $71,011 in Q3 2023 compared to a ($779,438) net loss in Q2 2023. The company saw average sales prices of $82.15/boe during the quarter, compared to $85.09/boe in Q3 2022, with operating expenses coming in at $41.45/boe for Q3 2023 compared to $36.24/boe in Q3 2022. The company is involved in restructuring efforts that continue to improve its balance sheet. Additionally, Prospera Energy announced the first closing of private placement financing of debt with an equity bonus, resulting in C$580,000, which the company anticipates using for development capital (covering default partner portion) – drilling, completion and tie-in, well abandonment and reclamation costs, and ongoing ESG initiatives.
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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 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. 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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