PROSPERA ENERGY INC - GXRFF STOCK NEWS

Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) has increased its working interest in core heavy oil assets from an average of 35% to 95%. The company acquired an additional 7% working interest in Hearts Hill, Luseland, and Cuthbert properties by forgiving $1,233,000 in debt and transferring a non-core property. It also acquired a 10% working interest in the same assets for $600,000 CAD, including $400,000 in cash and $200,000 in equity.

Prospera now has 100% ownership of the Luseland asset, with an estimated 280 million barrels of Original Oil in Place, and the Hearts Hill property. In Cuthbert, the working interest increased from 69% to 86%. The company has initiated a Bakken horizontal drilling program at Hearts Hill, a Sparky Waterflood pilot, and plans for multi-lateral pilot horizontals at Luseland.

Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) reported positive financial results for Q2 2024. The company achieved net income of $137,933, a significant improvement from a net loss of $779,438 in Q2 2023. PEI's average net sales increased by 34% to 696 boe/d, resulting in a 69% increase in sales revenue to $5,164,586. Operating expenses per barrel decreased by 11% to $32.87/boe. The company's operating netback improved substantially to $2,628,444 ($42.87/boe) from $1,094,365 ($25.10/boe) in Q2 2023. Prospera also reduced accounts payable arrears by $2,659,680 and increased its weighted average corporate working interest to 84% through property acquisitions. The company secured financing of $11 million CAD and closed a $3.4 million GORR financing for its 2024 development program.

Prospera Energy announced the commencement of its 2024 development drilling program, set to start in mid-July. The focus will be on multi-pad medium-oil infill directional wells, leveraging positive results from the 2023 drilling program, which saw capital outlay paying out in approximately 7 months.

The 2024 program includes infill development of two pools and initial drilling of a new pool, as well as continued horizontal transformation to tap remaining heavy oil reserves. The program also proposes multilateral development for two core heavy oil properties and a pilot project for enhanced oil recovery (EOR).

Prospera aims to achieve production and cash flow stability through optimization of core assets and infrastructure improvements. Non-dilutive debt financing of $11 million with a 12% interest rate and a two-year term will fund the 2024 program, aiding in increasing production, reserve values, and reducing regulatory non-compliances.

Prospera Energy Inc. announces a delay in filing its annual financial statements, discussing GORR financing, production updates, development plans, and addressing historical accounts payable arrears. The company is working to complete the audit, secure financing, increase production, resolve outstanding arrears, and improve infrastructure.

Prospera Energy Inc. announces a significant increase in its proven developed producing reserve value by 508% to 27MM$, with a total 2P reserve value of 133MM$. The company's reserves were independently assessed by InSite Petroleum Consultants Ltd., showcasing a current recovery rate of 9% using a combination of vertical and horizontal wells in key assets in Saskatchewan. PEI's 2023 Reserves Report highlights a substantial increase in reserves, with plans to exploit additional core properties in 2024, expecting significant future upside.

Prospera Energy Inc. has exceeded drilling expectations, achieving peak production rates of 1,800 bblspd in 2023 and planning to reach 5,000 boepd by the end of 2024. The company has executed the drilling program under budget and is positioned to increase production primarily in medium light oil while reducing environmental footprint and operating expenses. The 2024 capital development and acquisition plan includes the proposal of five medium-light oil wells, fifteen low-risk infill heavy oil horizontal wells, and light oil acquisitions to diversify the product mix. The operations and production engineering team has been bolstered to sustain a monthly average of 2,000 boepd, leading to a gross revenue of $4.2 million CAD per month. The company is also planning significant ARO reduction projects and facility/pipeline turnaround for the summer of 2024.

Prospera Energy Inc. (PEI) had a successful 2023, drilling and completing nine horizontal wells in heavy oil reservoirs, with initial production rates exceeding expectations at 100+bpd per well. The company also drilled a directional well accessing medium-light oil flowing at 500+ Bpd. PEI achieved gross peak rates of 1,800 boepd, with a monthly average of approximately 1,300 gross boepd. The total production capability is currently 2,200 boepd, with plans to reach 5,000 boepd by the end of 2024. The company raised $16.1 million through various financing methods and plans to fund its 2024 development program through cash flow, debt, and equity financing. Prospera is also focusing on Enhanced Oil Recovery (EOR) methods and strategic acquisitions to expand the core reserve base and diversify the product mix.

Prospera Energy Inc. (PEI) is pleased to announce successful drilling developments resulting in a high daily gross production rate of 1,577 BOEPD, exceeding the year-end exit target of 1,800 BOEPD. The company plans to optimize recovery through Enhanced Oil Recovery methods and strategic acquisitions in 2024 to diversify the product mix and expand the core reserve base.

Prospera Energy Inc. (PEI) announces successful horizontal transformation with anticipated year-end exit rate of 1,800 boepd and the completion of a $3,000,000 GORR financing. The company also raised $583,000 in debt financing with an equity bonus, and strengthened its leadership team with the appointment of a new CFO and VP of Operations.