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Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) has announced its 2024 year-end reserves, showing significant growth in both Proven Developed Producing (PDP) and Total Proved plus Probable (2P) reserves. The independent evaluation was conducted by InSite Petroleum Consultants
Key financial highlights include:
- PDP reserves NPV before tax increased 3% to $28.0MM
- PDNP reserves NPV before tax doubled to $18.9MM
- 1P reserves NPV before tax rose 24% to $111.4MM
- 2P reserves NPV before tax grew 20% to $159.3MM
- Gross 2P reserves increased 26% to 6,793 Mboe (98% liquids)
The company's strategy focuses on converting proven developed non-producing and proven undeveloped wells to PDP through workovers and reactivations, targeting production above 1,000 barrels per day with capital intensity under $8,000 per flowing barrel.
Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) announced immediate leadership changes with CEO Samuel David's departure from the company and his resignation from the Board of Directors, effective November 18, 2024. The company will be led by the Board, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Executive Chairman Shubham Garg, supported by CFO Chris Ludtke and COO Darren Jackson.
The company maintains its focus on optimizing and bringing online predictable, low-decline heavy oil barrels from Saskatchewan pools. Despite February's record cold weather, operations continue with 6 well workovers completed in Hearts Hill, and a service rig currently working on a 14 well program in Luseland.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) has announced significant financial improvements and operational progress. The company has fully repaid its $3,430,000 high-interest 16% Gross Overriding Royalty (GORR) financing, taking advantage of an early payment discount and satisfying senior debt requirements. Additionally, Prospera has reduced its accounts payable from ~$20.5M to ~$16.0M since December 31, 2023.
On the operational front, Prospera has completed a 4-well drilling program in Alberta's medium-light oil fairway. The first medium-oil horizontal well showed promising results, with an excellent eight hundred meters of porous reservoir and a DST test indicating strong inflow of over 50 m³/d of fluid at 50% oil cuts. The company has also discovered three new oil pools to date. Prospera is now focusing on bringing these wells into production and optimizing its operations.
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.
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