Prospera Energy Announces 2024 Financial Results
Prospera Energy reported strong financial results for 2024, with sales revenue reaching $18.1 million, up from $13.1 million in 2023. The company's average production increased 29% to 652 boe/d, with improved average sales prices of $75.95/boe.
Under new leadership, including Chairman Shubham Garg and COO Darren Jackson, Prospera implemented a strategic transformation focusing on reactivating existing wells in Saskatchewan heavy oil assets. The company secured $16.5 million in financing through various instruments and increased its Property and Equipment balance to $47.8 million.
Notable achievements include:
- Positive operating netback of $6 million, up from $3.4 million in 2023
- Improved funds flow to $2.6 million from $191,000
- 26% increase in gross 2P reserves to 6,793 Mboe
- 24% increase in 1P reserves NPV to $111.4 million
Prospera Energy ha riportato risultati finanziari solidi per il 2024, con ricavi da vendite che hanno raggiunto 18,1 milioni di dollari, in aumento rispetto ai 13,1 milioni del 2023. La produzione media dell'azienda è cresciuta del 29%, arrivando a 652 boe/giorno, con un miglioramento del prezzo medio di vendita a 75,95 dollari per boe.
Sotto una nuova leadership, guidata dal Presidente Shubham Garg e dal COO Darren Jackson, Prospera ha avviato una trasformazione strategica focalizzata sulla riattivazione dei pozzi esistenti negli asset di petrolio pesante del Saskatchewan. L'azienda ha ottenuto un finanziamento di 16,5 milioni di dollari tramite diversi strumenti e ha incrementato il valore di Proprietà e Attrezzature a 47,8 milioni di dollari.
Risultati degni di nota includono:
- Margine operativo netto positivo di 6 milioni di dollari, in crescita rispetto ai 3,4 milioni del 2023
- Flusso di fondi migliorato a 2,6 milioni di dollari dai 191.000 dollari precedenti
- Aumento del 26% delle riserve lorde 2P a 6.793 Mboe
- Crescita del 24% del valore attuale netto (NPV) delle riserve 1P a 111,4 milioni di dollari
Prospera Energy reportó sólidos resultados financieros para 2024, con ingresos por ventas que alcanzaron los 18.1 millones de dólares, frente a los 13.1 millones en 2023. La producción promedio de la empresa aumentó un 29% hasta 652 boe/día, con un mejor precio promedio de venta de 75.95 dólares por boe.
Bajo una nueva dirección, incluyendo al presidente Shubham Garg y al COO Darren Jackson, Prospera implementó una transformación estratégica centrada en reactivar pozos existentes en activos de petróleo pesado en Saskatchewan. La empresa aseguró 16.5 millones de dólares en financiamiento mediante diversos instrumentos y aumentó su balance de Propiedades y Equipos a 47.8 millones de dólares.
Logros destacados incluyen:
- Margen operativo neto positivo de 6 millones de dólares, frente a 3.4 millones en 2023
- Flujo de fondos mejorado a 2.6 millones desde 191,000 dólares
- Aumento del 26% en reservas brutas 2P a 6,793 Mboe
- Incremento del 24% en el valor presente neto (NPV) de reservas 1P a 111.4 millones de dólares
Prospera Energy는 2024년 강력한 재무 실적을 보고했으며, 매출 수익은 1,810만 달러로 2023년 1,310만 달러에서 증가했습니다. 회사의 평균 생산량은 29% 증가하여 하루 652 boe에 달했으며, 평균 판매 가격도 보에당 75.95달러로 향상되었습니다.
회장 Shubham Garg와 COO Darren Jackson을 포함한 새로운 경영진 하에 Prospera는 Saskatchewan 중유 자산의 기존 유정을 재가동하는 데 중점을 둔 전략적 변화를 시행했습니다. 회사는 다양한 금융 수단을 통해 1,650만 달러의 자금을 확보했으며, 자산 및 장비 잔액을 4,780만 달러로 늘렸습니다.
주요 성과는 다음과 같습니다:
- 운영 순이익 600만 달러, 2023년 340만 달러에서 증가
- 현금 흐름 260만 달러로 개선, 이전 19만 1천 달러 대비
- 총 2P 매장량 26% 증가하여 6,793 Mboe 달성
- 1P 매장량 순현재가치(NPV) 24% 증가하여 1억 1,140만 달러
Prospera Energy a annoncé de solides résultats financiers pour 2024, avec un chiffre d'affaires atteignant 18,1 millions de dollars, en hausse par rapport à 13,1 millions en 2023. La production moyenne de l'entreprise a augmenté de 29 % pour atteindre 652 boe/jour, avec un prix moyen de vente amélioré à 75,95 dollars par boe.
Sous une nouvelle direction, incluant le président Shubham Garg et le COO Darren Jackson, Prospera a mis en œuvre une transformation stratégique axée sur la réactivation des puits existants dans les actifs de pétrole lourd de la Saskatchewan. L'entreprise a obtenu un financement de 16,5 millions de dollars via divers instruments et a augmenté son actif immobilisé à 47,8 millions de dollars.
Réalisations notables :
- Résultat net d'exploitation positif de 6 millions de dollars, contre 3,4 millions en 2023
- Flux de trésorerie amélioré à 2,6 millions de dollars contre 191 000 dollars
- Augmentation de 26 % des réserves brutes 2P à 6 793 Mboe
- Hausse de 24 % de la valeur actuelle nette (NPV) des réserves 1P à 111,4 millions de dollars
Prospera Energy meldete starke Finanzergebnisse für 2024, mit einem Umsatz von 18,1 Millionen US-Dollar, gegenüber 13,1 Millionen US-Dollar im Jahr 2023. Die durchschnittliche Produktion des Unternehmens stieg um 29 % auf 652 boe/Tag, bei verbesserten durchschnittlichen Verkaufspreisen von 75,95 US-Dollar pro boe.
Unter neuer Führung, darunter Vorsitzender Shubham Garg und COO Darren Jackson, führte Prospera eine strategische Transformation durch, die sich auf die Reaktivierung bestehender Bohrlöcher in den Schweröl-Assets von Saskatchewan konzentrierte. Das Unternehmen sicherte sich eine Finanzierung von 16,5 Millionen US-Dollar durch verschiedene Instrumente und erhöhte seinen Bestand an Sachanlagen auf 47,8 Millionen US-Dollar.
Bemerkenswerte Erfolge umfassen:
- Positiver operativer Nettogewinn von 6 Millionen US-Dollar, gegenüber 3,4 Millionen US-Dollar im Jahr 2023
- Verbesserter Mittelzufluss auf 2,6 Millionen US-Dollar von 191.000 US-Dollar
- 26 % Steigerung der Brutto-2P-Reserven auf 6.793 Mboe
- 24 % Steigerung des Barwerts (NPV) der 1P-Reserven auf 111,4 Millionen US-Dollar
- Revenue increased 38% to $18.1M in 2024 from $13.1M in 2023
- Production up 29% to 652 boe/d in 2024 from 505 boe/d in 2023
- Operating netback improved to $6.01M in 2024 from $3.36M in 2023
- Funds flow from operations grew to $2.62M from $191K in 2023
- Working interest increased to 97% across properties
- 2P reserves value increased 20% to $159.3M
- Gross 2P reserves up 26% to 6,793 Mboe
- Property and equipment value increased to $47.8M from $39.3M
- Significant debt increase with $12.2M in senior debt issuance
- Operating costs remained high at $10.63M in 2024
- Current assets decreased to $3.2M from $4.4M in 2023
- Trade receivables declined significantly to $1.87M from $3.24M
CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)
In Q4 2024, Prospera Energy underwent a strategic transformation under new leadership, shifting its focus toward reactivating existing wells within its core Saskatchewan heavy oil assets. This realignment is designed to improve production reliability and predictability, ultimately strengthening cash flow and overall financial stability. As part of this strategic shift, interim CEO Shubham Garg was appointed Chairman of the Board, and Darren Jackson assumed the role of Chief Operating Officer. As these changes take effect, PEI expects to benefit from increased access to financing, more efficient capital deployment, and enhanced financial performance in 2025. Prospera will host a live webinar conference call on May 1, 2025, at 11:00 a.m. MST to discuss 2024 results and the Company’s ongoing strategy: Click here to register.
PEI has submitted its year-end financial information for 2024, which will be showcased on April 29th, 2025, within the Company's issuer profile on SEDAR+ at www.Sedarplus.ca.
Operational highlights for 2024 are as follows:
- Realized
$18.1 million in sales revenue in 2024, compared to$13.1 million in 2023. - Realized average gross sales of 652 boe/d in 2024, an increase of
29% from 2023 levels of 505 boe/d. - Realized average sales prices of
$75.95 /boe in 2024, compared to$71.48 /boe in 2023. - Realized a positive operating netback of
$6,013,280 in 2024, compared to$3,356,773 in 2023. - Realized positive funds flow provided by operations of
$2,623,166 in 2024, compared to$190,823 in 2023. - Completed two working interest acquisitions in core Saskatchewan assets, resulting in a
17% increase in the average working interest in the region. As of December 31, 2024, PEI’s average working interest across all properties is97% on a production weighted basis. - PEI’s 2024 third party reserves report highlights include the following:
- NPV before tax for PDP reserves increased
3% from$27.1M M to$28.0M M at a10% discount rate. - NPV before tax for PDNP reserves doubled from
$8.5M M to$18.9M M at a10% discount rate. - NPV before tax for 1P reserves increased
24% from$89.9M M to$111.4M M at a10% discount rate. - NPV before tax for 2P reserves increased
20% from$133.3M M to$159.3M M at a10% discount rate. - Gross 2P reserves increased by
26% from 5,403 to 6,793 Mboe (98% liquids).
- NPV before tax for PDP reserves increased
- In 2024 PEI raised
$16.5m in financing:$12.2 million through the issuance of senior debt.$3.4 million through the issuance of a GORR.$0.9 million through the issuance of promissory notes with warrants.
- Increased Property and Equipment balance to
$47.8 million from$39.3 million on December 31, 2023.
| Operating netback | 2024 | 2023 |
| Total petroleum and natural gas sales | 18,126,190 | 13,183,464 |
| Royalties | (1,483,792) | (1,365,520) |
| Operating costs | (10,629,118) | (8,461,171) |
| Operating netback | 6,013,280 | 3,356,773 |
| Operating netback ($/BOE) | 2024 | 2023 |
| Sales | 75.95 | 71.48 |
| Royalties | (6.22) | (7.40) |
| Operating costs | (44.54) | (45.88) |
| Operating netback | 25.19 | 18.20 |
| Assets ($) | 2024 | 2023 |
| Current assets | ||
| Cash | 364,083 | 118,933 |
| Trade and other receivables | 1,874,548 | 3,244,596 |
| Prepaid expenses and deposits | 393,207 | 548,443 |
| Inventory | 564,802 | 521,426 |
| Total current assets | 3,196,640 | 4,433,398 |
| Non-current assets | ||
| Trade and other receivables | 1,676,252 | 4,387,826 |
| Deposits | 1,283,422 | 1,015,400 |
| Property and equipment | 47,776,659 | 39,331,690 |
| Total assets | 53,932,973 | 49,168,314 |
About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.
It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, Interim CEO, Chairman of the Board
Email: sgarg@prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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