Prospera Energy Announces Monthly Operations Update
Prospera Energy (TSX.V: PEI, OTC: GXRFF) reports March production averaging 773 boe/d (93% oil), with peak production of 881 boe/d on March 27th. A temporary pipeline suspension in Cuthbert impacted production by ~105 barrels/day. The company completed significant workover programs:
- Hearts Hill: 16 wells completed with capital efficiency under $5,000 per boe/d
- Luseland: 9 out of 11 wells now online, showing strong oil production
- Brooks: Implemented production optimization strategies including casing gas compression
WCS differentials are trading at record-low levels below $10 USD/bbl for certain summer months. The company has fully addressed AER non-compliances (reduced from 16 to zero) and decreased MER non-compliances by 37% in Q1. Prospera has established new governance and disclosure committees to enhance corporate oversight.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) riporta una produzione di marzo che media 773 boe/d (93% petrolio), con una produzione di picco di 881 boe/d il 27 marzo. Una sospensione temporanea della pipeline a Cuthbert ha influito sulla produzione di circa 105 barili/giorno. L'azienda ha completato programmi di lavoro significativi:
- Hearts Hill: 16 pozzi completati con un'efficienza di capitale inferiore a 5.000 USD per boe/d
- Luseland: 9 su 11 pozzi attivi, mostrando una forte produzione di petrolio
- Brooks: Implementate strategie di ottimizzazione della produzione, inclusa la compressione del gas di rivestimento
I differenziali WCS stanno scambiando a livelli record-bassi sotto i 10 USD/bbl per alcuni mesi estivi. L'azienda ha completamente affrontato le non conformità AER (ridotte da 16 a zero) e ha diminuito le non conformità MER del 37% nel primo trimestre. Prospera ha istituito nuovi comitati di governance e divulgazione per migliorare la supervisione aziendale.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) informa que la producción de marzo promedió 773 boe/d (93% petróleo), con una producción máxima de 881 boe/d el 27 de marzo. Una suspensión temporal del oleoducto en Cuthbert afectó la producción en aproximadamente 105 barriles/día. La compañía completó programas de trabajo significativos:
- Hearts Hill: 16 pozos completados con una eficiencia de capital inferior a 5,000 USD por boe/d
- Luseland: 9 de 11 pozos ahora en línea, mostrando una fuerte producción de petróleo
- Brooks: Se implementaron estrategias de optimización de producción, incluida la compresión de gas de revestimiento
Los diferenciales de WCS se están negociando a niveles récord bajos por debajo de 10 USD/bbl para ciertos meses de verano. La compañía ha abordado completamente las no conformidades de AER (reduciéndolas de 16 a cero) y ha disminuido las no conformidades de MER en un 37% en el primer trimestre. Prospera ha establecido nuevos comités de gobernanza y divulgación para mejorar la supervisión corporativa.
Prospera Energy (TSX.V: PEI, OTC: GXRFF)는 3월 생산량이 평균 773 boe/d (93% 원유)이며, 3월 27일에는 최대 881 boe/d에 달했다고 보고했습니다. Cuthbert에서의 임시 파이프라인 중단으로 인해 하루 약 105배럴의 생산에 영향을 미쳤습니다. 회사는 중요한 작업 프로그램을 완료했습니다:
- Hearts Hill: 16개의 우물이 완료되었고, boe/d당 자본 효율성이 5,000달러 이하입니다
- Luseland: 11개 우물 중 9개가 온라인 상태이며, 강력한 원유 생산을 보여주고 있습니다
- Brooks: 가스 케이싱 압축을 포함한 생산 최적화 전략을 구현했습니다
WCS 차이는 여름 몇 개월 동안 10 USD/bbl 이하로 기록적으로 낮은 수준에서 거래되고 있습니다. 회사는 AER 비준수 문제를 완전히 해결했으며(16건에서 0건으로 감소) 1분기 MER 비준수 문제를 37% 감소시켰습니다. Prospera는 기업 감독을 강화하기 위해 새로운 거버넌스 및 공시 위원회를 설립했습니다.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) rapporte une production de mars moyenne de 773 boe/j (93% pétrole), avec une production de pointe de 881 boe/j le 27 mars. Une suspension temporaire de pipeline à Cuthbert a eu un impact sur la production d'environ 105 barils/jour. L'entreprise a terminé des programmes de travaux importants :
- Hearts Hill : 16 puits complétés avec une efficacité capitalistique inférieure à 5 000 USD par boe/j
- Luseland : 9 des 11 puits sont maintenant en ligne, montrant une forte production de pétrole
- Brooks : Mise en œuvre de stratégies d'optimisation de la production, y compris la compression du gaz de tubage
Les différentiels WCS se négocient à des niveaux historiquement bas en dessous de 10 USD/bbl pour certains mois d'été. L'entreprise a complètement résolu les non-conformités AER (réduites de 16 à zéro) et a diminué les non-conformités MER de 37 % au premier trimestre. Prospera a établi de nouveaux comités de gouvernance et de divulgation pour améliorer la supervision de l'entreprise.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) berichtet, dass die Produktion im März durchschnittlich 773 boe/d (93% Öl) betrug, mit einer Spitzenproduktion von 881 boe/d am 27. März. Eine vorübergehende Pipeline-Unterbrechung in Cuthbert beeinträchtigte die Produktion um etwa 105 Barrel/Tag. Das Unternehmen hat bedeutende Arbeiten an den Bohrungen abgeschlossen:
- Hearts Hill: 16 Brunnen abgeschlossen mit einer Kapitaleffizienz von unter 5.000 USD pro boe/d
- Luseland: 9 von 11 Brunnen sind jetzt online und zeigen eine starke Ölproduktion
- Brooks: Produktionsoptimierungsstrategien wurden umgesetzt, einschließlich der Kompression von Gas in der Verkleidung
Die WCS-Differenzen werden zu rekordniedrigen Preisen unter 10 USD/bbl für bestimmte Sommermonate gehandelt. Das Unternehmen hat alle AER-Nichtkonformitäten vollständig behoben (von 16 auf null reduziert) und die MER-Nichtkonformitäten im 1. Quartal um 37% gesenkt. Prospera hat neue Governance- und Offenlegungsausschüsse eingerichtet, um die Unternehmensaufsicht zu verbessern.
- Production peaked at 881 boe/d with 93% oil content
- Hearts Hill workover achieved efficient capital deployment at <$5,000 per boe/d
- WCS differentials at record lows (<$10 USD/bbl), improving revenue potential
- Complete elimination of AER non-compliances (from 16 to zero)
- Successful completion of 16 Hearts Hill wells and 9 Luseland wells
- Pipeline suspension in Cuthbert reduced production by 105 barrels/day
- Two Luseland wells still pending completion and tie-in
CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) ("Prospera", “PEI” or the "Corporation")
Prospera Energy remains committed to providing stakeholders with transparent, timely, and data-driven updates on operational performance and field developments. This monthly report delivers key insights into the company’s production trends, optimization initiatives, and strategic advancements. All production figures represent the Company’s gross sales, reported in accordance with NI 51-101 and applicable industry standards.
Production averaged 773 boe/d (
WCS differentials are trading in record-low territory with certain summer months at less than
The company completed its Hearts Hill workover program with sixteen wells completed and now online, achieving capital efficiency of less than
The company’s high-impact Luseland workover program is also complete, with nine out of eleven completed wells now online. These wells were previously inactive due to lower commodity prices, lack of operational focus, limited capital availability by past operators, and outdated heavy oil downhole technology, which has since seen a step change during this timeframe and can now be leveraged by Prospera. All nine wells have started producing oil with four wells now producing at close to
In Brooks, the company has further accelerated well production by increasing fluid level drawdown, implementing casing gas compression to alleviate pressure on the reservoir, and enhanced wax and scale mitigation strategies. These efforts have led to increased production, with additional optimization capacity available on these fronts. Preparatory work in Brooks is ongoing, including evaluations of acid fracs versus cross-linked gel fracs and the most effective matrix stimulation techniques for the Pekisko wells. AFE’s have been finalized for various projects and are ready to be capitalized as part of the company's development plans.
Prospera continues to make meaningful progress in addressing regulatory non-compliances. AER non-compliances have been fully addressed—down
Given the scope of activity performed in Q1 and expected go-forward production increase activities, Prospera has committed to quarterly reserve report updates which grow both the company’s net asset value and lending capacity. These will be released along with the company’s quarterly results.
The corporation has also further strengthened its business structure, with a governance committee formed at the board level and a disclosure committee at the employee level. A governance committee plays a crucial role in ensuring a corporation operates ethically, transparently, and in compliance with legal and regulatory standards. By establishing clear policies and overseeing corporate practices, the committee helps to maintain accountability at all levels of the organization. It ensures that the board of directors is effective, and it provides guidance on risk management, strategy, and decision-making. This oversight not only enhances the company's reputation and long-term success but also fosters trust among investors, stakeholders, and employees.
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.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, 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.
