Prospera Energy Inc. Announces Cash Flow Optimization
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) ha annunciato notevoli miglioramenti finanziari e progressi operativi. L'azienda ha riassunto completamente il suo finanziamento a alto interesse di 3.430.000 $ con un'aliquota di royalty del 16% (GORR), approfittando di uno sconto per pagamento anticipato e soddisfacendo i requisiti del debito senior. Inoltre, Prospera ha ridotto i suoi crediti da circa 20,5 milioni $ a circa 16,0 milioni $ dal 31 dicembre 2023.
Dal punto di vista operativo, Prospera ha completato un programma di perforazione di 4 pozzi nella fascia di olio medio-leggero dell'Alberta. Il primo pozzo orizzontale di olio medio ha mostrato risultati promettenti, con eccellenti ottocento metri di reservoir poroso e un test DST che indica un forte afflusso di oltre 50 m³/giorno di fluido con un taglio di olio del 50%. L'azienda ha anche scoperto tre nuovi bacini di petrolio fino ad oggi. Prospera si sta ora concentrando sul riportare questi pozzi in produzione e ottimizzare le proprie operazioni.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) ha anunciado mejoras financieras significativas y avances operativos. La compañía ha pagado completamente su financiamiento de alto interés de $3,430,000 con una regalía de sobrecarga bruta (GORR) del 16%, aprovechando un descuento por pago anticipado y cumpliendo con los requisitos de deuda senior. Además, Prospera ha reducido sus cuentas por pagar de aproximadamente $20.5M a alrededor de $16.0M desde el 31 de diciembre de 2023.
En el frente operativo, Prospera ha completado un programa de perforación de 4 pozos en la franja de petróleo medio-ligero de Alberta. El primer pozo horizontal de petróleo medio mostró resultados prometedores, con ochocientos metros excelentes de reserva porosa y una prueba DST que indica un fuerte ingreso de más de 50 m³/día de fluido con cortes de petróleo del 50%. La compañía también ha descubierto tres nuevos yacimientos de petróleo hasta la fecha. Prospera ahora se enfoca en poner estos pozos en producción y optimizar sus operaciones.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA)는 중요한 재정 개선 및 운영 진전을 발표했습니다. 회사는 3,430,000달러의 고금리 16% 총 과세 로열티(GORR) 자금을 완전히 상환했습니다, 조기 상환 할인 혜택을 누리며 선급 채무 요건을 충족했습니다. 또한 Prospera는 2023년 12월 31일 기준으로 약 2,050만 달러에서 약 1,600만 달러로 매입 채무를 줄였습니다.
운영 측면에서 Prospera는 앨버타의 중유 기름대에서 4개의 우물 굴착 프로그램을 완료했습니다. 첫 번째 중유 수평 우물은 우수한 800미터의 다공성 저수지를 보여주었고, DST 테스트에서 50%의 오일 비율로 하루 50m³ 이상의 강한 유입을 나타냈습니다. 이 회사는 지금까지 세 개의 새로운 기름층을 발견했습니다. Prospera는 이제 이 우물을 생산으로 전환하고 운영을 최적화하는 데 집중하고 있습니다.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) a annoncé des améliorations financières significatives et des progrès opérationnels. L'entreprise a remboursé intégralement son financement à haut intérêt de 3.430.000 $ avec une redevance de survol (GORR) de 16%, profitant d'un escompte pour paiement anticipé et répondant aux exigences de la dette senior. De plus, Prospera a réduit ses comptes à payer d'environ 20,5 millions $ à environ 16,0 millions $ depuis le 31 décembre 2023.
Sur le plan opérationnel, Prospera a achevé un programme de forage de 4 puits dans la zone pétrolière moyen-légère de l'Alberta. Le premier puits horizontal de pétrole moyen a montré des résultats prometteurs, avec excellents huit cents mètres de réservoir poreux et un test DST indiquant un fort afflux de plus de 50 m³/jour de fluide à 50% de coupes de pétrole. L'entreprise a également découvert trois nouvelles poches de pétrole à ce jour. Prospera se concentre désormais sur la mise en production de ces puits et l'optimisation de ses opérations.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) hat bedeutende finanzielle Verbesserungen und betriebliche Fortschritte bekannt gegeben. Das Unternehmen hat seine hochverzinsliche Finanzierung von 3.430.000 $ mit einer 16%-Royalty (GORR) vollständig zurückgezahlt, wobei es von einem Frühzahlungsrabatt profitiert hat und die Anforderungen an vorrangige Schulden erfüllt hat. Darüber hinaus hat Prospera seine Verbindlichkeiten von etwa 20,5 Millionen $ auf etwa 16,0 Millionen $ reduziert seit dem 31. Dezember 2023.
Betriebsseitig hat Prospera ein Bohrprogramm mit 4 Brunnen im mittlere-leichten Ölfeld von Alberta abgeschlossen. Der erste horizontale Brunnen für mittleres Öl zeigte vielversprechende Ergebnisse, mit hervorragenden achthundert Metern porösem Reservoir und einem DST-Test, der eine starke Zufuhr von über 50 m³/d Flüssigkeit bei 50% Ölanteil anzeigt. Das Unternehmen hat bis heute auch drei neue Ölvorkommen entdeckt. Prospera konzentriert sich nun darauf, diese Brunnen in die Produktion zu bringen und die eigenen Betriebe zu optimieren.
- Full repayment of $3,430,000 high-interest GORR financing, reducing interest expenses
- Reduction of accounts payable from ~$20.5M to ~$16.0M, improving financial position
- Completion of 4-well drilling program in Alberta's medium-light oil fairway
- Discovery of three new oil pools
- Strong inflow of over 50 m³/d of fluid at 50% oil cuts in first medium-oil horizontal well
- None.
CALGARY, Alberta, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) ("Prospera" or the "Corporation")
Prospera Energy Inc. (PEI) is pleased to announce the prompt full repayment of its
In addition to settling the GORR financing, Prospera has also made significant progress in reducing its accounts payable. The Company has lowered its outstanding AP obligations from ~
Prospera continues medium-oil development and has completed a 4-well drilling program in Alberta’s medium-light oil fairway. Geophysical logs confirmed oil-bearing reservoirs in all deviated wells. The first medium-oil horizontal well encountered an excellent eight hundred meters of porous reservoir with oil shows in the lateral section. This horizontal well DST test showed strong inflow of over 50 m³/d of fluid at
About Prospera
Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.
The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera's corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain
The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Website: www.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.
FAQ
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