Prospera Energy Inc. Announces Q2 2024 Financial Results
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 Inc. (PEI: TSX-V; OF6A: FRA) ha riportato risultati finanziari positivi per il secondo trimestre del 2024. L'azienda ha conseguito un utile netto di $137,933, un notevole miglioramento rispetto a una perdita netta di $779,438 nel Q2 2023. Le vendite medie nette di PEI sono aumentate del 34% arrivando a 696 boe/d, portando a un incremento del 69% del fatturato a $5,164,586. Le spese operative per barile sono diminuite dell'11% a $32.87/boe. Il margine operativo netto dell'azienda è migliorato sostanzialmente a $2,628,444 ($42.87/boe) rispetto a $1,094,365 ($25.10/boe) nel Q2 2023. Prospera ha anche ridotto i debiti verso fornitori di $2,659,680 e ha aumentato il suo interesse di partecipazione media aziendale all'84% tramite acquisizioni di proprietà. L'azienda ha ottenuto finanziamenti per $11 milioni CAD e ha concluso un finanziamento GORR di $3.4 milioni per il programma di sviluppo del 2024.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) informó resultados financieros positivos para el segundo trimestre de 2024. La compañía logró un ingreso neto de $137,933, una mejora significativa en comparación con una pérdida neta de $779,438 en el Q2 2023. Las ventas netas promedio de PEI aumentaron un 34% a 696 boe/d, resultando en un incremento del 69% en los ingresos por ventas a $5,164,586. Los gastos operativos por barril disminuyeron un 11% a $32.87/boe. El netback operativo de la compañía mejoró sustancialmente a $2,628,444 ($42.87/boe) desde $1,094,365 ($25.10/boe) en el Q2 2023. Prospera también redujo las cuentas por pagar en $2,659,680 y aumentó su interés de trabajo corporativo promedio ponderado al 84% a través de adquisiciones de propiedades. La compañía aseguró financiamiento de $11 millones CAD y cerró un financiamiento GORR de $3.4 millones para su programa de desarrollo de 2024.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA)는 2024년 2분기 긍정적인 재무 결과를 보고했습니다. 이 회사는 $137,933의 순이익을 달성했으며, 이는 2023년 2분기에서 $779,438의 순손실에서 현저한 개선을 나타냅니다. PEI의 평균 순판매는 34% 증가하여 696 boe/d에 이르렀으며, 이는 판매 수익의 69% 증가인 $5,164,586을 초래했습니다. 배럴당 운영비용은 11% 감소하여 $32.87/boe가 되었습니다. 회사의 운영 넷백은 $2,628,444 ($42.87/boe)로 크게 개선되어, 2023년 2분기의 $1,094,365 ($25.10/boe)와 비교됩니다. Prospera는 또한 미지급 채무를 $2,659,680로 줄였으며, 자산 인수를 통해 평균 기업 작업 이익을 84%로 늘렸습니다. 이 회사는 1100만 CAD의 자금을 확보하고, 2024년 개발 프로그램을 위한 340만 달러의 GORR 금융을 종료했습니다.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) a annoncé des résultats financiers positifs pour le deuxième trimestre de 2024. L'entreprise a réalisé un revenu net de 137,933 $, une amélioration significative par rapport à une perte nette de 779,438 $ au Q2 2023. Le chiffre d'affaires net moyen de PEI a augmenté de 34 % pour atteindre 696 boe/j, entraînant une augmentation de 69 % des revenus de vente à 5,164,586 $. Les dépenses d'exploitation par baril ont diminué de 11 % pour s'établir à 32,87 $/boe. Le résultat net de l'exploitation de l'entreprise s'est considérablement amélioré pour atteindre 2,628,444 $ (42,87 $/boe) contre 1,094,365 $ (25,10 $/boe) au Q2 2023. Prospera a également réduit les arriérés de comptes fournisseurs de 2,659,680 $ et augmenté son intérêt de travail corporatif moyen pondéré à 84 % grâce à des acquisitions de propriétés. L'entreprise a sécurisé un financement de 11 millions de CAD et a clôturé un financement GORR de 3,4 millions de dollars pour son programme de développement 2024.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) hat für das zweite Quartal 2024 positive finanzielle Ergebnisse gemeldet. Das Unternehmen erzielte ein Nettoergebnis von $137,933, was eine signifikante Verbesserung gegenüber einem Nettverlust von $779,438 im Q2 2023 darstellt. Der durchschnittliche Nettoumsatz von PEI stieg um 34% auf 696 boe/d, was zu einem 69% Anstieg des Umsatzes auf $5,164,586 führte. Die Betriebskosten pro Barrel sanken um 11% auf $32.87/boe. Der operative Nettoumsatz des Unternehmens verbesserte sich erheblich auf $2,628,444 ($42.87/boe) von $1,094,365 ($25.10/boe) im Q2 2023. Prospera reduzierte auch die Außenstände bei Lieferanten um $2,659,680 und erhöhte ihren gewichteten durchschnittlichen Unternehmensarbeitsinteresse auf 84% durch Immobilienkäufe. Das Unternehmen sicherte sich eine Finanzierung von 11 Millionen CAD und schloss eine GORR-Finanzierung von 3,4 Millionen Dollar für sein Entwicklungsprogramm 2024 ab.
- Net income of $137,933 in Q2 2024, compared to a net loss of $779,438 in Q2 2023
- 34% increase in average net sales to 696 boe/d
- 69% increase in sales revenue to $5,164,586
- 11% reduction in operating expenses per barrel to $32.87/boe
- 140% increase in operating netback to $2,628,444 ($42.87/boe)
- Reduction of accounts payable arrears by $2,659,680
- Increase in weighted average corporate working interest to 84%
- Secured $11 million CAD loan and $3.4 million GORR financing for 2024 development program
- Cash position decreased from $118,933 on December 31, 2023, to $3,135 on June 30, 2024
CALGARY, Alberta, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) ("Prospera" or the "Corporation")
During the first six months of 2024, Prospera generated positive cash flows of
- Reported net income of
$137,933 in Q2 2024 vs. net loss of ($779,438) in Q2 2023. - PEI realized average net sales of 696 boe/d (gross 813 boe/d) in Q2 2024, an increase of
34% from Q2 2023 net sales of 478 boe/d (gross 609 boe/d). The increase was due to additional production online from the 2023 development program. - Due to higher production and price levels, PEI realized a
69% increase in sales revenue of$5,164,586 in Q2 2024 compared to$3,041,561 in Q2 2023. - Consequently, the higher volumes attributed to an
11% reduction to operating expense per barrel of$32.87 /boe in Q2 2024 compared to$36.89 /boe in Q2 2023 (includes both operating costs and transportation expense). - Higher volume, revenue, and lower operating costs contributed to an increase in operating netback of
$1,534,079 quarter over quarter ($2,628,444 in Q2 2024;$42.87 /boe vs.$1,094,365 in Q2 2023;$25.10 /boe). - As of June 30, 2024, Prospera reduced accounts payable arrears by a total of
$2,659,680 from December 31, 2023. - PEI settled JV receivables + non-core Red Earth property in exchange for an additional
7% working interest in its core Saskatchewan properties (Cuthbert, Luseland & Hearts Hill). As a result of this acquisition, Prospera's weighted average corporate working interest increased to84% . - Prospera entered into a loan agreement for
$11million CAD in Q2 2024, which subsequently closed in July 2024. In addition, Prospera closed a$3.4million GORR financing in the same quarter. Both financings are dedicated specifically for PEI’s 2024 development program.
The complete set of financial statements and management discussion analysis are posted on www.sedarplus.ca.
Selected financial and operational information outlined below should be read in conjunction with the Company’s financial statements and related management’s discussion and analysis (MD&A) for the quarter ended March 31, 2024.
| Operating Netback | Q2 2024 | Q2 2023 | ||||
| Total petroleum and natural gas sales | 5,164,586 | 3,041,561 | ||||
| Transportation costs | (342,633) | (162,305) | ||||
| Royalties | (438,144) | (342,507) | ||||
| Operating costs | (1,738,130) | (1,442,385) | ||||
| Operating netback | 2,628,444 | 1,094,365 | ||||
| Dollar per BOE | Q2 2024 | Q2 2023 | ||||
| Sales | 82.67 | 69.87 | ||||
| Transportation costs | (5.41) | (3.73) | ||||
| Royalties | (6.92) | (7.87) | ||||
| Operating costs | (27.46) | (33.16) | ||||
| Operating netback | 42.87 | 25.10 | ||||
| ASSETS | June 30, 2024 | December 31, 2023 | |||
| Current assets | |||||
| Cash | $ | 3,135 | $ | 118,933 | |
| Trade and other receivables | 2,974,338 | 3,244,596 | |||
| Prepaid expenses and deposits | 682,607 | 548,443 | |||
| Inventory | 768,900 | 521,426 | |||
| Total current assets | 4,428,980 | 4,433,398 | |||
| Non-current assets | |||||
| Trade and other receivables | 2,697,023 | 4,387,826 | |||
| Deposits | 1,025,370 | 1,015,400 | |||
| Property and equipment | 40,223,273 | 38,827,883 | |||
| Right-of-use | 424,740 | 503,807 | |||
| Total assets | $ | 48,799,385 | $ | 49,168,314 |
2024 Operations Update
Prospera is primarily focused on achieving production and cash flow stability through the optimization of its core assets, infrastructure improvements, and sound reservoir management, all aimed at capturing the significant remaining reserves and reducing its environmental footprint. Furthermore, PEI expects to leverage additional joint venture receivables to increase reported net working interest production & revenue levels.
Prospera has initiated medium-light oil development, successfully drilling three directional wells, all of which have encountered the expected structure and pay. These wells are scheduled to be brought online in the coming weeks. PEI will continue advancing the development of medium-light oil and the heavy oil transformation over the next few months. Multilateral development is also proposed for the two untapped core heavy oil properties.
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
What was Prospera Energy's (GXRFF) net income for Q2 2024?
How much did Prospera Energy's (GXRFF) sales revenue increase in Q2 2024?
What was Prospera Energy's (GXRFF) average net sales in Q2 2024?
How much financing did Prospera Energy (GXRFF) secure for its 2024 development program?
