Prospera Energy Inc. Announces Development Update
09 Novembro 2023 - 3:59AM
Prospera Energy Inc. (“Prospera” or the “Company”)
(TSX.V: PEI, OTC: GXRFF, FRA: OF6B, OF6B.SG,
OF6B.F, OF6B.BE).
Prospera has resumed the phase two development
of the horizontal infill drilling program. The sixth horizontal
well spudded last Sunday and the horizontal infill drilling
transformation from vertical wells will continue through the winter
to next year’s break up. Prospera’s quick turn-around in bringing
this specific horizontal production online enables the company to
sustain its momentum and capitalize on the current strong oil price
environment.
The first 5 horizontal wells drilled have
performed higher than the estimated type curve and the IP60 has
exceeded PEI expectations. Prospera’s current gross production are
1,100 boepd, with 400 boepd shut-in to accommodate development, and
another 300 boepd behind pipe on minor repairs and
optimization.
The development of light oil slanted wells has
received permits and the lease has been constructed. This
development is to commence over the next few weeks, subject to
weather conditions, etc. Prospera will continue the Phase 2
development program to increase production, aiming to achieve
year-end targets and enhance Prospera’s share value.
In addition to the first closing of debt
financing, PEI has received a robust response to the non-brokered
private placement of debt financing up to $3,000,000. The financing
is to accommodate joint venture partner deficit and to extend
drilling. Prospera’s Joint Venture partners are in receivables and
therefore in default payables until remedied. Consequently,
Prospera assumes 100% of production and revenue.
Prospera and Development
objectives
Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF,
FRA: OF6B) is a publicly traded energy company based in Western
Canada, specializing in the exploration, development, and
production of crude oil and natural gas.
Prospera Energy Inc. has announced a mid-August
spud of PEI’s phase 2 restructured development program intended to
increase production. This phase includes the transformation from
vertical wells to horizontal wells to access the significant
remaining reserves (400 million bbls) in Prospera’s Saskatchewan
heavy oil fields. This transformation will also reduce PEI
environmental and surface footprint by eliminating the numerous
vertical well leases along the lateral path.
Phase 3 of Prospera’s restructured development
program involves full-scale reservoir management with IOR/EOR
applications to provide support to optimize recovery and lower the
decline to sustain steady volume delivery. Prospera plans to
further its acquisition strategy, expanding within its core area
and diversifying its product mix. The goal for PEI is to attain 50%
light oil, 40% heavy oil and 10% gas.
PEI remains committed to ESG initiatives aimed
at minimizing its environmental footprint, reducing, and ultimately
eliminating emissions, and exploring innovative methods to enhance
API quality. This approach not only improves margins but also
eliminates the need for diluents.
For Further Information:
Shawn Mehler, PR Email:
shawn@prosperaenergy.comWebsite: www.prosperaenergy.com
FORWARD-LOOKING STATEMENTSThis
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 the 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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