Prospera Energy Inc. announces that further to its news release dated April 25, 2024, the Corporation's principal regulator, the Alberta Securities Commission granted a management cease trade order on May 7, 2024, under National Policy 12-203 Management Cease Trade Orders . Pursuant to the MCTO, Samuel David, the Chief Executive Officer, and Chris Ludtke, the Chief Financial Officer, may not trade in securities of the [...]
Prospera Energy Inc. announced that it has agreed to settle claims from a former executive by the payment of $120,000 over a period of 6 months, and by the issuance of 2,181,818 common shares at a deemed price of $0.055 per share. This share issuance is subject to the approval of the TSX Venture Exchange. The shares, when issued, will be subject to trading restriction of four months and a day. About Prospera [...]
Prospera Energy Inc. . Prospera Energy Inc. announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2023 , will be delayed beyond the filing deadline of April 29, 2024, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure [...]
Prospera Energy Inc. . Prospera Energy Inc. is pleased to announce a 508% increase to its proven developed producing reserve value of 27MM$, reflecting the success of PEI's 2023 development program. In addition, the company's proven plus probable reserve value increased by over 60MM$ to a total of 133MM$ - largely driven by the undeveloped reserve value increase from 58MM$ to $98MM$. PEI's December 31, 2023, year-end [...]
Prospera Energy Inc. Since 2021 Q1, Restructured Prospera has methodically executed the planned development phases and attained drilling results exceeding expectations and substantiating the technical and economical applications. The nine heavy oil horizontal drills and one medium light oil deviated well delivered initial production exceeding the expected initial production rates. Medium-light oil well was flowing at 500 [...]
Prospera Energy Inc. . 2023 was a highly successful year for the restructured Prospera Energy Inc. PEI drilled, completed and tied-in nine horizontal wells in heavy oil reservoir with initial production rates exceeding expectations at 100+bpd per well. The ninth well was rig released on December 24th and was brought online on December 28th. In addition, PEI drilled a directional well accessing medium-light oil flowing at [...]
Prospera Energy Inc. . Prospera Energy Inc. is pleased to announce a medium light oil +500 barrels per day flowing well from a full day of production testing. This above gradient pressure reservoir will typically flow for a few months and will transition into an artificial lift system production of approximately +150 bblspd of stabilized rate. A second well is also to come online within the next few days expecting similar [...]
Prospera Energy Inc. . Prospera Energy Inc. is pleased to announce a medium light oil +500 barrels per day flowing well from a full day of production testing. This above gradient pressure reservoir will typically flow for a few months and will transition into an artificial lift system production of approximately +150 bblspd of stabilized rate. A second well is also to come online within the next few days expecting similar [...]
Prospera Energy Inc. . Prospera Energy Inc. 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 continuing to execute the horizontal transformation and is attaining the expected results. Seven horizontals have been drilled with three more expected prior to year-end. Prospera also drilled the light oil slanted [...]
Prospera Energy Inc. . 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 [...]
Prospera Energy Inc. In Q3 2023, Prospera was steadily recovering production rates that had been impacted by adverse weather in earlier quarters. During Q3 PEI attained gross peak rates of 770+ boe/d, with another 350 boe/d behind the pipe to be optimized. Meanwhile, phase 2 development drilling commenced in Q3, and this horizontal drilling program required the temporary shut-in of the adjacent production of approximately [...]
Prospera Energy Inc. . Prospera's two of the five horizontal wells have commenced production over a week and have each yielded 125bpd/well with less than one percent water cut. These new horizontals were brought on strategically at a low pump efficiency of approximately thirty percent to accommodate the heavier viscous oil to achieve steady flow to peak over the next few months. These initial rates are exceeding the [...]
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