Prospera Energy Inc. . Prospera has successfully drilled five horizontal wells of the multi-well infill horizontal development program. Two horizontal wells have commenced production and the remaining three horizontal wells will commence production in the subsequent weeks. Currently, PEI gross production levels are 800boepd with 400boepd behind pipe to accommodate development. Over the next month, Prospera is expected to [...]
Prospera Energy Inc. . Prospera has completed the drilling of four horizontal wells of the ten well multi-pad infill drill program. These wells encountered structure and pay as expected with excellent oil show throughout the pay. The drilling technique tweaked from the pilot wells were executed efficiently and ahead of schedule. High praises to Lasso Drilling Corporation for the effective synergy with Prospera to attain [...]
Prospera Energy Inc. . Prospera is pleased to announce the spudding of the first horizontal well of the ten well modular multi-pad infill drill program in the latter part of this week, subject to any weather-related or uncontrollable delays. Close to a hundred services have been coordinated along with lease preparation, permits and licences. This modular multi-pad infill drill program stems from a comprehensive [...]
Prospera Energy Inc. is pleased to provide an update on progress made on the Pilot Project for Partial Upgrading of Bitumen, in collaboration with Aduro Clean Technologies Inc. . Restructured Prospera continues to increase its asset value by executing its development program to capture the significant remaining reserves. While, engaging in innovative ESG methods to diversify product mix and to improve profit margin, such [...]
Prospera Energy Inc. Prospera announces its second quarter 2023 financial and operating results. In Q2 PEI rebounded to 478 boe/d and net revenue of $3.1M from Q1 production shortfalls caused by extreme cold weather. Prospera is pleased to announce the financial milestones achieved as follows: Realized positive Operating Netback of $1,094,364 in Q2 compared to -$549,618 in the first quarter of 2023. Operating Expenses [...]
Prospera Energy Inc.Prospera Energy Inc. is pleased to announce the mid-August spud of its phase 2 restructured development program intended to increase production. The Phase 2 development entails the drilling of 10 horizontal wells in heavy oil and 8 slanted wells in medium-light oil to accelerate growth and capture the significant remaining reserves . These horizontal laterals and slanted wells will allow PEI to [...]
Prospera Energy Inc. Restructured Prospera continues to create value by enhancing liquidity, capitalization with minimal dilution and by settling legacy arrears. Prospera Energy is delighted to inform its shareholders and the investment community that its common shares are now eligible for book-entry and depositary services through the Depository Trust Company in the United States. As the largest securities depository [...]
Prospera Energy Inc. Prospera announces its first quarter 2023 financial and operating results. 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 for the quarter ended March 31, 2023. Prospera is pleased to announce increased working capital by $7,788,265 from various sources of funding as [...]
Prospera Energy Inc. Restructured Prospera momentum accelerates by improving 2022 revenue by 3-fold and operating margin to realize record high cash flow from operations of $5.4million. Prospera is pleased to release its fourth quarter and year-end 2022 financial and operating results. Selected financial and operational information outlined below should be read in conjunction with the Company's financial statements and [...]
Prospera Energy Inc. announces that further to its news release dated April 28, 2023, the Corporation's principal regulator, the Alberta Securities Commission granted a management cease trade order on May 4, 2023, under National Policy 12-203 Management Cease Trade Orders . Pursuant to the MCTO, Samuel David, the Chief Executive Officer, and Matthew Kenna, the Chief Financial Officer, may not trade in securities of the [...]
Prospera Energy Inc. PEI: TSX-V; OF6B: FRA, OTC: GXRFF Prospera Energy Inc. December 31, 2022 year-end reserves were independently assessed by InSite Petroleum Consultants Ltd. . The Insite report confirmed current recovery to date of 8.6% using mostly vertical wells, mainly in core assets located in Southwest and West-Central Saskatchewan, with significant remaining recoverable reserves representing a substantial upside [...]
Prospera Energy Inc. today 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, 2022 , will be delayed beyond the filing deadline of May 1, 2023, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations. The delay in the [...]
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