Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in Western Canada specializing in the exploration, development and production of crude oil and natural gas, is reporting its per-day production. According to the announcement, the company announced a medium light oil 500-plus barrels per day flowing well from a full day of production testing. The report noted that this above-gradient pressure reservoir will typically flow for a few months and then transition into an artificial lift system production of approximately 150-plus bblspd of stabilized rate. The company also anticipates a second well will be coming online within the next few days with comparable production rates. The company plans to continue its medium light oil drilling development to increase production and diversify the heavy-light oil product mix as it focuses on increasing shareholder value. In addition, Prospera announced the heavy oil drilling success of attaining lateral pay greater than 500 meters that has realized initial production rates higher than 100 bblspd. “The second group of horizontal transformation wells drilled has attained consistently +500m of lateral pay and the most recent, the eighth horizontal well, has attained +700m of lateral pay,” stated the company in the press release. “The ninth well is expected to commence in the next few days. Pleasantly, based on the drilling and optimization success, PEI has achieved a high daily gross production rate of 1,577 BOEPD. As a result, Prospera is expected to exceed the year-end exit target of 1,800 BOEPD.”
To view the full press release, visit https://ibn.fm/G3kt0
About Prospera Energy Inc.
Prospera Energy 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 to regulation, environment, landowners and service providers. 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 and attaining free cash flow while also bringing operations to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase 2 of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal laterals allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Further, Prospera will pursue its acquisition strategy to diversify its product mix. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint as well as efforts to reduce and eventually eliminate emissions while also pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. For more information, visit the company’s website at www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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