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Prospera Energy Inc. (GXRFF) provides investors and industry stakeholders with comprehensive access to official news and press releases. This dedicated hub aggregates all company announcements, including operational updates, strategic financing developments, and production milestones within the oil and gas sector.
Visitors gain timely insights into key activities such as infill drilling progress, farm-in partnerships, and capital structure updates. The curated collection serves as a reliable resource for tracking the company's execution of enhanced recovery techniques and financial strategies.
Content spans critical areas including quarterly results, asset development announcements, debt management initiatives, and regulatory filings. Each update is presented in its original form to maintain transparency and compliance with financial disclosure standards.
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Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) has increased its working interest in core heavy oil assets from an average of 35% to 95%. The company acquired an additional 7% working interest in Hearts Hill, Luseland, and Cuthbert properties by forgiving $1,233,000 in debt and transferring a non-core property. It also acquired a 10% working interest in the same assets for $600,000 CAD, including $400,000 in cash and $200,000 in equity.
Prospera now has 100% ownership of the Luseland asset, with an estimated 280 million barrels of Original Oil in Place, and the Hearts Hill property. In Cuthbert, the working interest increased from 69% to 86%. The company has initiated a Bakken horizontal drilling program at Hearts Hill, a Sparky Waterflood pilot, and plans for multi-lateral pilot horizontals at Luseland.
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 announced the commencement of its 2024 development drilling program, set to start in mid-July. The focus will be on multi-pad medium-oil infill directional wells, leveraging positive results from the 2023 drilling program, which saw capital outlay paying out in approximately 7 months.
The 2024 program includes infill development of two pools and initial drilling of a new pool, as well as continued horizontal transformation to tap remaining heavy oil reserves. The program also proposes multilateral development for two core heavy oil properties and a pilot project for enhanced oil recovery (EOR).
Prospera aims to achieve production and cash flow stability through optimization of core assets and infrastructure improvements. Non-dilutive debt financing of $11 million with a 12% interest rate and a two-year term will fund the 2024 program, aiding in increasing production, reserve values, and reducing regulatory non-compliances.
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