Welcome to our dedicated page for Prospera Energy news (Ticker: GXRFF), a resource for investors and traders seeking the latest updates and insights on Prospera Energy stock.
Prospera Energy Inc. (OTC: GXRFF, TSX.V: PEI) generates frequent news and operational updates as it develops its crude oil and natural gas assets in Saskatchewan and Alberta. The company’s releases focus on field performance at its core properties in Cuthbert, Luseland, Hearts Hill, and Brooks, along with financing activities and corporate developments.
News items often highlight production trends in barrels of oil equivalent per day, oil cuts, and the impact of well reactivations, workovers, and waterflood optimization projects. Prospera regularly reports on infrastructure upgrades such as pipeline replacements, injection pump overhauls, and facility maintenance in areas like Cuthbert, as well as remediation work on specific horizontal wells and water disposal or injection wells.
Investors following GXRFF can also expect coverage of capital programs and funding arrangements, including term debt advances, promissory notes with warrants, convertible debenture offerings, and shares-for-debt settlements. The company’s news flow has included details on the acquisition of White Tundra Petroleum, a joint venture partnership for Mannville stack Formation assets, and initiatives such as polymer flood pilot planning and hedging contracts for a portion of oil production.
Prospera’s releases frequently combine operational data with commentary on its strategy of revitalizing legacy wells and converting previously non-producing assets into Proved Developed Producing reserves. For readers tracking Prospera Energy, this news page offers a centralized view of field-level updates, financing decisions, and corporate actions that the company discloses through its public communications.
Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) has announced significant financial improvements and operational progress. The company has fully repaid its $3,430,000 high-interest 16% Gross Overriding Royalty (GORR) financing, taking advantage of an early payment discount and satisfying senior debt requirements. Additionally, Prospera has reduced its accounts payable from ~$20.5M to ~$16.0M since December 31, 2023.
On the operational front, Prospera has completed a 4-well drilling program in Alberta's medium-light oil fairway. The first medium-oil horizontal well showed promising results, with an excellent eight hundred meters of porous reservoir and a DST test indicating strong inflow of over 50 m³/d of fluid at 50% oil cuts. The company has also discovered three new oil pools to date. Prospera is now focusing on bringing these wells into production and optimizing its operations.
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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