Prospera Energy Stock Price, News & Analysis

Prospera Energy Inc. (GXRFF) has significantly increased its gross production to 925 Boepd from 80 Boepd within 18 months, utilizing horizontal laterals for improved efficiency and reduced environmental impact. The company aims to enhance profit margins by optimizing production and minimizing operating expenses. Recently, Prospera announced a partnership with Aduro Clean Technologies to develop a pilot plant for converting low API bitumen into higher-value products, which is expected to bolster its operational capabilities and diversify product mix.

On September 1, 2022, Prospera Energy Inc. (GXRFF) announced the acquisition of a light oil property in Alberta. The strategic move aims to diversify their oil product mix and enhance profit margins. The deal involves a $302,000 payment through convertible debentures, allowing for minimal upfront capital investment. The property presents significant development potential with shallow pools that can be accessed via vertical wells. Additional wells can be developed, with costs split with the vendor, representing potential future economic growth.

In Q2 2022, Prospera Energy Inc. (PEI) reported a significant revenue increase to $4.2 million from $437,572 in Q2 2021, driven by rising commodity prices. The company achieved positive net income of $311,335 compared to a net loss of ($502,721) in the same period last year. PEI's average pricing rose to $125.78/boe from $63.82/boe. Despite challenges from weather conditions, PEI successfully reduced asset retirement obligations (ARO) and plans to enhance production through horizontal drilling. Overall, PEI is focusing on improving financial stability and production growth.

Prospera Energy Inc. announced strategic property acquisitions aimed at increasing asset value. The corporation settled approximately $1.7 million in debt through acquiring a 13.423% working interest in properties located in Saskatchewan and Alberta. Additionally, Prospera agreed to purchase Petrolia's remaining 14.577% working interest for $585,000, enhancing its overall interest in these properties by 28%. The company also plans to acquire a 50% interest in light oil assets in Alberta for $302,000, facilitating further growth in its portfolio.

Prospera Energy reported a significant turnaround in 2021, posting net earnings of $4.3 million ($0.05 per share), reversing a net loss of $11.7 million in 2020. The company saw total petroleum sales rise to $4.41 million, up from $3.28 million. A notable impairment reversal of $6.85 million was linked to a substantial increase in reserves. Additionally, Prospera improved its asset value by over 368%. Moving forward, the company aims to expand production through horizontal drilling and capture remaining reserves while minimizing environmental impact.

Prospera Energy has issued its second bi-weekly Status Report under National Policy 12-203 regarding delays in filing financial statements. The corporation has not met the April 30, 2022 deadline for annual audited financial statements due to ongoing audit processes, also affecting interim financial filings due by May 30, 2022. Prospera now aims to complete these filings by June 30, 2022. If not done timely, a cease trade order might be imposed by regulatory authorities. The company operates in oil and gas exploration and production in Alberta and Saskatchewan.

Prospera Energy has announced its December 31, 2021, year-end reserves, evaluated by InSite Petroleum Consultants. Major highlights include a 569% increase in Total Proved Plus Probable (TPP) reserves, rising from 464 Mbbl to 2,644 Mbbl, and a net present value (NPV) increase from a loss of $3.4 million to a gain of $56.2 million. The company has significant remaining proven reserves of 3,880 Mbbl gross, with a reserve life index of 23 years. The report suggests substantial upside potential for PEI through asset development via horizontal wells.

Prospera Energy Inc. has successfully completed non-brokered private placements totaling $1,478,573, as of May 20, 2022. The financing includes secured convertible debentures raising $738,573 with an interest rate of 8% for two years, convertible to shares at prices between $0.05 and $0.10. Additionally, $740,000 was raised through common share units. Proceeds will fund a significant abandonment program and a horizontal drilling phase, contributing to operational compliance and optimization. The new total issued shares stand at 167,210,853.

Prospera Energy Inc. announced a delay in filing its audited financial statements for the year ending December 31, 2021, due to restructuring operations and changes in accounting practices. This delay has led to a default under National Instrument 51-102. The company has applied for a management cease trade order (MCTO) affecting management trading but not general shareholders. Prospera is working with Crowe MacKay LLP to finalize the audit, aiming to complete filings by May 31, 2022. It confirms no insolvency proceedings are underway.