Prospera Announces Operations Update and May Conference Call
Rhea-AI Summary
Prospera Energy (OTC: GXRFF, TSXV: PEI) reported strong operational progress across its core Saskatchewan heavy oil assets and announced a May 20, 2026 virtual corporate update call.
Hearts Hill output rose from ~135 to ~175 BOE/d YTD 2026, while Luseland climbed from ~65 to ~255 BOE/d since October 31, 2024. The 2026 Cuthbert service rig program is on its third well, with Prospera now holding 100% working interest there.
Prospera also hedged 300 bbl/d of WCS at WTI minus $12.40 for six months from April 1, 2026, and settled $72,671 of payables via 1.78 million common shares, subject to TSXV approval.
AI-generated analysis. Not financial advice.
Positive
- Hearts Hill production up ~30% in early 2026, to ~175 BOE/d
- Luseland production up from ~65 to ~255 BOE/d in 18 months
- Luseland net oil volumes increased from ~10 to ~40 m³ per day
- Cuthbert 2026 service rig program underway, on third well
- Prospera now holds 100% working interest in Cuthbert field
- Hedged 300 bbl/d WCS at WTI minus $12.40 for six months
Negative
- Issued 1,782,746 shares to settle $72,671.43 in trade payables, creating dilution
Calgary, Alberta--(Newsfile Corp. - May 18, 2026) - Prospera Energy (TSXV: PEI) (OTC Pink: GXRFF) ("Prospera", "PEI", the "Corporation", or the "Company") is pleased to provide an operational update across its core Saskatchewan heavy oil portfolio, announce its May 2026 Corporate Update Conference Call, and highlight continued industry recognition through its participation in The Energy Year - Canada 2026 and the Global Energy Show Canada 2026. Year-to-date 2026 results at Hearts Hill, sustained 18-month growth at Luseland, and the recent commencement of the 2026 Cuthbert service rig program collectively reinforce the durability of the Company's reactivation-led strategy and the consistent execution of its operating model.
Hearts Hill - 2026 Year-to-Date Production Growth
Hearts Hill has delivered meaningful production growth through the first four months of 2026. Net production has climbed from approximately 135 BOE per day at the start of January 2026 to approximately 175 BOE per day as of early May 2026, representing year-to-date growth of approximately
Luseland - 18-Month Growth Since Leadership Transition (October 31, 2024)
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Luseland - 18-Month Growth Since Leadership Transition (October 31, 2024)
When the current leadership team assumed responsibility for Prospera's operations on October 31, 2024, Luseland was producing approximately 65 BOE per day. Eighteen months later, net production stands at approximately 255 BOE per day - a near four-fold increase achieved through systematic reactivations, downhole optimization, and tighter production engineering, at a fraction of the capital intensity of equivalent growth from new drilling. Net oil volumes advanced in parallel, from approximately 10 m³ per day to approximately 40 m³ per day, confirming the expansion is being driven by oil throughput rather than gas-weighted additions. Management views the Luseland trajectory as direct evidence that the new operating model is delivering the production and cash flow outcomes that underpin the Company's long-term reserves development plan and can be scaled across Prospera's portfolio.
Cuthbert - 2026 Service Rig Program Active, On Third Well
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Cuthbert - 2026 Service Rig Program Active, On Third Well
Prospera's 2026 Cuthbert service rig program has commenced. The service rig has now moved onto its third well of the program, with the first two wells already returned to production and contributing incremental barrels. The program is expected to continue through the coming weeks as the rig progresses through Prospera's prioritized reactivation queue, with each completed well expected to add further production volumes. Cuthbert remains the most profitable producing field in the Company's portfolio, and following the consolidation of working interest earlier this year, Prospera holds
May 2026 Corporate Update Conference Call May 20th - Virtual
Prospera will host its May 2026 Corporate Update Conference Call on May 20, 2026, at 10:00am MST. Investors can register to attend via Zoom here. During the call, management will provide updates on operational progress, production optimization initiatives, and near-term strategic priorities. Investors may also view the Company's April 2026 corporate update on YouTube here and the recently updated May 2026 Key Wells Report here.
Featured Coverage in The Energy Year - Canada 2026
Prospera has been selected for feature coverage in The Energy Year - Canada 2026 (formerly The Oil and Gas Year), an internationally distributed industry report profiling a curated group of Canadian energy leaders. The 2026 Canada edition will feature commentary from senior leaders across the country's exploration and production landscape, including Mr. Grant Fagerheim, President and Chief Executive Officer of Whitecap Resources; Mr. Rich Kruger, President and Chief Executive Officer of Suncor Energy; and Mr. David Wilson, President and Chief Executive Officer of Kelt Exploration; among other industry leaders. Prospera's contribution will highlight the Company's reactivation-led strategy across Cuthbert, Luseland, and Hearts Hill; the 2025 acquisition of White Tundra Petroleum which consolidated Prospera's Saskatchewan position and now underpins the Company's strategy to establish a benchmark in the domestic E&P landscape; the operational, technical, and capital allocation framework driving Prospera's reactivation results to date; and the cross-disciplinary engagement Prospera continues to generate across the engineering community, the capital markets community, and its industry peers. The interview was conducted in Calgary, with all content subject to Prospera's review and approval prior to publication. The 2026 Canada edition is expected to circulate to institutional investors, family offices, sovereign wealth funds, and private capital allocators with active mandates in Canadian energy by the end of Q2 2026.
Featured Presentation at Global Energy Show Canada 2026 June 9th - 11th - Calgary, Alberta
Prospera's CEO and Chairman of the Board, Mr. Shubham Garg, has been invited to present at Global Energy Show Canada 2026, taking place June 9-11, 2026 at the BMO Centre in Calgary. Mr. Garg's session is scheduled for Thursday, June 11, 2026, on the final day of Canada's largest B2B energy exhibition and conference, which annually convenes more than 30,000 industry professionals - including operators, service providers, institutional investors, government leaders, and international delegations from across the global energy value chain.
Mr. Garg's presentation will outline Prospera's reactivation-led framework for unlocking value from legacy heavy oil assets in the Western Canadian Sedimentary Basin - a thesis validated through the Company's results in Cuthbert, Luseland, and Hearts Hill. The session will cover the technical and commercial case for converting suspended and underperforming wells into long-life, low-cost producing reserves rather than retiring them as abandonment liabilities; the Luseland program as a working case study; the integration of engineering rigour, capital markets discipline, and stakeholder alignment that allows a junior producer to compete for capital in a constrained funding environment; and the implications of a reactivation-led model for asset retirement obligations, regulatory engagement, and long-term value creation across mature North American basins.
The Global Energy Show invitation marks the latest addition to Prospera's 2026 industry program, originally announced on April 20, 2026, and follows recent participation in the 9th Annual Artificial Lift Canada Conference, the Society of Petroleum Engineers Lunch & Learn series, and the Aurrin Ventures Energy Pitch Competition. Upcoming engagements include the Orphan & Idle Wells 2026 in Houston (June 24-25), and EnerCom Denver (August 17-19). Investors interested in attending Global Energy Show Canada 2026 can find further information and register at www.globalenergyshow.com.
CEM TSX Venture Growth Capital Event July 17th - 19th - Kelowna, British Columbia
We're pleased to share that Prospera Energy will be attending the 2026 TSX Venture Growth Capital Event hosted by CEM in Kelowna, BC, July 17-19. The event brings TSX-V issuers directly to 70+ qualified capital allocators - portfolio managers, family offices, and institutional investors - across 18 pre-scheduled 1-on-1 meetings over the weekend.
University of Alberta Scholarship
Prospera Energy is proud to announce that it is the donor behind the Prospera Energy Award in Petroleum Engineering at the University of Alberta, an annual scholarship awarded to petroleum engineering students with strong academic standing, demonstrated leadership, and a passion for the heavy oil industry. As a Calgary-based junior heavy oil producer working to build Western Canada's next growth-oriented producer, there's no better place to invest than in the students who will carry this industry forward.
Price Hedging
With WTI trading above
Shares for Debt
Prospera has entered into settlement agreements with a total of 4 arm's length vendors, representing an aggregate of
Management Commentary
"The data across our three core Saskatchewan fields tells a consistent story," said Shubham Garg, CEO and Chairman of the Board. "Luseland has roughly quadrupled in net production since the current team came in 18 months ago, Hearts Hill is up approximately
"In parallel, the breadth of forums inviting Prospera to participate - from Global Energy Show Canada to The Energy Year - Canada 2026 - is external validation of what we have been building internally. Each platform is an opportunity to bring our reactivation thesis to operators, regulators, and capital allocators evaluating Canadian opportunities, and to communicate how the consolidation of our Saskatchewan position, plus the White Tundra Petroleum acquisition, paired with our disciplined operating model, supports Prospera's ambition to become a benchmark junior in the domestic E&P landscape."
About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company's core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera's working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.
For Further Information:
Shawn Mehler, PR
Email: shawn@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297784