NetworkNewsBreaks – Prospera Energy Inc. (TSX.V:
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Posted On: 03/14/2024 7:09:45 PM
NetworkNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announces 508% Increase in 2023 PDP Reserve Valuation
Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced a 508% increase to its proven developed producing (“PDP”) reserve value of 27MM$, reflecting the success of the company’s 2023 development program. In addition, Prospera’s proven plus probable (“2P”) reserve value increased by over 60MM$ to a total of 133MM$ – largely driven by the undeveloped reserve value increase from 58MM$ to $98MM$. InSite Petroleum Consultants Ltd. independently assessed PEI’s Dec. 31, 2023, year-end reserves in accordance with COGEH standards. Using a combination of vertical and horizontal wells, primarily in core assets located in Southwest and West-Central Saskatchewan (>42,000 acres), the Insite report confirmed a current recovery rate of 9% of 397 MMbbl discovered OOIP. PEI’s 2P reserve value reflects only a portion of the remaining recoverable reserves and does not include the development of the largest core property in Saskatchewan that is scheduled to commence exploitation in 2024. In addition, to date, there have been no improved recovery method benefits applied to these fields. Upcoming development and enhanced recovery methods are expected to provide substantial steady upside to PEI’s future reserves valuation.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://nnw.fm/GXRFF
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced a 508% increase to its proven developed producing (“PDP”) reserve value of 27MM$, reflecting the success of the company’s 2023 development program. In addition, Prospera’s proven plus probable (“2P”) reserve value increased by over 60MM$ to a total of 133MM$ – largely driven by the undeveloped reserve value increase from 58MM$ to $98MM$. InSite Petroleum Consultants Ltd. independently assessed PEI’s Dec. 31, 2023, year-end reserves in accordance with COGEH standards. Using a combination of vertical and horizontal wells, primarily in core assets located in Southwest and West-Central Saskatchewan (>42,000 acres), the Insite report confirmed a current recovery rate of 9% of 397 MMbbl discovered OOIP. PEI’s 2P reserve value reflects only a portion of the remaining recoverable reserves and does not include the development of the largest core property in Saskatchewan that is scheduled to commence exploitation in 2024. In addition, to date, there have been no improved recovery method benefits applied to these fields. Upcoming development and enhanced recovery methods are expected to provide substantial steady upside to PEI’s future reserves valuation.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://nnw.fm/GXRFF
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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