Prospera Energy Boosts Oil Interests with Strategic Acquisitions
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Prospera Energy Expands Working Interest in Key Assets
CALGARY, Alberta — Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) has proudly announced a significant increase in its working interest in core heavy oil assets. This strategic expansion marks a crucial step forward as the restructured organization elevates its ownership from an average of 35% to a remarkable 95% working interest.
Acquisition Highlights
In a recent move, Prospera Energy acquired an additional 7% working interest in the Hearts Hill, Luseland, and Cuthbert properties. In exchange, Prospera agreed to forgive $1,233,000 in outstanding debts owed by the partner and assumes 100% working interest in the non-core Red Earth property along with its liabilities.
10% Working Interest Acquisition
Moreover, the company has finalized a deal to acquire a 10% interest in the Cuthbert, Luseland, and Hearts Hill assets, valued at $600,000 CAD. This includes $400,000 payable over 16 months and $200,000 through the issuance of 3,076,923 shares at a price of $0.065 per share, subject to a six-month hold period and TSX approval. Additionally, warrants will be issued allowing purchase at $0.10 and $0.15 in subsequent years, also subject to TSX approval.
Enhanced Control Over Resources
Following these transactions, Prospera now boasts 100% ownership of the Luseland asset, estimated to hold a staggering 280 million barrels of Original Oil in Place (OOIP). The Hearts Hill property, recognized for its superior quality oil at 17 API, also offers significant potential in the Sparky formation. In the case of the Cuthbert property, the working interest has increased from 69% to 86%, with necessary infrastructures already in place for substantial production.
Operational Enhancements and Future Plans
Prospera's ongoing initiatives include transitioning to a horizontal drilling program within the Hearts Hill Bakken area, supplemented by a water flood pilot and upcoming multi-lateral pilot horizontals at Luseland. These advancements are designed to optimize production recovery and operational efficiency.
Collaboration and Ongoing Support
White Tundra Investments is a vital ally in supporting Prospera’s business development strategies. Their contributions include valuation analyses and strategic structuring, ensuring a smooth relationship between Prospera and its joint-venture partners.
Commitment to Sustainable Practices
At Prospera, the commitment to reducing environmental impact remains steadfast. The company employs innovative methods to minimize emissions while striving for enhanced API quality, a vision that aligns with the goal of achieving higher margins and less reliance on diluents.
About Prospera Energy
As a publicly traded energy corporation based in Western Canada, Prospera specializes in the exploration, development, and production of crude oil and natural gas. Since its restructuring in early 2021, the company has focused on optimizing recovery from legacy fields while adhering to rigorous environmental and regulatory standards.
In the midst of a comprehensive three-stage restructuring, Prospera is dedicated to improving operations with a focus on cost-effectiveness and liability reduction. The goal is to transition to horizontal drilling while optimizing recovery through enhanced oil recovery (EOR) strategies.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Website: www.prosperaenergy.com
Frequently Asked Questions
What is the recent working interest increase by Prospera Energy?
Prospera Energy recently announced a 17% working interest increase in its core heavy oil assets.
What properties were included in the acquisitions?
The acquisitions included interests in the Hearts Hill, Luseland, and Cuthbert properties.
How does this affect Prospera's oil reserves?
With the acquisition, Prospera now controls assets estimated at 280 million barrels of Original Oil in Place (OOIP).
What drilling programs is Prospera currently implementing?
Prospera is transitioning to horizontal drilling in the Hearts Hill area and launching a water flood pilot at the same time.
Who is supporting Prospera in its growth initiatives?
White Tundra Investments is aiding Prospera by providing strategic development and partnership support.
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