Prospera Energy Inc. Shares Monthly Production Achievements
Monthly Review of Prospera Energy's Operations
Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) has consistently provided monthly updates that reflect its operational performance and key developments in the field. These updates serve to inform stakeholders about the company's current standing and production progress.
Production Insights for December and January
The estimated field production for December was recorded at 661 barrels of oil equivalent per day (boe/d), with a significant 91% comprising oil. In the early days of January, production increased to approximately 682 boe/d, where oil contributed 92%. A notable peak was observed on January 16, reaching 751 boe/d, illustrating the company's ongoing efforts to ramp up production.
Success of the Workover Program
As the year wrapped up, Prospera successfully completed a comprehensive nine-well workover program. The capital efficiency demonstrated was impressive, with costs averaging below $3,500 per boe/d. A particular highlight was well 13-13-36-26W3, known for its high API oil grades, low oil viscosity, and superior reservoir exposure, currently producing around 59 boe/d (18% oil).
Implementing Strategic Improvements
The average cost across the first seven workovers came in at under $35,000 each due to meticulous pre-planning and effective collaboration within the operational teams. Early January saw the commencement of the 2025 service rig program, successfully repairing the 03-02 injector well in Cuthbert. This rig is now advancing through a four-well program in Cuthbert and will soon transition to an eleven-well initiative at Hearts Hill.
Winterization and Operational Resilience
The company has effectively implemented winterization strategies, reinforcing its capacity to maintain production during harsh weather conditions. This proactive approach has reportedly enhanced field operations, contributing to lower operating costs and improved runtime.
Regulatory Compliance and Field Maintenance
Efforts to address regulatory non-compliance are ongoing, with significant progress made in rectifying signage issues, vent repairs, and spill pile removals. In addition, pipeline cutouts resulting from failures have been excavated, with analysis communicated through a third-party engineering firm, preparing for appropriately adjusted strategies moving forward.
Accelerated Production in Brooks
In the Brooks region, production has been accelerated by increasing fluid level drawdown and implementing casing gas compression strategies. This has heightened production capacity, with additional enhancement possibilities in sight. The company is evaluating types of fracking and stimulation methods for efficiency in its wells.
Analyzing the Cuthbert Horizon Wells
Prospera is conducting thorough reviews of its nine horizontal wells in the Cuthbert pool, with only three meeting expectations. Actions include engineering and geological analyses of the less-performing wells, planning to execute workovers that may include packer installations where needed.
Investing in Equipment and Operational Efficiency
The installation of five new or refurbished engines has begun in the Cuthbert field, with increased frequency of lease operating cost reviews aimed at reducing electricity and transportation costs. Additionally, the successful implementation of defoam agents has resulted in less than 20 parts per million oil in the water injection system.
Financial Performance and Future Prospects
With rising WTI prices and tight Canadian heavy oil differentials backing the operations, Prospera has noted an increase in cash flows, enabling the company to maintain responsibility for general expenses and interest while pursuing ongoing rig activities to bolster production further.
Commitment to Transparency
As part of its dedication to transparency, Prospera has launched an updated website alongside a refreshed corporate presentation available online. This initiative aims to keep stakeholders informed with current information on corporate activities.
About Prospera Energy Inc.
Headquartered in Calgary, Alberta, Prospera Energy Inc. is dedicated to oil and natural gas exploration and production, focusing on environmental sustainability. The company operates in significant regions of Saskatchewan and Alberta, with active development in Cuthbert, Luseland, Hearts Hill, and Brooks.
Contact Information for Prospera Energy
For inquiries or further information, stakeholders can contact:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com
Frequently Asked Questions
What recent updates has Prospera Energy provided?
Prospera Energy has reported increases in its production figures and has completed significant workover programs that enhance operational efficiency.
How did the recent workover programs impact production?
The recent workover programs yielded positive results, allowing the company to maintain a production level of approximately 682 boe/d with successful capital efficiency.
What challenges is Prospera facing with its joint venture in Brooks?
There are ongoing investigations regarding a joint venture partner in Brooks who is in arrears of approximately $4.2 million, potentially impacting production activities.
What operational improvements has Prospera made?
Prospera has enhanced winterization activities and introduced new equipment, which has improved production reliability and operational costs.
What is the focus of Prospera's future strategies?
Prospera aims to optimize production from its various fields while maintaining transparency and engaging effectively with its stakeholders through regular updates.
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