Prospera Energy Reports Surge in Production and Strategic Growth
Prospera Energy's Operational Insights and Developments
Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) continues to showcase its unwavering commitment to transparency and operational excellence. The company has released its latest monthly operations update that highlights key developments in its production and strategic initiatives.
Production Trends and Challenges
From the beginning of the month through March 28, Prospera's average production reached 773 boe/d, with oil making up a significant 93% of this output. An impressive peak of 881 boe/d was observed on March 27, even as winter conditions persisted. The impact of a pipeline cutout failure was noted during this period, but subsequent evaluations have informed the company's future strategies significantly.
This strategic shift has resulted in a temporary suspension of an injection line as preparation begins for its replacement after the spring thaw. This adjustment has only minimally impacted production, accounting for approximately 105 barrels/day lost throughout March. It’s essential to mention that these figures do not factor in the recent acquisition of White Tundra Petroleum, which adds to the company's repertoire.
Financial Resilience Amid Market Pressures
The Western Canadian Select (WCS) differentials have now reached unprecedented low levels, dipping below $10 USD/bbl for certain summer months. Given that Prospera's operations are centered around heavy oil production, this financial environment is beneficial, enhancing cash flow and the potential for reinvestment into future projects.
Prospera has concluded its Hearts Hill workover program, successfully bringing sixteen wells online and achieving commendable capital efficiency of under $5,000 per boe/d. With rising production noted, the company is now monitoring well performances closely to enhance operational outcomes further.
Strategic Initiatives and Technological Advances
In a noteworthy development, the high-impact Luseland workover program has seen nine out of 11 wells now operational. These wells were previously inactive due to previous lower pricing environments and limitations in operational focus. Prospera has leveraged advancements in heavy oil downhole technologies to revive these wells, significantly boosting oil production within the portfolio.
The performance of these wells has exceeded expectations, with some achieving nearly 100% oil cuts and effectively increasing sand movement up the wellbore. The transition of these previously categorized No-reserves Associated (NRA) wells to active production is a significant milestone for the company.
Innovations in Reservoir Management
In Brooks, Prospera has implemented innovative strategies to enhance well productivity. By increasing fluid level drawdown and employing enhanced gas compression techniques, the company has successfully alleviated reservoir pressure, thereby optimizing production rates. Preparatory assessments for various fracking techniques are underway, aimed at maximizing the efficacy of wells within different formations.
Prospera is also addressing regulatory non-compliances head-on with impressive success, achieving a 100% reduction in AER non-compliances and a notable 37% decrease in MER compliance issues in the first quarter. This emphasizes Prospera's dedication to responsible operational management within the regulatory framework.
Commitment to Growth and Accountability
Moving forward, Prospera has expressed its dedication to providing quarterly updates on reserve reports, which are expected to enhance the company’s net asset value and lending capacity. These comprehensive assessments will accompany the company's regular quarterly performance reports.
The strengthening of governance within the corporation is evidenced by the formation of a governance committee at the board level. This committee plays an essential role in ensuring that corporate practices align with ethical and regulatory standards, fostering accountability across all levels of the organization.
About Prospera Energy
Prospera Energy Inc., headquartered in Calgary, is dedicated to the efficient exploration, development, and production of oil and natural gas. With strategically located core properties across Alberta and Saskatchewan, the company emphasizes environmentally sustainable practices.
To ensure accurate reporting, Prospera adheres to ASC 51-324 guidelines, providing clarity in production definitions and corporate transparency.
Contact Information
For further details, please 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 is the current production rate of Prospera Energy?
As of the latest update, Prospera's production averages 773 boe/d with significant contributions from oil.
How has the company addressed regulatory non-compliance?
Prospera has successfully reduced AER non-compliances to zero and improved MER compliance by 37% in the first quarter.
What technology advancements has Prospera implemented?
Prospera has leveraged modern downhole technology to enhance oil production and efficiency across its well operations.
When can we expect the next quarterly report?
Prospera commits to releasing its quarterly reserve reports alongside regular performance updates to keep stakeholders informed.
Who can I contact for more information about the company?
Inquiries can be directed to Shawn Mehler at investors@prosperaenergy.com.
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