Prospera Energy Inc. announces record high cash flow from operations of $5.4 million in 2022 financial results
27 Mai 2023 - 5:59AM
Prospera Energy Inc. ("
Prospera" or the
"
Corporation") (PEI: TSX-V; OF6A: FRA)
Restructured Prospera momentum accelerates by
improving 2022 revenue by 3-fold and operating margin to realize
record high cash flow from operations of $5.4million. Prospera is
pleased to release its fourth quarter and year-end 2022 financial
and operating results. Selected financial and operational
information outlined below should be read in conjunction with the
Company’s financial statements and related management’s discussion
and analysis (MD&A) for the year ended December 31, 2022.
2022 Highlights
PEI 2022 audited financials captured the
significant (continued) reorganization and business achievements
resulting in the current financial position compared to the
previous year.
- Increased oil and gas revenue by
3-fold to $13,904,287
- Improved margin by drastically
reducing operating costs to $38.66/boe.
- Realized record high cash flow from
operations of $5,382,013 (34.52/boe)
- Increased the
before tax NPV@10% cash flow by 30% to $72.5 million.
Operating Netback |
2022 |
2021 |
Total petroleum and natural gas sales |
13,904,287 |
4,410,761 |
Transportation Costs |
(645,817) |
(213,159) |
Royalties |
(1,847,917) |
(447,340) |
Operating & restructuring costs |
(6,028,540) |
(5,066,843) |
Operating netback |
5,382,013 |
(1,103,422) |
Dollar per BOE |
2022 |
2021 |
Sales |
89.17 |
61.42 |
Transportation Costs |
(4.14) |
(2.97) |
Royalties |
(11.85) |
(6.23) |
Operating cost |
(38.66) |
(66.69) |
Operating netback |
34.52 |
(14.47) |
Restructured Prospera is positioned for 2023 record growth after
2022 transformational year of production, revenue, and
profitability.
Restructured Prospera continues to increase its
asset value by executing the development programs to capture the
significant remaining reserves.
- Improved closing cash position by
273% to $1.05 million.
- Increased total asset value by 37%
to $35.8 million.
ASSETS |
|
2022 |
|
2021 |
Current assets |
|
|
|
|
Cash |
$ |
1,050,960 |
$ |
281,519 |
Trade and other receivables |
|
838,500 |
|
1,405,573 |
Prepaid expenses and deposits |
|
59,788 |
|
17,057 |
Inventory |
|
449,849 |
|
237,863 |
Total current assets |
|
2,399,097 |
|
1,942,012 |
Non-current assets |
|
|
|
|
Deposits |
|
918,902 |
|
488,671 |
Property and equipment |
|
28,984,586 |
|
23,073,890 |
Right-of-use |
|
661,941 |
|
627,965 |
Total assets |
$ |
35,808,655 |
$ |
26,132,538 |
Property and equipment Increase is driven by the capitalized
development & workover program and acquisition of an undivided
50% working interest in exploration lands located near Cassels,
Alberta
PEI has submitted its year-end financial
information for 2022, which will be showcased on May 29th, 2023,
within the Company's issuer profile on SEDAR at www.sedar.com.
2023 Outlook
PEI restructured efforts have resulted in
manageable liabilities, safe operating infrastructure and optimized
critical production rates up to gross 925 boepd from vertical
wells. In 2023, PEI has positioned itself to execute the second
phase of PEI development plan that is to increase production
through medium-oil development in Alberta and horizontal wells and
capture the significant remaining reserves in Saskatchewan. While
abandoning vertical wells and reducing the environmental footprint
and ARO obligations.
About Prospera
Prospera is a public oil and gas exploration,
exploitation and development company focusing on conventional oil
and gas reservoirs in Western Canada. Prospera will use its
experience to develop, acquire, and drill assets with potential for
primary and secondary recovery.
For further information:
Shawn Mehler, IR/PREmail:
smehler@prosperaenergy.comWebsite: www.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 the 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.
Prospera Energy (TSXV:PEI)
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