Prospera Energy Inc. Announces Horizontal Development Production Update
04 Octobre 2023 - 8:00AM
Prospera Energy Inc. (“Prospera” or the “Company”)(TSX.V: PEI, OTC:
GXRFF, FRA: OF6B, OF6B.SG, OF6B.F, OF6B.BE).
Prospera’s two of the five horizontal wells have
commenced production over a week and have each yielded 125bpd/well
with less than one percent water cut. These new horizontals were
brought on strategically at a low pump efficiency of approximately
thirty percent to accommodate the heavier viscous oil to achieve
steady flow to peak over the next few months. These initial rates
are exceeding the expectations especially at the low RPM and
efficiency.
The remaining three horizontal wells will
commence production in the subsequent week. Currently, PEI gross
production levels are 1,000+boepd with 300boepd behind pipe to
accommodate development. Over the next month, Prospera is expected
to attain gross production level of 1,500 boepd from behind the
pipe production resumption and the additional production from the
new horizontal wells.
The horizontal infill drilling program will
resume in the next few weeks and will continue the horizontal
infill drilling transformation from vertical wells through the
winter to next year break up. Prospera’s quick turn-around to bring
this specific horizontal production online allows Prospera to
maintain momentum to capitalize on the current strong oil price
environment. Furthermore, medium oil development consents are near
completion to proceed to permits and to commence drilling.
PEI has received a robust response to the
non-brokered private placement of debt financing. A total of up to
$3,000,000 will be raised offering holders’ interest of 14% per
annum, with interest payments to be made quarterly for a term of 2
years. In addition to interest, holders will receive one common
share for each dollar of principal advanced, at the time of
investment. The Company has already received multiple-lead orders
of $1,000,000 plus towards this offering. The financing is to
accommodate joint venture partner deficit and to extend
drilling.
About ProsperaProspera Energy
Inc. (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is a publicly traded
energy company based in Western Canada, specializing in the
exploration, development, and production of crude oil and natural
gas. Prospera Energy Inc. has announced a mid-August spud of PEI’s
phase 2 restructured development program intended to increase
production. The phase 2 development entails the drilling of 10
horizontal wells in heavy oil and 8 slanted wells in medium-light
oil to accelerate growth and capture the significant remaining
reserves (400 million bbls). These horizontal laterals and slanted
wells will allow PEI to increase production by approximately
1,000bpd with recovery of approximately 100Mstb per well. PEI will
reduce its environmental and surface footprint by eliminating the
numerous vertical well leases along the lateral path. Phase III of
Prospera’s corporate redevelopment strategy will focus on
continuing the company’s horizontal modular development to
appreciate production and optimize recovery of remaining
reserves.
Prospera intends to implement full-scale EOR
applications based on the results of its Phase II pilot program,
which is forecasted to optimize recovery by greater than 10%.
Prospera also intends to continue its acquisition strategy to
diversify its product mix. Its goal is to attain 50% light oil, 40%
heavy oil and 10% gas.
PEI continues to apply efforts to minimize its
environmental footprint. Also, efforts to reduce and eventually
eliminate emissions, alongside pursuing innovative ESG methods to
enhance API quality, thereby achieving higher margins and
eliminating the need for diluents.
For Further Information:Shawn
Mehler, PREmail: shawn@prosperaenergy.comWebsite:
www.prosperaenergy.com
FORWARD-LOOKING STATEMENTSThis
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.
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