- After a banner year in 2022, Prospera Energy remains poised for rapid growth in 2023; Prospera Energy Inc. recently announced the start of a 10-well horizontal drilling campaign that is intended to capture significant remaining heavy oil reserves
- The company aims to demonstrate that the coexistence of growth and sustainability is possible; seeks to capitalize on the high-margin potential of its core Canadian properties while steering the oil industry towards greener oil operations and a more sustainable future
- The company’s high aspirations come amid a burgeoning oil and gas market in Canada, for which 2023 is expected to be one of the pivotal moments
Following its transformational efforts in 2022, Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a public oil and gas exploration, exploitation and development company focused on Western Canada, appears poised for record growth in 2023. Building on the success from 2022, when the company realized a Net Income of $3.1 million and experienced rapid growth when its revenue grew by a staggering 860% in Q2 2022. Prospera Energy expects significant reductions in production costs through 2024 and sizable increases in daily production. The company is currently exploring strategic acquisition targets to diversify Prospera heavy/light/gas product mix and path to 5,000 BPD over the next 24 months while expanding its reserve base to a billion barrels (https://ibn.fm/mYttq).
The company recently announced the spudding of the first horizontal well of the ten well modular multi-pad infill drill program, which is intended to accelerate production and recovery to capture the significant remaining heavy oil reserves (400 MMBBL). Stemming from a comprehensive geological, seismic, and reservoir management delineation, this ten well program can approximately add new 750 BPD at a low decline to Prospera’s current 900+ BOEPD (https://ibn.fm/WdpH5).
The company’s high aspirations come amid a growing oil and gas market. “The year 2023 may be one of the most pivotal moments in time for Canada’s oil and natural gas industry,” said Lisa Baiton, the president and CEO of The Canadian Association of Petroleum Producers (“CAPP”). CAPP expects oil and natural gas investment in upstream production to beat pre-COVID levels, hitting $29.4 billion in 2023. The total investment forecast is 11% more in additional spending than the previous year, mainly directed towards environmental protection and emission reduction technologies (https://ibn.fm/C5oe0).
Prospera Energy appears firmly committed to growth, but not at the cost of the environment. In an era where environmental sustainability takes center stage, companies across the economy rush to rethink their operations in a bid to curb their impact on the planet – and oil and gas remains no exception. Traditionally entrenched in carbon-intensive practices, the industry has been notorious for contributing to pollution.
However, in a world that seeks to strike a balance between energy needs and environmental sustainability, those times are changing. Although taunted for worsening global warming, the industry is still considered well-positioned to become one of the strongest allies in the fight against the climate crisis, as the sector can help slash greenhouse gas emissions for future generations by leveraging its ample scientific and engineering expertise.
In this race towards a more sustainable future the company is committed to being part of the trailblazing pack that aims to set new benchmarks for more responsible oil production. By employing advanced technologies and innovative practices, the company strives to slash or even potentially eliminate emissions associated with its operations, showcasing its dedication to sustainable energy production (https://ibn.fm/wF5pN).
Leveraging a seasoned leadership team with more than 100 years of combined experience across multiple areas of business operations and growth strategy, Prospera Energy appears poised to show how growth and responsibility can coexist. Aspiring to change the face of the oil and gas industry, criticized for its contribution to global warming, the company seeks to eliminate emissions, minimize environmental impact, and run environmentally sustainable operations while capitalizing on the high-margin potential of its core Canadian properties in Saskatchewan and Alberta.
For more information, visit the company’s website at www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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