- CEO and President Samuel David discussed the success of Prospera’s drilling program in recent interview, revealed positive results and cost reductions
- Prospera management estimates as little as 8% of over half a billion barrels across assets have been recovered using traditional vertical well technology
- Phase 2 of drilling program focused on transition from vertical to horizontal well drilling, allowing the company to tap into the significant remaining reserves
- Recent Q3 2023 financial highlights include Q/Q rise in operating income from $783,084 to $1,101,827 and positive net income of $71,011 compared to net loss of $779,438 in Q2 2023
Samuel David, President and CEO of Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), recently discussed the company’s successful drilling program in an interview on the Financial Survival Network (https://ibn.fm/44mbK).
“We have drilled five horizontals and infield drilling based on geological well delineation, well control, and seismic delineation,” said Mr. David during the interview. “Therefore, the chance of success of geological, of finding the reservoir, is high. The only risk is mechanical because this is infill low-risk drilling. We tweaked it by drilling a couple of pilot wells prior to embarking on this development program.”
“These wells encountered pay structure and oil as we expected, and we came in under budget by about 15%. I think we can even tweak that a little bit more as we extend the drilling.”
Prospera recently transformed into a sustainable energy producer that focuses on efficient hydrocarbon development, recovery, and production practices. Assets include 42,000+ acres across Cuthbert, Luseland and Heart Hills in Saskatchewan, and Red Earth and Pouce Coupe in Alberta.
Company management estimates that roughly 8% of over half a billion available barrels have been recovered using traditional vertical well technology. Phase 2 encompasses a drilling program focused on transitioning from vertical to horizontal wells, allowing the company to increase production rates and tap into additional reserves. Following several production setbacks caused by adverse weather conditions, the company has achieved peak rates of 770+ barrels of oil equivalent per day (boe/d), with an additional 350 boe/d positioned for optimization.
The company recently revealed promising results from its restructuring efforts in a financial update (https://ibn.fm/MT0Er). Highlights include a Q/Q rise in operating income from $783,084 in 2022 to $1,101,827 in 2023. The company also reported a net income of $71,011 in Q3 2023 – a substantial turnaround from a net loss of $779,438 in Q2 2023. Further, the company announced it raised C$580,000 through the first closing of a private placement debt financing with an equity bonus. Funds from the closing are targeted for drilling, completion, tie-in, well abandonment and reclamation costs, and ongoing ESG initiatives.
“Next summer we got a huge reclamation program to turn all of this back to farming lands, reducing the environmental footprint,” continued Mr. David. “That will also reduce a tremendous amount to the bottom line and opex (operating expenses).”
Samuel David leads Prospera Energy with over 32 years of development and management experience in the oil and gas sectors. Joining him is a diverse team of industry veterans leveraging business development and finance expertise to strategically optimize the company for sustainable growth and profitability.
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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