Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), an oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada, announced that its sixth horizontal well had successfully commenced production as of early November, only weeks after the resumption of its horizontal infill drilling program. “Prospera has recently launched the second phase of its drilling program, centered around drilling 10 horizontal well locations across its Cuthbert and Hearty Hill properties, with the eventual goal of tripling the company’s daily crude output in 2023. The company revealed that the initial batch of five horizontal wells it had drilled had outperformed its estimated production curve, with the wells’ IP60 (i.e., average daily rate of production after a cumulative 60 days of production) outperforming Prospera Energy’s initial forecasts. With five horizontal wells now in production – and a sixth having recently joined their ranks, albeit not accounted for in the production total – Prospera has seen its gross production swell to 1,100 barrels of oil per day (‘boe/d’),” a recent article explains. “With Prospera Energy’s second phase running ahead of schedule, as well as in an effort to take advantage of currently elevated Western Canadian Select crude prices per barrel, the oil and gas developer has announced plans to extend its initial 10 well program, with the development of its light oil slanted wells now set to extend far into the coming year.”
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About Prospera Energy Inc.
Prospera Energy is a publicly traded energy company based in Western Canada, specializing in the exploration, development and production of crude oil and natural gas. Prospera 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 – all while continuing to eliminate carbon emissions as part of its existing ESG initiatives. For more information about the company, visit 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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