Prospera Energy Inc. GXRFF Archives

ThursdayMar 14, 2024 2:21 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announces 508% Increase in 2023 PDP Reserve Valuation

Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced a 508% increase to its proven developed producing (“PDP”) reserve value of 27MM$, reflecting the success of the company’s 2023 development program. In addition, Prospera’s proven plus probable (“2P”) reserve value increased by over 60MM$ to a total of 133MM$ – largely driven by the undeveloped reserve value increase from 58MM$ to $98MM$. InSite Petroleum Consultants Ltd. independently assessed PEI’s Dec. 31, 2023, year-end reserves in accordance with COGEH standards. Using a combination of vertical and horizontal wells, primarily in core assets located in Southwest and West-Central Saskatchewan (>42,000 acres), the…

WednesdayFeb 07, 2024 1:49 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announces Plan for Transitioning to Profitability in 2024

Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today issued a corporate update summarizing its restructuring since the first quarter of 2021, where the company has methodically executed the planned development phases and attained drilling results exceeding expectations and substantiating technical and economical applications. Prospera recapped results of its 2023 drilling program and, based on the successful results, the company is positioned to increase production primarily in medium light oil and continue the horizontal transformation to capture the substantial remaining heavy oil reserves. The horizontals enable the company to reduce environmental footprint, operating expense and asset retirement liability while appreciating production.…

FridayJan 05, 2024 11:55 am

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Recaps Successful Year, Eyes Robust 2024 Development Plans

Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) has announced that 2023 was a highly successful year for the restructured company. Among the highlights, PEI reportedly drilled, completed and tied-in nine horizontal wells in heavy oil reservoir with initial production rates exceeding expectations at 100+bpd per well. The ninth well was rig released on Dec. 24 and was brought online on Dec. 28. Prospera also drilled a directional well accessing medium-light oil flowing at 500+ Bpd. The company attained gross peak rates of 1,800 boepd prior to year-end, excluding the production of the recently drilled and completed horizontals, and the shut-in…

TuesdayDec 19, 2023 3:15 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Looking to Triple Daily Crude Output with Launch of Second Phase of Drilling Program

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…

ThursdayDec 14, 2023 12:32 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Releases Per-Day Production Report

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in Western Canada specializing in the exploration, development and production of crude oil and natural gas, is reporting its per-day production. According to the announcement, the company announced a medium light oil 500-plus barrels per day flowing well from a full day of production testing. The report noted that this above-gradient pressure reservoir will typically flow for a few months and then transition into an artificial lift system production of approximately 150-plus bblspd of stabilized rate. The company also anticipates a second well will be coming…

TuesdayDec 05, 2023 2:13 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announces Million-Dollar Development Financing, New Management Appointment

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in Western Canada specializing in the exploration, development and production of crude oil and natural gas, has successfully completed a $3 million GORR financing. According to the announcement, the GORR portion bears a 1% royalty on Prospera’s revenue from its Cuthbert properties and is repurchasable for $3.48 million in one year. The financing included an arms-length Purchase and Sale, Overriding Royalty Agreement and Agreement to Purchase Royalty for the sale of 1% royalty on Prospera's revenue from its Cuthbert properties with $1 million disbursed on closing;…

MondayDec 04, 2023 9:45 am

Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Reveals Positive Drilling Results in Recent Interview

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,…

WednesdayNov 29, 2023 9:45 am

Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announcing Development Update

Prospera Energy recently announced that its sixth horizontal well has commenced drilling The well forms part of the company’s phase 2 initiatives, which will see it drill a total of ten horizontal and 8 vertical wells across its Cuthbert and Heart Hill properties Recent successes within the program – has seen drilling work and production profiles come in well ahead of expectations – this has prompted Prospera to extend its second phase beyond the initially planned ten horizontal wells The company separately revealed that it has reached a production of 1,100 boe/d from its five initial wells as of end…

ThursdayNov 09, 2023 1:57 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Releases Status Update on Development Update

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in western Canada, announced that it has resumed phase 2 development of its horizontal infill drilling program. The company anticipates the horizontal infill drilling transformation from vertical wells will continue through winter. By working to bring this specific horizontal production online as quickly as possible, the company can sustain momentum and capitalize on the current strong oil price environment. According to the announcement, the first five horizontal wells that have been drilled performed higher than…

WednesdayNov 01, 2023 12:55 pm

QualityStocksNewsBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Reports on Q3 2023 Performance, Debt Financing

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in western Canada, is reporting on its third-quarter production and financial results. According to the announcement, the company is steadily recovering production rates that had been impacted by adverse weather in earlier quarters, with PEI reaching gross peak rates of 770+ boe/d, with another 350 boe/d behind the pipe to be optimized. In addition, the report noted that phase 2 development drilling had begun during the quarter, which necessitated the temporary shut-in of the adjacent…

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