- International Energy Agency (“IEA”) forecasts record oil production in Canada, global demand and prices expected to rise as Russia and Saudi Arabia cut production
- Prospera Energy operates 42,000+ cumulative acres, estimates approximately 8% of over half a billion available barrels was recovered using traditional vertical well technology
- The company completed Phase 1 of restructuring plan, production expanded from 80 to 1,200 BOE and NPV increased from $3 million to $72 million
- Phase 2 focuses on horizontal well transformation, piloting an enhanced oil recovery application, executing liability management objectives, and furthering ESG initiatives
- The company recently completed four horizontal wells of ten-well multi-pad infill drill program, to start next set of four horizontal wells by end of September
Canada is expected to hit an all-time high for oil production this year, according to the International Energy Agency (“IEA”) (https://ibn.fm/8UhdV). The agency forecasts that demand will rise by 1.9 million barrels per day (mb/d) to a record 101.7 mb/d as China lifts COVID restrictions. Accordingly, prices are set to hit $100 a barrel amid production cuts by Saudi Arabia and Russia to create a “substantial market deficit”, according to the agency (https://ibn.fm/3bCnu).
Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a Canada-based public oil and gas exploration, exploitation, and development company, is rapidly transforming into a sustainable energy producer with a focus on efficient hydrocarbon development, recovery, and production practices. The company operates more than 42,000 cumulative acres across several core properties in Western Canada, including Cuthbert, Luseland, and Heart Hills in Saskatchewan: and Red Earth and Pouce Coupe in Alberta. According to management estimates, approximately 8% of over half a billion barrels was recovered using traditional vertical well technology.
Prospera aims to tap into the remaining reserves over the next two decades through a 3-phase strategy aimed at boosting production capacity, lowering costs, and reducing liabilities.
Phase 2 currently focuses on horizontal well transformation, piloting an enhanced oil recovery (“EOR”) application, executing liability management goals, and furthering ESG initiatives. The company recently completed the drilling of four horizontal wells of a ten-well multi-pad infill drill program with favorable results and is set to commence the next set of four horizontal wells by the end of September (https://ibn.fm/HiOYJ).
The company intends to accelerate production and recovery to capture the significant remaining heavy oil reserves, estimated at 400 million barrels. Management forecasts that medium-light oil development from six to eight directional wells potentially adds a gross 600 bpd to diversify Prospera’s product mix and improve margins. This infill program aims to improve recovery and optimize costs
Based in Calgary, Alberta, Prospera is led by President and CEO Samuel David, who leads the company with 32 years of development and management experience in the oil and gas sectors. Completing the team is a diverse group of industry professionals with successful track records of reorganizing businesses, structuring financing agreements, and strategically optimizing companies for growth.
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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