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 releasing its financial numbers for first quarter 2024. The company noted that its 2023 exiting peak rates of 1,800 boepd were affected by cold weather conditions. Highlights of the report included average gross sales of 935 boe/d gross (net 640 boe/d) for the quarter, an increase of 158% from Q1 2023; sales revenue of $4,180,901, a 168% increase compared to $1,562,012 in Q1 2023; and a 49% reduction in operating expenses of $33.74/boe compared to $65.67/boe in Q1 2023. The report also indicated that net cash flow from operating activities increased by $6,198,666 quarter over quarter and $1,893,257 in capital expenditures were incurred related to well optimization, facilities, pipelines and commissioning-related activities. “In 2024, Prospera will continue to extend its horizontal transformational development accessing untapped heavy oil reserves while reducing the environmental footprint,” the company stated in the press release. “Further, expand these developments to the remaining core properties that have much larger reserves in place. Also, larger focus is on developing medium-oil reserves Q3 2024. PEI will be undertaking significant vegetation, abandonment and reclamation program that can result in opex and asset retirement liability reduction.”
To view the full press release, visit https://ibn.fm/zAjMP
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 is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir-development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner and service stakeholders. The company is in the midst of a three-stage restructuring process aimed at prioritizing cost-effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low-hanging opportunities and attaining free cash flow while also bringing operations to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase 2 of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Further, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint as well as efforts to reduce and eventually eliminate emissions while also pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. 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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