• 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

About InvestorWire

InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer

InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
[email protected]

InvestorWire is powered by IBN