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CALGARY, Alberta, Jan. 19, 2023 (GLOBE NEWSWIRE) — Prospera Energy Inc. PEI: TSX-V; OF6A: FRA, OTC: GXRFF The restructured Prospera Energy (PEI) overcame many legacy challenges and achieved many milestones in the year 2022. Consequently, PEI has positioned itself for strong growth in the year 2023 to finally overcome legacy obligations, achieve stability and greater profitability. In 2022 PEI achieved: Peak production levels of 1,250Boepd mainly oil (80%) from a low 80Bblspd from the year 2021. Realized record level revenue, EBITA & cash flow by greater than 150% compared to the year 2021. Reduced operating cost per barrel to less than $40/bbl from greater than $60/bbl in the prior year. Increased the Corporation’s ownership in the core properties from an average of 40% to 80%. Appreciated [email protected]% 2P reserves value from a loss of -$3.4 million to a gain of $56.2 million. Lengthened the TPP reserve life index from 10.1 to 22.8 years. Reduced ARO liabilities of ~1.2m$ by executing a 45 well abandonment program and remedial projects. Confirmed technical & economic viability of HZ well applications to recover the significant remaining reserves of 400 million barrels of oil by executing two pilot HZ wells. Strategically completed medium light […]
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