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Prospera announces significant development plans to increase production, Canadian Business Journal

CALGARY, ALBERTA, SEPTEMBER 28, 2022 (GLOBE NEWSWIRE) — Prospera Energy Co., Ltd. (PEI): TSX: PEI-V; OTC (United States): GXRFF; FRA (Germany): OF6B

Prospera’s restructuring efforts increased gross production from 80bpd to 800bpd, increased second quarter earnings by 860% and increased reserve asset value from -$3.4 million to $56.2 million year over year. Resolved $14 million in legacy delinquencies, reduced ARO debt by $1.5 million, and addressed over 400 legacy compliance violations to ensure full regulatory and environmental compliance. In addition, PEI acquired his 50% stake in diesel to diversify its product mix and achieve higher profit margins. In addition, strategic acquisitions to expand our core areas where we can double our current operations and inventories to reach 5,000 bpd in the next 24 months. The PEI is set to finish at 1,500 bpd this year.

PEI is now positioned to accelerate growth with a reserve base in hand. PEI has planned three horizontal test wells to assess and improve technical and economic efficiency in order to effectively recover the remaining significant reserves (400 million barrels). These horizontal laterals allow PEI to optimize production and recovery while reducing its environmental footprint by eliminating numerous vertical leases along lateral paths.

Two pilots completed in Q2 2022. These laterals encountered structural, payment and petroleum according to geological, seismic and reservoir prognosis. This pay was porous and highly permeable held together by medium and heavy oils. I also encountered an unexpectedly large amount of gas in the build section. The final pilot, tweaked from his first two pilot studies, is scheduled to spud in mid-October 2022. PEI is pleased with the promising results and what he has learned from his two pilots. The final pilot is expected to achieve an initial production rate of 75-100bpd to recover her 100Mstb at a cost of about $800,000 per well.

PEI has a large drilling inventory of over 150 horizontal positions. This winter’s drilling program will begin with a 10-well program capable of adding approximately 750 bpd at a low rate of depletion. PEI will continue to execute its liability management plan to reduce asset retirement obligations and fixed operating expenses by relinquishing a number of vertical leases along its lateral path. Prospera’s initiative is to incorporate innovative technologies that reduce carbon footprint, increase carbon capture and improve margins.

This horizontal expansion plan will enable PEI to become a low-cost producer with significant production increases.

About Prospera Energy

Prospera Energy Inc. is a public oil and gas exploration, development and development company focused on traditional oil and gas reservoirs in Western Canada. Prospera uses its experience to develop, acquire and mine assets with primary and secondary recovery potential.

For more information, please contact:

Sean Mailer, PR
Email: [email protected]
Website: www.prosperaenergy.com

Forward-Looking Statements

This news release contains forward-looking statements regarding our future business and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will,” “may,” “should,” “anticipate,” “expect,” or similar expressions . All statements other than statements of historical fact contained in this release, including without limitation statements regarding our future plans and objectives, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events may differ materially from those projected in such statements.

Although Prospera believes that the expectations and assumptions on which its forward-looking statements are based are reasonable, Prospera cannot give any assurance that the forward-looking statements can be proved to be correct. Undue reliance should not be placed on statements regarding Forward-looking statements address future events or circumstances and, therefore, are inherently subject to risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the general oil and gas industry (e.g., operational risks in development, exploration, and production; risks associated with exploration or development projects or capital expenditures; reserves estimates; uncertainties in estimates and forecasts regarding production, costs and expenses, and health, safety and environmental risks); fluctuations in commodity prices and exchange rates; uncertainty due to potential delays or changes, or capital expenditure;

Readers are cautioned that the assumptions used in preparing forward-looking information may prove to be incorrect. Actual results could differ materially from those projected as a result of a number of known and unknown risks, uncertainties and other factors, many of which are beyond Prospera’s control. increase. As a result, Prospera cannot guarantee that the forward-looking statements will be realized, and readers are cautioned not to place undue reliance on forward-looking information. Although such information was believed to be reasonable by management at the time it was prepared, it may prove to be inaccurate and actual results may differ materially from expectations. Any forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Prospera does not make any forward-looking statements contained, whether as a result of new information or otherwise. does not undertake any obligation to publicly update or revise the , future events, or otherwise. except where expressly required by Canadian securities laws.


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Prospera announces significant development plans to increase production, Canadian Business Journal

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