Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in western Canada, is reporting that two of its five horizontal wells have begun production over the past week. According to the announcement, each well produced 125 bpd with less than 1% water cut. The company strategically brought these new horizontal wells into production at a low pump efficiency of about 30% in order to accommodate the heavier viscous oil and achieve steady flow, designed to peak over the next few months. The company noted that it plans to begin production with the remaining three horizontal wells in the coming week. PEI reported current gross production levels of more than 1,000 boepd with 300 boepd behind pipe to accommodate development. The announcement noted that the company anticipates reaching a gross production level of 1,500 boepd from behind-the-pipe production resumption and the additional production from the new horizontal wells.
“The horizontal infill drilling program will resume in the next few weeks and will continue the horizontal infill drilling transformation from vertical wells through the winter to next year break up,” said the company in the press release. “Prospera’s quick turnaround to bring this specific horizontal production online allows [the company] to maintain momentum to capitalize on the current strong oil price environment. Furthermore, medium oil development consents are near completion to proceed to permits and to commence drilling.”
To view the full press release, visit https://ibn.fm/9uOPg
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 Energy has announced a mid-August spud of PEI’s phase 2 restructured development program intended to increase production. The phase 2 development entails the drilling of 10 horizontal wells in heavy oil and 8 slanted wells in medium-light oil to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal laterals and slanted wells will allow PEI to increase production by approximately 1,000bpd with recovery of approximately 100Mstb per well. PEI will 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 will focus on continuing the company’s horizontal modular development to appreciate production and optimize recovery of remaining reserves. Prospera intends to implement full-scale EOR applications based on the results of its phase 2 pilot program, which is forecast to optimize recovery by greater than 10%. Prospera also intends to continue its acquisition strategy to diversify its product mix. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside 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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