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Prospera Announces Annual Reserves Highlights
CALGARY, AB / ACCESSWIRE / May 19, 2020 / Prospera Energy Inc. (TSXV:PEI)(FRA:OF6A) ("Prosper...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Announces Annual Reserves HighlightsCALGARY, AB / ACCESSWIRE / May 19, 2020 / Prospera Energy Inc. (TSXV:PEI)(FRA:OF6A) (\"Prospera\" or the \"Corporation\") Prospera Energy Inc. is very pleased to release the results of its 2019 year-end oil and gas reserves evaluation for the Corporation's Alberta and Saskatchewan properties.Reserves Report HighlightsThe Independent Reserves Report prepared by GLJ Petroleum Consultants is effective as of December 31, 2019 (\"2019 Reserves Report\"). All reserves information contained in this press release is based on the 2019 Reserves Report and includes reserves attributed to the Alberta and Saskatchewan assets: Luseland, Hearts Hill, Cuthbert, Red Earth and Pouce Coupe.Proven Developed (\"PDP\") ReservesThe Company's PDP (1P) reserves grew 94% over 2018 reserves to 627.2 Mboe (97% oil and liquids).NPV10 of $4.5 Million or $0.069 per basic common share.Reserve Life Index (\"RLI\") based on 4th quarter, 2019 production of 4.3 years.Total Proved Reserves (\"1P\")The Company's 1P reserves grew 45.5% over 2018 reserves, to 929.5 Mboe (98% oil and liquids).NPV10 of $9.66 Million or $0.148 per basic common share.Future development costs of $4.55Million.RLI of 6.4 years.Proved plus Probable Reserves (\"2P\")The Company's 2P reserves grew 42.4% over 2018 reserves, to 1,345.1 Mboe (97% oil and liquids).NPV10 of $16.28Million or $0.148 per basic common share.Future development costs of $4.89 Million.RLI of 9.24 years.Oil and Gas ReservesThe 2019 Reserve Report represents Prospera's oil and gas properties in Alberta and Saskatchewan and was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (\"NI 51 - 101\") by GLJ Petroleum Consultants. The following table summarizes certain information contained in the 2019 Reserve Report:Reserves Category Light, Medium andHeavy OilNaturalGasTotal BOE2019Total BOE2018Reserves Category (Mbbl)(MMcf)(Mboe)(Mboe)Proved Developed Producing609110627324Proved Developed Non-Producing11622120146Proven Undeveloped1830183169Total Proved908132929639Probable40094416306Total Proved Plus Probable13082261345944 Note: Reserves CategorySummary of Net Present Values of Future Net Revenue (Before Tax)4 (based on forecast...