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Prospera Announces Execution of Purchase Agreement to Acquire Additional Interest in Saskatchewan and Alberta Oil and Gas Properties
KELOWNA, BC / ACCESSWIRE / December 31, 2018 / Prospera Energy Inc. ("Prospera" or the "Corp...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Announces Execution of Purchase Agreement to Acquire Additional Interest in Saskatchewan and Alberta Oil and Gas PropertiesKELOWNA, BC / ACCESSWIRE / December 31, 2018 / Prospera Energy Inc. (\"Prospera\" or the \"Corporation\") (PEI:TSX-V; OF6A:FRA) announces that further to the Corporation's press release issued on December 13, 2018, Prospera has completed the acquisition of an additional 15-per-cent working interest at the western Saskatchewan (Cuthbert, Hearts Hills and Luseland) and eastern Alberta (Cuthbert) properties. Prospera has now increased the Corporation's total working interest at these properties from 20 per cent to 35 per cent.Financing for this acquisition was completed through a combination of cash on hand and advances from certain insiders of the Corporation.About the Cuthbert, Hearts Hills and Luseland propertiesThe Cuthbert, Hearts Hills and Luseland properties are located approximately 330 kilometers east of Calgary, Alberta and contain a total of 64 sections (approximately 41,526 acres) of land (62 net sections). Approximately 94 per cent of the land is located in Saskatchewan and approximately 6 per cent of the land is located in Alberta. There are 240 oil and 12 natural gas wells producing on the properties. Proven reserves are significant at these properties. Original oil in place (OOIP) (which is referred to as total petroleum volume of oil initially in place stored in a reservoir and includes petroleum contained in the subsurface as well as those quantities already produced) is estimated to be 299 million barrels of oil equivalent. The Corporation's strategy is to continue the development and expansion of these properties throughout 2019. There are also approximately 34 sections of undeveloped land.About ProsperaProspera is a Canadian natural resource company engaged in the acquisition, exploration, development and production of oil and gas properties with operations in Alberta and western Saskatchewan.For Further Information:Burkhard Franz,President and CEOPhone: 403-457-9010Production volumes are commonly expressed on a barrel of oil equivalent (\"BOE\") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons w...