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Prospera Energy Inc. Announces 2024 Year-End-Reserves
CALGARY, Alberta, Feb. 22, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF)...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Energy Inc. Announces 2024 Year-End-Reserves\n\n\n\n CALGARY, Alberta, Feb. 22, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (\"\n \n Prospera\n \n \", “\n \n PEI\n \n ” or the \"\n \n Corporation\n \n \")\n \n\n Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) (\"Prospera,\" \"PEI,\" or the \"Corporation\") is pleased to announce its 2024 year-end reserves, highlighting significant growth in Proven Developed Producing (“PDP”) and Total Proved plus Probable (“2P”) reserves. The reserves and future net revenue of the Corporation were prepared by InSite Petroleum Consultants Ltd. (“InSite”), an independent qualified reserves evaluator, in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGEH”) standards. InSite prepared a report dated February 21, 2025 (the “InSite Report”), in which it has evaluated, as of December 31, 2024, the oil and gas reserves attributable to the principal properties of the Corporation. The evaluation assumes that each property included in the estimate will be developed, without considering the Corporation’s ability to secure the necessary funding for that development. The oil and gas annual disclosure can be found on SEDAR+ (\n \n\n www.sedarplus.ca\n \n\n ).\n \n\n\n Corporate Overview:\n \n\n\n The Corporation’s core strategy is focused on proven developed non-producing (“PDNP”) and proven undeveloped (“PUD”) to PDP conversions through a series of low-risk, low-decline workovers, recompletions and reactivations in our core Cuthbert, Luseland, and Hearts Hill properties. To increase gross production above 1,000 barrels per day, the Corporation will bring online incremental wells with capital intensity of less than $8,000 per flowing barrel to ensure efficient usage of capital. Progress related to these programs will be provided in the Corporation’s future monthly operational updates.\n \n\n Notably, the Corporation has successfully converted wells with no reserves assigned (“NRA”) into PDNP and PUD reserves, further increasing proven reserves and positioning for additional capital deployment in 2025. Furthermore, the acceleration of well reactivations has deferred asset retirement obligations (“ARO”) b...