Business
Prospera Energy Inc. Reports 2019 Revenue of $7,940,850 - Increase of 157%
CALGARY, AB / ACCESSWIRE / May 21, 2020 / Prospera Energy Inc. ("Prospera", the "Corporation...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Energy Inc. Reports 2019 Revenue of $7,940,850 - Increase of 157%CALGARY, AB / ACCESSWIRE / May 21, 2020 / Prospera Energy Inc. (\"Prospera\", the \"Corporation\") is pleased to announce its financial and operating results for 2019. The condensed interim financial statements, and related management's discussion and analysis (\"MD&A\") will be available at www.sedar.com and www.prosperaenergy.com.OPERATION AND FINANCIAL SUMMARYThe Corporation's oil and gas revenues have continued to experience significant growth due to changes in production volumes and the acquisition of additional working interest in the producing properties located in southwest Saskatchewan and eastern Alberta (the \"Assets\").RESULTS OF OPERATIONS Three months endedDecember 31 Year endedDecember 31 2019 2018 2019 2018 Total P&NG sales 1,791,381 712,848 7,940,850 3,094,542 Daily P&NG sales volumes (BOE per day) 399 239 397 170 Per BOE P&NG sales ($) 48.82 35.22 54.82 49.77 Royalties ($) (5.21) (2.65) (4.84) (3.94)Operating costs ($) (45.09) (45.76) (39.82) (34.06)Operating netback ($) (1.48) (13.19) 10.16 11.77 Year endedDecember 31 2019 2018 P&NG sales $7,940,850 $3,094,542 Net profit (loss) and comprehensive profit (loss) (93,873) (6,921,479)Net profit (loss) per share - basic and diluted 0.00 (0.18)Funds flow used by operations 139,341 (257,705)Weighted average number of common shares - basic and diluted 65,122,311 46,192,311 2019 YEAR END HIGHLIGHTSThe Corporation's production averaged 399 boe/d, a 135% increase from the same period in 2018. This increase was driven by the continued successful development program and incremental production volume increases from the Luseland, Hearts Hill and Cuthbert properties acquired on June 11, 2018, the subsequent acquisition of additional working interest in the Assets on December 21, 2018 and the second quarter 2019 incremental 15 percent net working interest acquisition from a joint venture partner in the Hearts Hills and Luseland properties.Total Sales were $7,940,850 in 2019 compared to $3,094,542 in 2018, representing a 157% increase.Net Profit (Loss) for 2019 was ($93,873) compared to a loss of ($6,921,479) in 2018Operating netbacks averaged $10.16/boe for 2019, compared to $11.77 in 2018.As at December 31, 2019, total net debt of $2,412,424 remained on the Corporation's credit facili...