Business
Prospera Energy Inc. Reports Q1 2019 Revenue Increase of 367% and Over $262,000 Profit
KELOWNA, BC / ACCESSWIRE / May 29, 2019 / Prospera Energy Inc. ("Prospera" or the "Corporati...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Energy Inc. Reports Q1 2019 Revenue Increase of 367% and Over $262,000 ProfitKELOWNA, BC / ACCESSWIRE / May 29, 2019 / Prospera Energy Inc. (\"Prospera\" or the \"Corporation\") (PEI:TSX-V; OF6A:FRA) Prospera Energy Inc. (\"Prospera\", the \"Corporation\") is pleased to announce its financial and operating results for the three months ended March 31, 2019. The condensed interim financial statements, and related management's discussion and analysis (\"MD&A\") will be available at www.sedar.com and www.prosperaenergy.com. OPERATION AND FINANCIAL SUMMARYThe Corporation's oil and gas revenues have experienced significant growth due to changes in production volumes and the acquisition of additional working interest in producing properties located in southwest Saskatchewan and eastern Alberta (the \"Assets\").RESULTS OF OPERATIONS Three months ended Year ended March 31 December 31 2019 2018 2018 2017 Total P&NG sales volumes (BOE) 33,590 7,382 62,179 32,821 Daily P&NG sales volumes (BOE per day) 373 82 170 90 Per BOE P&NG sales ($) 53.95 52.59 49.77 54.26 Royalties ($) (2.99) (1.80) (3.94) (4.43) Operating costs ($) (27.82) (23.81) (34.06) (32.25) Operating netback ($) 23.14 26.98 11.77 17.58 Three months ended March 31 2019 2018 P&NG sales $ 1,812,273 $ 388,194 Net profit (loss) and comprehensive profit (loss) 262,433 (176,921) Net profit (loss) per share – basic and diluted 0.01 (0.01) Funds flow used by operations 655,085 (31,173) Weighted average number of common shares – basic and diluted 50,350,311 26,372,311 FIRST QUARTER 2019 HIGHLIGHTSThe Corporation's production averaged 373 boe/d (overall total production was 833 boe/d), a 355% increase from the same period in 2018. This increase was driven by a successful development program and incremental production volume increases from the original Asset acquisition completed June 11, 2018 and the subsequent acquisition of additional working interest in the Assets on December 21, 2018. Total Sales were $1,812,273 in the first quarter of 2019 compared to $388,194 for the same period in 2018, representing a 367% increase.Net Profit for the period was $262,433 compared to a loss of ($176,921) in Q1 of 2018Operating netbacks averaged $23.14/boe for the quarter, compared to $26.98 in Q1 2018 due to lower realized prices and higher per unit operatin...