Business
Prospera Energy Inc. Reports Third Consecutive Profitable Quarter for 2019 and a Q3 Revenue Increase of 164%
CALGARY, AB / ACCESSWIRE / November 29, 2019 / Prospera Energy Inc. (" Prospera " or the " C...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Energy Inc. Reports Third Consecutive Profitable Quarter for 2019 and a Q3 Revenue Increase of 164%CALGARY, AB / ACCESSWIRE / November 29, 2019 / Prospera Energy Inc. (\"Prospera\" or the \"Corporation\") (TSXV:PEI)(FRA:OF6A) is pleased to announce its financial and operating results for the three months ended Sept 30, 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 continue to experience 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 Nine months ended Sept 30 Sept 30 2019 2018 2019 2018 Total P&NG sales volumes (BOE) 38,294 22,058 108,151 40,198 Daily P&NG sales volumes (BOE per day) 416 240 396 147 P&NG sales ($/Boe) 54.13 58.07 56.86 57.72 Royalties ($) (173,762) (127,051) (509,113) (186,709)Operating costs ($) (1,522,711) (741,494) (4,113,893) (1,111,952)Operating netback ($) 376,367 421,389 1,526,463 1,021,561 Nine months ended Sept 30, 2019 Sept 30, 2018 P&NG sales$ $2,072,838 1,289,934 Net profit (loss) and comprehensive profit (loss) 153,853 (11,926)Net profit (loss) per share - basic and diluted 0.00 0.00 Funds flow used by operations 111,254 238,832 Weighted average number of common shares - basic and diluted 56,772,311 46,192,311 THIRD QUARTER 2019 HIGHLIGHTSOil sales increased by $784,426 (or >60%) over Q3 2018 due to higher sales volumes ($878,875). Production increased over the respective period pursuant to the acquisition of a 35 percent net working interest and further incremental 15 percent net working interest in the producing properties located in Southwest Saskatchewan. These acquisitions were completed throughout the calendar year of 2018 and the second quarter 2019 from a joint venture partner in the Hearts Hills and Luseland properties.Net Profit for the period was $153,853 compared to a loss of $11,926 in Q3 of 2018.Operating costs were higher in the third quarter of 2019 as compared to the third quarter of 2018 as a result of increased production and additional workover and facility mainten...