Business
Prospera Reports Sales over 87,000 BOE
KELOWNA, BC / ACCESSWIRE / November 27, 2018 / ("Prospera" or the "Corporation") (TSX-V: PEI...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Reports Sales over 87,000 BOEKELOWNA, BC / ACCESSWIRE / November 27, 2018 / (\"Prospera\" or the \"Corporation\") (TSX-V: PEI; FRA: OF6A) Prospera is pleased to announce that the ongoing strategic objective to strengthen shareholder value through continued expansion and acquisitions has resulted in significant increases in the Corporation's overall production and revenue. The newly acquired properties in Saskatchewan and Alberta are successfully producing above management's expectations.Please refer to the press release dated June 13, 2018 for detailed information regarding the transaction and the agreement surrounding the acquisition of the three new properties: Cuthbert, Hearts Hill and Luseland, located approximately 160 km south of Lloydminster, Saskatchewan.OPERATIONAL HIGHLIGHTSGross revenue from June 11, 2018 to September 30, 2018 for the newly acquired oil and gas properties amounted to 87,006 BOE. Gross revenues from sales for this period were $4,726,609.The average commodity price received was $54.32 per barrel of oil.The assets generated a Q3 Net Operating Income after deduction of royalties and expenses of $1,102,410 for the Corporation and participating partners.STATEMENT FROM CEO, BURKHARD FRANZ''Prospera has mitigated exposure to apportionments by implementing an oil marketing strategy through an alliance with independent, third party marketing firm, Boomerang Energy Marketing. Our crude oil is now being marketed to two alternative locations in Southern Alberta and Saskatchewan with two separate midstream providers. The alliance with Boomerang has allowed us to receive a premium on our oil sales when compared with some other E&P companies that are currently exposed to suppressed market conditions.''POST TRANSACTION STRATEGYProspera will continue to aggressively develop its prolific Cuthbert, Hearts Hill and Luseland oil properties in the last quarter of 2018 and throughout 2019. The Corporation is accelerating its ongoing review of wells and further well reactivations and workovers are projected at a rate of 5-8 per month moving forward.In the coming days, the Corporation will also be providing shareholders with an update on the operations at its other three currently producing oil and gas properties in Northern Alberta and Eastern Saskatchewan, as this information becomes available. Detailed informat...