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Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announcing Development Update

By: Investor Brand Network

November 29, 2023 at 08:50 AM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Prospera Energy recently announced that its sixth horizontal well has commenced drilling
The well forms part of the company’s phase 2 initiatives, which will see it drill a total of ten horizontal and 8 vertical wells across its Cuthbert and Heart Hill properties
Recent successes within the program – has seen drilling work and production profiles come in well ahead of expectations – this has prompted Prospera to extend its second phase beyond the initially planned ten horizontal wells
The company separately revealed that it has reached a production of 1,100 boe/d from its five initial wells as of end October, not including a further 700 boe/d of production currently shut-in to facilitate ongoing developmental work

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada, provided investors and stakeholders with some positive news in recent days (https://ibn.fm/vWRmk). The company announced that its sixth horizontal well had successfully commenced production as of early November, only weeks after announcing the resumption of its horizontal infill drilling program. Prospera have recently launched the second phase of its drilling program, centered around drilling 10 horizontal well locations across its Cuthbert and Hearty Hill properties, with the eventual goal of tripling the company’s daily crude output in 2023.

The company revealed that the initial batch of 5 horizontal wells it had drilled had outperformed its estimated production curve, with the wells’ IP60 (i.e., average daily rate of production after a cumulative 60 days of production) outperforming Prospera Energy’s initial forecasts. With five horizontal wells…

NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF

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