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, has selected IBN (InvestorBrandNetwork) as its corporate communications partner. A multifaceted financial news and publishing company for private and public entities, IBN will leverage its investor-based distribution network of more than 5,000 key syndication outlets, various newsletters, social media channels, wire services via InvestorWire, blogs and other outreach tools to generate greater awareness for Prospera Energy. Prospera Energy develops, acquires and drill assets with potential for primary and secondary recovery with a primary focus on optimizing hydrocarbon recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company is undergoing a three-stage restructuring process designed to prioritize cost-effective operations while appreciating production capacity and reducing liabilities.
The company’s core properties include more than 42,000 cumulative acres across Cuthbert, Luseland and Heart Hills in Saskatchewan and Red Earth and Pouce Coupe in Alberta. “Since enacting its top-down reorganization in 2021, Prospera has achieved tremendous growth,” said IBN director of operations Chris Johnson in the press release. “In May 2023, the company reported a threefold year-over-year increase in annual revenue for 2022 alongside drastically reduced operating costs and record-high cash flow from operations. We’re excited to customize our comprehensive suite of corporate communications solutions for Prospera, which is positioned to execute the second phase of its development plan, aimed at increasing production through medium-oil development in Alberta and leveraging horizontal wells to capture the significant remaining reserves in Saskatchewan.”
To view the full press release, visit https://ibn.fm/MrLYI
About Prospera Energy Inc.
Prospera Energy is a publicly traded energy company based in western Canada, specializing in the exploration, development and production of crude oil and natural gas. Prospera Energy has announced a mid-August spud of PEI’s phase 2 restructured development program intended to increase production. The phase 2 development entails the drilling of 10 horizontal wells in heavy oil and 8 slanted wells in medium-light oil to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal laterals and slanted wells will allow PEI to increase production by approximately 1,000bpd with recovery of approximately 100Mstb per well. PEI will reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 of Prospera’s corporate redevelopment strategy will focus on continuing the company’s horizontal modular development to appreciate production and optimize recovery of remaining reserves. Prospera intends to implement full-scale EOR applications based on the results of its phase 2 pilot program, which is forecast to optimize recovery by greater than 10%. Prospera also intends to continue its acquisition strategy to diversify its product mix. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas – all while continuing to eliminate carbon emissions as part of its existing ESG initiatives. For more information, visit the company’s website at www.ProsperaEnergy.com.
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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