- Prospera Energy Inc. (PEI) has announced an overall production increase of ten times its current rate
- Its gross production went up from 80 barrels per day (bpd) to 800 bpd
- Prospera’s quarterly revenue grew by 860 per cent
- It also stated it acquired 50 per cent light oil interests and may double its inventory within the next two years
- Prospera Energy Inc. (PEI) is up 22.22 per cent, trading at $0.05 per share as of 1:26 p.m. ET
Oil and gas exploration company Prospera Energy (PEI) has announced an overall production increase of ten times its current rate.
The company was able to increase its gross production from 80 barrels per day (bpd) to 800 bpd. Alongside its other business plans and acquisitions, it expects to end this year with a 1,500bpd rate.
Additionally, Prospera’s quarterly revenue grew by 860 per cent, and its reserve asset value grew from -$3.4 million to $56.2 million compared to its second quarter of last year.
On top of this, Prospera stated it acquired 50 per cent light oil interests to diversify its product mix and to gather a higher margin. Its strategic acquisition to expand in a core area may double the current operation and inventory to attain 5,000 bpd within the next two years.
The company also settled $14 million worth of legacy arrears, reduced asset retirement obligations liability by $1.5 million, and addressed over 400 legacy non-compliances to be fully regulatory and environmentally compliant.
Prospera shared it is now positioned to accelerate growth and has planned three horizontal pilot wells to assess and improve efficiency to capture any remaining reserves (approximately 400million barrels).
Two pilots were already completed during its latest quarter. The company is pleased with the results from the two pilots and expects the final pilot to deliver an initial production rate of 75 to 100 bpd for roughly $800,000 per well.
Prospera Energy Inc. (PEI) is up 22.22 per cent, trading at $0.05 per share as of 1:26 p.m. ET.