LOS ANGELES, Aug. 23, 2023 (GLOBE NEWSWIRE) -- via IBN – Prospera Energy Inc. (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, today announces it has selected the corporate communications expertise of IBN, a multifaceted financial news and publishing company for private and public entities.
Prospera Energy uses its experience to develop, acquire and drill assets with potential for primary and secondary recovery. The company is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. It is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities.
Prospera’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. In total, the company estimates that there are half a billion barrels of oil in place at these sites accounting for 20+ years of forward project lifespan, with as little as 8% of total reserves having been recovered via legacy vertical well technology.
As part of the Client Partner relationship, IBN will leverage its investor based distribution network of 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.
With 17+ years of experience assisting 500+ client partners improve communications within the investment community, and a sizable family of 60+ trusted brands, IBN has amassed a collective audience that includes millions of social media followers. IBN is uniquely positioned to provide Prospera Energy the solutions needed to reach a wide audience of investors, journalists and the general public.
“Since enacting its top-down reorganization in 2021, Prospera has achieved tremendous growth. In May 2023, the company reported a three-fold year-over-year increase in annual revenue for 2022 alongside drastically reduced operating costs and record-high cash flow from operations,” stated Chris Johnson, Director of Operations for IBN. “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 learn more about Prospera Energy, please visit the company’s corporate newsroom @ https://IBN.fm/GXRFF
About Prospera Energy Inc.
Prospera Energy Inc. 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 Inc. 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 III 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 II 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
About IBN
IBN consists of financial brands introduced to the investment public over the course of 17+ years. With IBN, we have amassed a collective audience of millions of social media followers. These distinctive investor brands aim to fulfill the unique needs of a growing base of client-partners. IBN will continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.
Through our Dynamic Brand Portfolio (DBP), IBN provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) Press Release Enhancement to ensure maximum impact; (4) full-scale distribution to a growing social media audience; (5) a full array of corporate communications solutions; and (6) total news coverage solutions.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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