CALGARY, Alberta, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (PEI: TSX-V; OF6B: FRA) ("Prospera" or the "Corporation")
Prospera announces the opportunistic appointment of Mr. Shubham Garg as Chairman of the Board of Directors. Previous Chairman, Mr. Mel Clifford has stepped down from the Board of Directors for personal reasons, effective October 31, 2024. The Board and Prospera express their sincere gratitude to Mr. Clifford for his dedication and contributions to PEI's restructuring efforts out of bankruptcy.
The board and the principal investors of Prospera have unanimously approved Mr. Garg as the Chairman of the Board, recognizing his extensive knowledge of the public oil & gas market, his influential connections within financial industry, and his sound understanding of oil and gas operations, especially in Saskatchewan's heavy oil fields.
The recent medium-light oil drills have been completed, and production flow is beginning to reach the anticipated levels. Ongoing efforts, including SK heavy oil well automation, battery maintenance and upgrades, pipeline modifications, water injection realignment, and ensuring sufficient fuel gas supply, are enhancing well runtime and optimizing production to support the horizontal transformation volumes as outlined in the structured development phases. Prospera will continue developing its assets and diversifying the heavy-to-light oil ratio to enhance its margins.
About Prospera
Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.
The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to 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 is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.
The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Website: www.prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
