Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced financial results for the second quarter ended June 30, 2024 (“Q2 2024) and provided an operations update. Key highlights include reported net income of $137,933 in Q2 2024 vs. net loss of ($779,438) in Q2 2023; average net sales of 696 boe/d (gross 813 boe/d) in Q2 2024, an increase of 34% from Q2 2023 net sales of 478 boe/d (gross 609 boe/d); a 69% increase in sales revenue to $5,164,586 in Q2 2024 from $3,041,561 in Q2 2023 as a result of higher production and price levels; an 11% reduction to operating expense per barrel; and an increase in operating netback of $1,534,079 quarter over quarter ($2,628,444 in Q2 2024; $42.87/boe vs. $1,094,365 in Q2 2023; $25.10/boe) due to higher volume, revenue, and lower operating costs. In addition, as of June 30, 2024, Prospera reduced accounts payable arrears by a total of $2,659,680 from December 31, 2023.
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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 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. PEI 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 more information about the company, visit www.ProsperaEnergy.com.
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