“We are very excited for 2024. This is going to be a transitional year to profitability. The development program has estimated to elevate Prospera’s year-end production to 3,500 boepd. At the same time, Prospera has been working on strategic, accretive acquisitions that diversifies the product mix to more light oil. These are very good acquisitions for Prospera and the shareholders and will be accretive per share. And those things will add another 1,500 boepd. So we are estimating to exit 2024 at 5,000 boepd gross production,” explains Prospera Energy CEO Samuel David.
Prospera Energy (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) CEO Samuel David & CFO Chris Ludtke provide a 2024 company outlook in this MSE episode.
In December 2023, PEI reached 2,200 boepd capacity when factoring in newly-drilled wells and shut-in production. David expects PEI to demonstrate 2,200 boepd consistent production in the March/April timeframe. This summer PEI plans to drill 20+ wells at its Saskatchewan properties and between 5-8 wells at its Brooks property in Alberta. PEI has a 1,500 boepd light oil acquisition under LOI and aims for a Q2 closing. Of the 5,000 boepd gross 2024YE target, PEI’s net production ownership will likely have grown by then to over 90% shared CEO Samuel David.
Prospera aims, in the next 2-3 years, to reduce production costs to possibly under C$20/barrel and achieve 10,000+ boepd by optimizing current assets and through strategic acquisitions. The company has about 400 million barrels of oil in place. And Prospera’s core assets in Saskatchewan and Alberta had previously, during peak oil times when they were being fully developed by multinational oil companies, already saw (without EOR) production of over 10,000 boepd. The company has the facilities to accommodate over 10,000 boepd.
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