Growth-Oriented Small Cap Oil Stock Begins 18 Well Drill Program -- Prospera Energy
We sat down with Prospera Energy’s (🇺🇸GXRFF -- 🇨🇦PEI) CEO Samuel David and VP of Subsurface -- George Magarian for an update. Prospera is one of our largest holdings. Their primary focus now is their 18 well drill program, consisting of 8 slanted/vertical wells and 10 horizontal wells. All the pieces are in place to commence its Phase 2 drill program, which will start by August 15 and commence rapidly from there.
VP Magarian has put in over 36 years as a petroleum geologist and is an expert in Western Canada geology. He’s worked for many major producers. He has high expectations for the program. The new wells are in existing fields so risk is extremely low. He expects an 80 to 90 percent success rate. In his opinion, these wells will produce at least 60-100 barrels per day.The resulting increased production will kick-in in Q3. This added to August’s 1250 BOE will substantially increase production and cash flow.
For 2022 the company reported record cash flow of C$5.4 and upon completion of its Phase 2 program, 2023 could go much higher. It has upped its working capital and cash position so it can comfortably finance increased production. The company has also been helped by $75 oil.
Finally, CEO David discussed the company’s anticipated acquisition. It is in active talks to take over an existing field and is negotiating the exact scope of acquired assets and liabilities.
Prospera expects to news flow to increase substantially as its drill program ramps up and results start coming in. We are very optimistic about its future.
Company website: https://ProsperaEnergy.com
-
15:41
Financial Survival Network
7 months agoDavid Wright on Rising Unemployment & Market Volatility: Navigating Economic Challenges #5946
43 -
29:42
Breaking Points
2 hours ago6/25/24: LIVE AMA!
12.8K3 -
1:25:16
Graham Allen
4 hours agoCNN Threatening To STOP ALL Debate Coverage! + Info Wars Being SHUTDOWN!
40.7K169 -
2:02:27
Matt Kohrs
13 hours agoStocks Waver, Bitcoin Bounces Back & Live Trading || The MK Show
27K7 -
1:49:36
Bussin' With The Boys
11 hours agoTravis Kelce Talks Dating Taylor Swift + Winning Back To Back Super Bowls
18.5K10 -
2:57:24
Wendy Bell Radio
7 hours agoTapped Out
49.9K52 -
3:20:55
SNEAKO
12 hours agoLS LATE NIGHT - SECRET GUEST, DRAMA, AUTISM
95.5K90 -
3:06:28
Fresh and Fit
14 hours agoDo Sex Workers Deserve A Good Man?! HEATED DEBATE!
165K264 -
16:39
Stephen Gardner
15 hours ago🔴Breaking: Trump GETS HUGE boost as Jesse Waters Humiliates Biden!
79.5K140 -
39:42
Candace Owens
19 hours agoChrissy Teigen Needs An Exorcism | Candace Ep 11
100K157