Sales Over 87,000 BOE
Prospera Energy Inc. (PEI.V) announced that the ongoing strategic objective to strengthen shareholder value through continued expansion and acquisitions has resulted in significant increases in the Corporation's overall production and revenue. The newly acquired properties in Saskatchewan and Alberta are successfully producing above management's expectations.
Gross revenue from June 11, 2018 to September 30, 2018 for the newly acquired oil and gas properties amounted to 87,006 BOE. Gross revenues from sales for this period were $4,726,609.
The average commodity price received was $54.32 per barrel of oil.
The assets generated a Q3 Net Operating Income after deduction of royalties and expenses of $1,102,410 for the Corporation and participating partners.
STATEMENT FROM CEO, BURKHARD FRANZ
''Prospera has mitigated exposure to apportionments by implementing an oil marketing strategy through an alliance with independent, third party marketing firm, Boomerang Energy Marketing. Our crude oil is now being marketed to two alternative locations in Southern Alberta and Saskatchewan with two separate midstream providers. The alliance with Boomerang has allowed us to receive a premium on our oil sales when compared with some other E&P companies that are currently exposed to suppressed market conditions.''
POST TRANSACTION STRATEGY
Prospera will continue to aggressively develop its prolific Cuthbert, Hearts Hill and Luseland oil properties in the last quarter of 2018 and throughout 2019. The Corporation is accelerating its ongoing review of wells and further well reactivations and workovers are projected at a rate of 5-8 per month moving forward.
In the coming days, the Corporation will also be providing shareholders with an update on the operations at its other three currently producing oil and gas properties in Northern Alberta and Eastern Saskatchewan, as this information becomes available. Detailed information summarizing all Prospera's operations will be forthcoming in the completed Q3 financial reports and accompanying MD&A to be issued later this week.
Prospera's interim audit of its Q3 - 2018 financial statements is not yet complete, and accordingly all financial amounts referred to in this news release are unaudited and represent management's estimates. Readers are advised that these financial estimates are subject to audit and may be subject to change as a result.
ABOUT PROSPERA INC
Prospera Inc is a Canadian natural resource Corporation engaged in the acquisition, exploration, development and production of oil and gas properties with operations in Alberta and Western Saskatchewan.