Kelowna, British Columbia, Canada, June 20, 2019: Prospera Inc. ("Prospera" or the "Corporation") (PEI:TSX-V; OF6A:FRA) Prospera would like to update shareholders regarding the ongoing Reactivation Program underway at the Corporation’s oil producing properties at Luseland, Hearts Hill and Cuthbert in Saskatchewan.
The Corporation started the 2019 Reactivation Program in March, as soon as weather allowed the service rig access to begin work. Since March 2019, the Company has completed reactivation and/or total workover on 26 individual wells. This program has successfully increased production on these properties by 30% or 345 boe/day. In addition to these initiatives, Prospera is actively working on restarting the injection lines at the Hearts Hill property which will add a further 50boe/d of overall production. As well, the Hearts Hill and Cuthbert fields are being actively monitored for pressure optimization. The team is working on water-flood patterns which will lead to incremental production increases on those properties as well.Statement from CEO Burkhard Franz
"The Corporation is very pleased with the production increases realized from our reactivation and workover efforts to date. As at May 31, 2019, Prospera is seeing a significant overall increase in production on all its properties in Alberta and Saskatchewan from these ongoing projects. The reactivation and workover plans are being executed according to schedule and are planned to continue at a rate of 8-10 reactivations/workovers per month, throughout the remainder of 2019. In addition to these efforts, water-flooding initiatives to further increase production at the Hearts Hill and Cuthbert fields are now underway. Prospera anticipates receiving hard production data from these initiatives throughout the remainder of June and July. The Corporation will be providing a further update to shareholders on the resulting production increases from of these ongoing efforts in 4-6 weeks."
Prospera Inc is a Canadian natural resource company engaged in the acquisition, exploration, development and production of oil and gas properties with operations in Alberta and Western Saskatchewan.
Production volumes are commonly expressed on a barrel of oil equivalent ("BOE") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.
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. More particularly, it may contain forward-looking statements concerning: (i) production (ii) planned drilling, reactivation, development and waterflood activities, (iii) the potential number of drilling locations on the properties, (iv) timing and completion of the Transaction, including expectations and assumptions concerning timing of receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the Transaction, and (v) potential development opportunities associated with the operations.
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.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera Inc. As a result, Prospera cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.