Since the first quarter of 2021, Prospera Energy has implemented extensive restructuring measures with a clear focus on profitable development steps in order to generate significant value for its investors. The production rates achieved, as well as the improved profitability, are the result of a systematic approach and a clear vision for the Company’s future. Based on the successful drilling results in 2023, Prospera plans to increase production, especially in medium-heavy oil and continue the horizontal transformation to capture the remaining heavy oil reserves.

To fund these ambitious steps, Prospera Energy has developed a comprehensive capital development and acquisition plan for 2024 to achieve a target rate of 5,000 BOE/D by year-end. The plan includes medium oil drilling, infill horizontal drilling for heavy oil and the acquisition of light oil for margin optimization. Financing will be provided from existing cash flows and non-dilutive credit facilities.

In addition, significant asset retirement obligation reduction projects are planned for the summer of 2024, which include the abandonment of more than 40 wells and leasehold reclamation. In addition, a plant/pipeline turnaround is planned that includes maintenance and calibration work to support the planned development.

Prospera Energy relies on its experienced team and efficient infrastructure to achieve its goals. The coming months promise exciting developments for the company and its investors.