The oil producer Prospera Energy, listed on the TSX Venture, the US OTC Market and the Frankfurt Stock Exchange, is still relatively unknown and has a market capitalization of CAD 35.85 million. The focus of oil production is on properties such as Cuthbert, Luseland and Heart Hills in Saskatchewan and Red Earth and Pouce Coupe in Alberta, Canada. The potential is almost inexhaustible, with an estimated half a million barrels of oil equivalent (BOE) still in the ground.

Production currently stands at 1,100 BOE per day but is set to increase exponentially through optimization. Samuel David, who has been CEO since the summer, has already achieved significant success with his optimization plan. Production costs per barrel have fallen from USD 38.00 to as low as USD 30.00. In addition, following the successful completion of the first phase of the restructuring plan, the net present value of the properties was increased to CAD 72 million.

In mid-November, Prospera Energy resumed the second phase of development of the horizontal infill drilling program with the sixth horizontal well. The first 5 horizontal wells drilled were above the estimated curve, and production in the first 60 days has exceeded expectations. In addition, the conversion of the vertical wells to horizontal infill wells will continue through the winter until the onset of spring thaw weather next year. The dedicated horizontal wells will enable the Company to maintain its momentum and benefit from the continued positive oil price environment.

In the long term, Prospera plans to implement comprehensive reservoir management in phase three of the restructured development program to optimize production and reduce production decline to ensure consistent production levels. In addition, the acquisition strategy is to be further expanded in order to expand within its core area and to diversify its products. The long-term goal is to produce 50% light oil, 40% heavy oil and 10% gas.