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CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)
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In Q4 2024, Prospera Energy underwent a strategic transformation under new leadership, shifting its focus toward reactivating existing wells within its core Saskatchewan heavy oil assets. This realignment is designed to improve production reliability and predictability, ultimately strengthening cash flow and overall financial stability. As part of this strategic shift, interim CEO Shubham Garg was appointed Chairman of the Board, and Darren Jackson assumed the role of Chief Operating Officer. As these changes take effect, PEI expects to benefit from increased access to financing, more efficient capital deployment, and enhanced financial performance in 2025. Prospera will host a live webinar conference call on May 1, 2025, at 11:00 a.m. MST to discuss 2024 results and the Company’s ongoing strategy: Click here to register.
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PEI has submitted its year-end financial information for 2024, which will be showcased on April 29th, 2025, within the Company’s issuer profile on SEDAR+ at www.Sedarplus.ca.
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Operational highlights for 2024 are as follows:
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- Realized $18.1 million in sales revenue in 2024, compared to $13.1 million in 2023.
- Realized average gross sales of 652 boe/d in 2024, an increase of 29% from 2023 levels of 505 boe/d.
- Realized average sales prices of $75.95/boe in 2024, compared to $71.48/boe in 2023.
- Realized a positive operating netback of $6,013,280 in 2024, compared to $3,356,773 in 2023.
- Realized positive funds flow provided by operations of $2,623,166 in 2024, compared to $190,823 in 2023.
- Completed two working interest acquisitions in core Saskatchewan assets, resulting in a 17% increase in the average working interest in the region. As of December 31, 2024, PEI’s average working interest across all properties is 97% on a production weighted basis.
- PEI’s 2024 third party reserves report highlights include the following:
- NPV before tax for PDP reserves increased 3% from $27.1MM to $28.0MM at a 10% discount rate.
- NPV before tax for PDNP reserves doubled from $8.5MM to $18.9MM at a 10% discount rate.
- NPV before tax for 1P reserves increased 24% from $89.9MM to $111.4MM at a 10% discount rate.
- NPV before tax for 2P reserves increased 20% from $133.3MM to $159.3MM at a 10% discount rate.
- Gross 2P reserves increased by 26% from 5,403 to 6,793 Mboe (98% liquids).
- In 2024 PEI raised $16.5m in financing:
- $12.2 million through the issuance of senior debt.
- $3.4 million through the issuance of a GORR.
- $0.9 million through the issuance of promissory notes with warrants.
- Increased Property and Equipment balance to $47.8 million from $39.3 million on December 31, 2023.
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| Operating netback | 2024 | 2023 |
| Total petroleum and natural gas sales | 18,126,190 | 13,183,464 |
| Royalties | (1,483,792) | (1,365,520) |
| Operating costs | (10,629,118) | (8,461,171) |
| Operating netback | 6,013,280 | 3,356,773 |
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| Operating netback ($/BOE) | 2024 | 2023 |
| Sales | 75.95 | 71.48 |
| Royalties | (6.22) | (7.40) |
| Operating costs | (44.54) | (45.88) |
| Operating netback | 25.19 | 18.20 |
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| Assets ($) | 2024 | 2023 |
| Current assets | ||
| Cash | 364,083 | 118,933 |
| Trade and other receivables | 1,874,548 | 3,244,596 |
| Prepaid expenses and deposits | 393,207 | 548,443 |
| Inventory | 564,802 | 521,426 |
| Total current assets | 3,196,640 | 4,433,398 |
| Non-current assets | ||
| Trade and other receivables | 1,676,252 | 4,387,826 |
| Deposits | 1,283,422 | 1,015,400 |
| Property and equipment | 47,776,659 | 39,331,690 |
| Total assets | 53,932,973 | 49,168,314 |
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About Prospera
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Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
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