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Prospera Energy Announces Operations Update, Closing of White Tundra Petroleum Acquisition, and Signing of Joint Venture Partnership
Globenewswireยท 2025-08-29 10:00
Core Viewpoint - Prospera Energy Inc. has demonstrated strong operational performance with significant production increases and strategic acquisitions, positioning itself for future growth in the oil and gas sector. Production and Operations - The company averaged gross production of 775 boe/d (97% oil) from August 1 to August 21, excluding the recently acquired White Tundra Petroleum assets [1] - Production at the Cuthbert pool averaged 295 boe/d (100% oil) during the same period, with enhanced winterization efforts underway [5] - Hearts Hill production averaged 202 boe/d (90% oil) and is undergoing waterflood pattern optimization [7] - Luseland production averaged 217 boe/d (99% oil), supported by ongoing workovers and field optimizations [8] Project Execution and Enhancements - Over 60 projects have been completed, with plans for additional reactivations and enhancements in Q4 [4] - Successful remediation projects have increased oil production from specific wells by over 300% [6] - The company is actively optimizing more than 10 wells daily, with various initiatives to improve production efficiency [9][10] Strategic Acquisitions - Prospera has successfully acquired White Tundra Petroleum for a total consideration of $2,620,000, enhancing its production base and providing new reactivation opportunities [13][14] - The acquisition includes a performance-based bonus contingent on achieving specific production targets [14] Joint Ventures and Partnerships - The company has entered a joint venture to develop its Mannville stack formation assets, with operations expected to commence by October 31, 2025 [16][18] - The partnership allows Prospera to maintain operational control while mitigating capital requirements [18] Reporting and Transparency - Prospera has published updated production and workover trackers, providing detailed insights into production rates and capital expenditures [12]