Prospera announces record profitability in Q3 2022
Prospera Energy, a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada, announces record profitability in Q3 2022 as restructuring momentum accelerates.

2022 Q3 Highlights:

In the third quarter of 2022, Prospera continued the restructuring efforts to be profitable and compliant, both environmentally & regulatorily. PEI accelerated the restructuring momentum by executing a significant well recompletion and reactivation work over program during Q3. As a result, PEI September exit production rate (gross) of 710 BOE/d is 40% higher than the Q2 2022 production average.

During this quarter the Corporation:

• Achieved oil and gas revenue of $3,752,046 in Q3 2022 vs. $982,966 in Q3 2021
• Achieved positive EBITDA of $1,728,611 in Q3 2022 vs. negative EBITDA of ($1,118,624) in Q3 2021
• Realized Net Income of $938,968 in Q3 2022 vs. Net Loss ($1,270,030) in Q3 2021
• Attained a net production rate of 484 boe/d in Q3 2022 vs. 169 boe/d in Q3 2021; September sales were 710 boe/d (gross), increasing from 557 boe/d (gross) in July with an average net working interest of 78%. On target for 1,500 boe/d (gross) 2022 exit rate
• Reported positive Cash Flow from Operations of $2,801,621 for YTD 2022 vs. negative Cash Flow from Operations of ($3,919,219) for YTD 2021
• Realized average revenue pricing of $85.09/boe in Q3 2022 vs. $63.18/boe in Q3 2021. This represents a 34.7% increase in pricing year over year
• Operating Costs per boe have declined from $52.56/boe to $40.07/boe as restructuring momentum accelerates
• Reported positive operating netback of $1,532,985 or $34.78/boe, $24.74/boe after G&A + Interest

As ESG initiatives continue, PEI has abandoned 16 wells amounting to $599,812 in decommissioning liability (ARO) reduction in Q3 2022; 41 wells amounting to $986,209 in ARO reduction for YTD 2022. PEI’s commitment to the environment remains a major focus.

PEI’s management and advisors have spent considerable time interpreting the drilling and completion results of the two re-entry horizontal pilot wells resulting in a substantial Q4 development plan. This bodes well for PEI meeting the target 2022 exit production rate.

KeyFacts Energy Industry Directory: Prospera Energy