Prospera Energy today announced the spudding of the first horizontal well of the ten well modular multi-pad infill drill program in the latter part of this week, subject to any weather-related or uncontrollable delays. Close to a hundred services have been coordinated along with lease preparation, permits and licences. This modular multi-pad infill drill program stems from a comprehensive geological, seismic, and reservoir management delineation designed to optimize recovery with optimum wells in a cost-effective manner while also aligning with planned enhanced and improved recovery techniques. As previously announced, this ten well program can approximately add an additional 750 bpd at a low decline to Prospera’s current 900+boepd. This modular development is intended to accelerate production and recovery to capture the significant remaining heavy oil reserves (400 million bbls).

The medium-light oil spud will follow the heavy oil horizontal well transformation from vertical wells in the latter part of this month. These slanted drills are awaiting the preparation of the new leases, surface facilities and connecting pipelines. The medium-light oil development entails six to eight directional wells that can add an additional 600bpd (gross) at 50% WI diversifying Prospera’s product mix and improving margin.

Overall, this phase 2 development plan will allow Prospera Energy to become a low-cost producer with a significant increase in production. Meanwhile, PEI will continue to execute its liability management plan to reduce the asset reduction obligations and minimize its environmental footprint. This involves efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.

Canada operations

• Core properties including Cuthbert, Luseland and Heart Hills in Saskatchewan; and Red Earth and Pouce Coupe in Alberta.
• Half a billion barrels of oil in place.~ 8% recovered with old vertical well technology. Significant remaining reserves and additional upside recovery of 20% - 40%.
• Focus is on compatible technical applications conducive to reservoir mechanisms allowing the company to capitalize on the high margin potential of the fields at hand.
• Aspiring to provide a positive perception for the oil & gas industry by eliminating all emissions, minimizing environmental disturbances, and conducting environmentally safe operations.

KeyFacts Energy Industry Directory: Prospera Energy