Prospera Energy December Oil Production Set to Hit Post-Restructure High with CEO Samuel David

December 10, 2023

Kerry Lutz sits down with Prospera Energy’s (GXRFF — PEI) CEO Samuel David and CFO Chris Ludtke for the latest production updates and strategic developments. They provide us with their recent operational achievements, including the new well at Brooks and the eight new horizontal wells. He explained that bringing horizontal wells online requires a brief shut down of the adjoining wells, in an effort to optimize production and minimize decline rates.

The new Brooks well is should be a significant contributor to output. Samuel expects to conclude 2023 with an 1800 BOE per day production rate, which is quite impressive considering that when he took over Prospera it was producing 60 BOE. He provides an in-depth look at how the company is effectively tapping into previously inaccessible reserves, a move that promises to substantially impact Prospera’s reserve valuation and Net Present Value (NPV).

Chris provided details on PEI’s financials, drill program, and acquisitions. He confirms that the company has successfully managed expenses, achieving a substantial reduction in fixed costs through increased production efficiencies.

Samuel expounded further on the cost-effective strategies being implemented. Costs per well are currently coming in 15 percent under budget, providing proof of Prospera’s strict financial management, in an industry often known for high costs.

Finally, Samuel provides us with a look at Prospera’s acquisition strategy. The company is focused on acquiring distressed properties, particularly those rich in light oil, to balance their heavy oil portfolio. He reveals that Prospera has five significant acquisitions in the pipeline, some of which are located in the United States. He’s racing to complete them in Q1 ’23. Visit Prospera’s website at:

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