PEI- thought i'd shareNot all of us may agree, but i appreciate hearing about other stocks, so I thought I'd share PEI. I stumbled across it this morning and I'm honestly not invested in it, but it's something i'm going to keep an eye on. Seem like a longer term play like TCF with lots of potential. The bullboard is dead over there, so thought i'd share here. The press release from Dec. 7th has some interesting info in my opinion. Ultimately, we have to do our due diligence.
Prospera Energy tests at 400 bbl/d medium-light oil
2022-12-07 17:03 ET - News Release
Mr. Shawn Mehler reports
PROSPERA ENERGY INC. ANNOUNCES MEDIUM-LIGHT OIL FLOWING AT 400 BARRELS PER DAY; PRODUCTION RESULTS FAR EXCEEDING EXPECTATIONS
Prospera Energy Inc. had medium-light oil flowing at 400-barrel-per-day production test results from the recent strategic medium-light oil property acquisition. The corporation has closed this acquisition of a 50-per-cent working interest in Brooks, Alta., to diversify API product mix to increase margin and Prospera asset value.
Prospera has recompleted two wells from two distinct pools. One well was flowing at 300 barrels per day, and another was flowing at 100 barrels per day on a three-day test. Flowing barrels suggests encountered pools are higher than depth gradient pressure that leads to good deliverability and overall recovery. These wells typically will flow for few months and then a pump will be installed to maintain the production rate. The primary recovery for these vertical wells on average were 60 Mstb (thousand stock tank barrels) per well with an initial production rate of 60 barrels per day. However, Prospera recompleted wells initial production rates are higher than the average. These two good performers have proved up two distinct pools for Prospera that can be developed with 10 additional vertical wells.
Prospera has delineated five other additional pools based on well control and 3-D seismic along the potential fairway that are extensive. Based on the recompleted wells performances, Prospera has acquired the potential lands that has approximately 20-million-plus medium-light barrels of oil in place. Prospera is currently in the process of bringing the recompleted wells on-line and have initiated the development of these pools that have been identified and acquired. This medium-light oil development has the potentiality to add gross 1,000 barrels per day to Prospera.
This low-capital and low-cost medium-light oil development will diversify Prospera financial portfolio as it continues to develop and optimize the core medium-heavy oil core assets in Saskatchewan. A third horizontal pilot has been initiated in Saskatchewan with technical and economic adjustments learned from previous drilling. This development plan aims to recover the significant remaining reserves in place from these medium-heavy oil pools.
About Prospera Energy Inc.
Prospera is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. Prospera will use its experience to develop, acquire and drill assets with potential for primary and secondary recovery.
We seek Safe Harbor.