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  • Prospera Energy (PEI) is announcing record profitability for Q3 2022
  • Revenue came in at $3,752,046, up from $982,966 in Q3 2021
  • Net income was $938,968, up from ($1,270,030) in Q3 2021
  • The company will now focus on a Q4 development plan based on the drilling and completion results of two re-entry horizontal pilot wells
  • CEO Samuel David sat down with Sabrina Cuthbert to discuss the results
  • Prospera is an oil and gas exploration, exploitation and development company focused on  Western Canada
  • Prospera Energy (PEI) opened trading at C$0.105

Prospera Energy (PEI) is announcing record profitability for Q3 2022.

Environmental and regulatory restructuring efforts, including significant well recompletion and reactivation work, marked the quarter.

September’s gross sales were 710 boe/d, which is 40-per-cent higher than the average for Q2 2022.

Q3 highlights:

  • Revenue of $3,752,046, up from $982,966 in Q3 2021
  • EBITDA of $1,728,611, up from ($1,118,624) in Q3 2021
  • Net income of $938,968, up from ($1,270,030) in Q3 2021
  • Net production rate of 484 boe/d, up from 169 boe/d in Q3 2021, which is on target for a 1,500 boe/d gross exit rate for the year
  • Cash flow from operations of $2,801,621 YTD, up from ($3,919,219) for YTD 2021
  • Average revenue pricing of $85.09/boe, up from $63.18/boe in Q3 2021
  • Operating costs per boe declined from $52.56/boe to $40.07/boe thanks to restructuring efforts
  • Positive operating netback of $1,532,985 or $34.78/boe, or $24.74/boe after G&A + interest

As ESG initiatives progress, Prospera has abandoned 16 wells amounting to $599,812 in decommissioning liability reduction for the quarter and 41 wells amounting to $986,209 for YTD 2022. 

Management has interpreted the drilling and completion results of two re-entry horizontal pilot wells, which has resulted in a substantial Q4 development plan.

Operating income summary:

CEO Samuel David sat down with Sabrina Cuthbert to discuss the results.

Prospera is an oil and gas exploration, exploitation and development company focused on  Western Canada.

Prospera Energy (PEI) opened trading at $0.105 per share.

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