Prospera Energy resumes drilling campaign to increase Canadian oil production
(WO) – Prospera Energy has resumed the phase two development of its horizontal infill drilling program. The sixth horizontal well spudded last Sunday, Nov. 5, and the horizontal infill drilling transformation from vertical wells will continue through the winter to next year’s break up. Prospera’s quick turn-around in bringing this specific horizontal production online enables the company to sustain its momentum and capitalize on the current strong oil price environment.
The first 5 horizontal wells drilled have performed higher than the estimated type curve, and the IP60 has exceeded PEI expectations. Prospera’s current gross production are 1,100 boed, with 400 boed shut-in to accommodate development, and another 300 boed behind pipe on minor repairs and optimization.
The development of light oil slanted wells has received permits and the lease has been constructed. This development is to commence over the next few weeks, subject to weather conditions, etc. Prospera will continue the Phase 2 development program to increase oil production, aiming to achieve year-end targets and enhance Prospera’s share value.
In addition to the first closing of debt financing, PEI has received a robust response to the non-brokered private placement of debt financing up to $3,000,000. The financing is to accommodate joint venture partner deficit and to extend drilling.
Prospera and development objectives. Prospera Energy Inc. is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas.
Prospera Energy Inc. has announced a mid-August spud of PEI’s phase 2 restructured development program intended to increase production. This phase includes the transformation from vertical wells to horizontal wells to access the significant remaining reserves (400 MMbbl) in Prospera’s Saskatchewan heavy oil fields. This transformation will also reduce PEI environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path.
Phase 3 of Prospera’s restructured development program involves full-scale reservoir management with IOR/EOR applications to provide support to optimize recovery and lower the decline to sustain steady volume delivery. Prospera plans to further its acquisition strategy, expanding within its core area and diversifying its product mix. The goal for PEI is to attain 50% light oil, 40% heavy oil and 10% gas.