Sign In  |  Register  |  About Pleasanton  |  Contact Us

Pleasanton, CA
September 01, 2020 1:32pm
7-Day Forecast | Traffic
  • Search Hotels in Pleasanton

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ESGBreaks – Prospera Energy Inc. (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) Announces Commencement of Modular Horizontal Infill Well Program

Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced the spudding of the first horizontal well of the 10-well modular multi-pad infill drill program in the latter part of this week, subject to any weather-related or uncontrollable delays. According to the update, close to a hundred services have been coordinated along with lease preparation, permits and licenses. This drill program stems from a comprehensive geological, seismic and reservoir management delineation designed to cost-effectively optimize recovery with optimum wells while aligning with planned enhanced and improved recovery techniques. As previously announced, this 10-well program can add an approximately 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).

To view the full press release, visit https://ibn.fm/vWf9a

About Prospera Energy Inc.

Prospera Energy is a publicly traded energy company based in Western Canada, specializing in the exploration, development and production of crude oil and natural gas. Prospera has announced a mid-August spud of PEI’s phase 2 restructured development program intended to increase production. The phase 2 development entails the drilling of 10 horizontal wells in heavy oil and 8 slanted wells in medium-light oil to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal laterals and slanted wells will allow PEI to increase production by approximately 1,000bpd with recovery of approximately 100Mstb per well. PEI will reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy will focus on continuing the company’s horizontal modular development to appreciate production and optimize recovery of remaining reserves. Prospera intends to implement full-scale EOR applications based on the results of its phase II pilot program, which is forecasted to optimize recovery by greater than 10%. Prospera also intends to continue its acquisition strategy to diversify its product mix. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas – all while continuing to eliminate carbon emissions as part of its existing ESG initiatives. For more information about the company, visit www.ProsperaEnergy.com.

NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF

About ESGWireNews

ESGWireNews delivers up-to-date information and actionable intelligence on public companies committed to sustainable corporate practices. As one of 50+ brands within the InvestorBrandNetwork (“IBN”), ESGWireNews provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to reach millions of social media followers; and (5) a full array of corporate communications solutions. Environmental, social and governance (ESG) issues aren’t just buzzwords. The growing threat of climate change has moved large investors, like pension funds and insurance reserves, to action and screen investments based on sustainability and environmental impact. ESG criteria are increasingly guiding the investment choices of large institutional investors, and blue-chip companies have taken notice. ESGWireNews aims to uncover the emerging growth companies following their lead. If you’re interested in aligning your values with your investment portfolio, you’re in the right place.

To receive SMS text alerts from ESGWireNews, text “ESG” to 844-397-5787 (U.S. Mobile Phones Only)

For more information, please visit https://www.ESGWireNews.com

Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESGWireNews, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer

ESGWireNews
Los Angeles, California
www.ESGWireNews.com
310.299.1717 Office
Editor@ESGWireNews.com

ESGWireNews is part of the InvestorBrandNetwork.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photography by Christophe Tomatis
Copyright © 2010-2020 Pleasanton.com & California Media Partners, LLC. All rights reserved.