- Prospera realized positive net earnings of $4.3 million in 2021 compared to a net loss of $11.7 million in 2020
- Increased its asset value considerably by 368 per cent-plus in the 2021
- Reduced legacy arrears significantly in Year 2021
- Increase in production and asset value improved the shareholder deficiency in Year 2021
- Prospera Energy Inc. (PEI) is up 7.69 per cent trading at $0.07 per share at 11:19 am EDT.
Prospera Energy (PEI) has released its fourth quarter and year-end 2021 financial and operating results.
Selected financial and operational information outlined below should be read in conjunction with the company’s financial statements and related management’s discussion and analysis for the year ended December 31st, 2021.
2021 highlights
- Realized positive net earnings of $4.3 million in 2021 ($0.05 per share – basic) compared to a net loss of $11.7 million in 2020 (-$0.18 per share – basic)
- PEI increased its asset value considerably by 368 per cent + in the 2021
- PEI reduced legacy arrears significantly in Year 2021
- Increase in production and asset value improved the shareholder deficiency in Year 2021
Outlook for 2022
The company says its restructured efforts have resulted in manageable liabilities, safe operating infrastructure, and optimized critical production rates of 700BOE per day from vertical wells.
PEI has positioned itself to execute the second phase of its development plan that is to increase production through horizontal wells and to capture the significant remaining reserves. While abandoning vertical wells and reducing the environmental footprint and ARO obligations. The Company has initiated the test horizontals to evaluate technical and economical merits.
Prospera Energy Inc. is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. The Company uses its experience to develop, acquire, and drill assets with potential for primary and secondary recovery.
Prospera Energy Inc. (PEI) is up 7.69 per cent trading at $0.07 per share at 11:19 am EDT.