- Prospera Energy (TSXV:PEI) achieved eight-year-high production levels at its Luseland heavy-oil property in Saskatchewan, reflecting the company’s well reactivation efforts following a change in management in 2024
- The Canadian energy company is exploring for, developing and producing crude oil and natural gas across a multi-property portfolio in Alberta and Saskatchewan
- Prospera Energy stock has added 16.67 per cent year-over-year, while giving back 30 per cent since 2021
Prospera Energy (TSXV:PEI) achieved eight-year-high production levels at its Luseland heavy-oil property in Saskatchewan, reflecting the company’s well reactivation efforts following a change in management in 2024.
According to Tuesday’s news release, production rates are continuing to climb, with wells reactivated in 2026 delivering strong initial rates thanks to numerous engineering and optimization measures, including “bigger downhole PCP pumps, undersized rotors for improved run-life and sand-management, additional recycle pumps installed on individual wells, increased recycle pump capacities across the field, and a more controlled ramp-up phase designed to maximize long-term well productivity and reliability.”
Leadership expects these measures to help to create a floor for production levels now and into the future, supported by legacy Luseland wells prospective for incremental barrels – based on reservoir analysis – which will be re-entered over the near term.
This spring, the company expects to kick off a two-rig program to upgrade Luseland wells, advance workovers at its Cuthbert property and foster production momentum in 2026, with operations expected to deliver “consistent month-over-month increases in operating and free cash flows as the program completes,” leveraging Luseland’s fixed-costs in terms of power, field staff, maintenance and trucking infrastructure.
Given the ongoing conflict in Iran and across the Middle East, Prospera pre-ordered critical equipment to ensure its work program isn’t delayed by potential shortages in the energy supply chain.
Management commentary
“The results we are seeing across Luseland are exactly what we set out to achieve with Prospera’s business strategy of low-cost reactivationsm,” Shubham Garg, chairman of Prospera Energy, said in a statement. “Our 2025 reactivations are still climbing, our 2026 wells are coming on stronger than ever with our refined engineering strategies, and we have a clear runway ahead of us with the two-rig spring/summer program. The scaling economics at Luseland are powerful, every well we bring on makes the entire field more profitable. We have pre-ordered the parts we need to execute without interruption, and we intend to keep our foot on the gas.”
About Prospera Energy
Prospera Energy is a Canadian energy company exploring for, developing and producing crude oil and natural gas across a multi-property portfolio in Alberta and Saskatchewan.
Prospera Energy stock (TSXV:PEI) last traded at C$0.035. The stock has added 16.67 per cent year-over-year, while giving back 30 per cent since 2021.
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