- Prospera Energy (TSXV:PEI) has revealed it will begin its 2024 development drilling program in mid-July
- The program will focus on multi-pad medium-oil infill directional wells that are based on the company’s 2023 drilling results
- The 2024 program will also include infill development of two pools and initial drilling of a new pool
- Shares of Prospera Energy are up 16.67 per cent to C$0.07 as of 11:58 am ET
Prospera Energy (TSXV:PEI) has revealed it will begin its 2024 development drilling program in mid-July.
The company stated in a news release that the program will focus on multi-pad medium-oil infill directional wells that are based on the company’s 2023 drilling results.
The 2024 program will also include infill development of two pools and initial drilling of a new pool.
Prospera Energy stated the program is being financed through non-dilutive debt financing of C$11 million with a 12 per cent interest rate over a two-year period. The funds will be primarily used for the 2024 development program, increasing reserve values, lowering legacy arrears as well as reducing regulatory and environmental non-compliances.
With its headquarters out of Calgary, Prospera Energy is an energy company focused on the exploration, development, and production of crude oil and natural gas.
Notably, the company focuses on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices.
Shares of Prospera Energy (TSXV:PEI) are up 16.67 per cent to C$0.07 as of 11:58 am ET.
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(Top photo: Prospera Energy)