- International Energy Agency (“IEA”) forecasts record oil production in Canada, global demand and prices expected to rise as Russia and Saudi Arabia cut production
- Prospera Energy operates 42,000+ cumulative acres, estimates approximately 8% of over half a billion available barrels was recovered using traditional vertical well technology
- The company completed Phase 1 of restructuring plan, production expanded from 80 to 1,200 BOE and NPV increased from $3 million to $72 million
- Phase 2 focuses on horizontal well transformation, piloting an enhanced oil recovery application, executing liability management objectives, and furthering ESG initiatives
- The company recently completed four horizontal wells of ten-well multi-pad infill drill program, to start next set of four horizontal wells by end of September
Canada is expected to hit an all-time high for oil production this year, according to the International Energy Agency (“IEA”) (https://ibn.fm/8UhdV). The agency forecasts that demand will rise by 1.9 million barrels per day (mb/d) to a record 101.7 mb/d as China lifts COVID restrictions. Accordingly, prices are set to hit $100 a barrel amid production cuts by Saudi Arabia and Russia to create a “substantial market deficit”, according to the agency (https://ibn.fm/3bCnu).
Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a Canada-based public oil and gas exploration, exploitation, and development company, is rapidly transforming into a sustainable energy producer with a focus on efficient hydrocarbon development, recovery, and…
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
About MiningNewsWire
MiningNewsWire (“MNW”) is a specialized communications platform with a focus on developments and opportunities in the Global Mining and Resources sectors. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled recognition and brand awareness.
MNW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from MiningNewsWire, text “BigHole” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.MiningNewsWire.com
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
MiningNewsWire
Los Angeles, CA
www.MiningNewsWire.com
310.299.1717 Office
Editor@MiningNewsWire.com
MiningNewsWire is powered by IBN
