Prospera Power is buying White Tundra Petroleum, which has property close to Loyalist and Hanna – in Alberta, Canada – producing medium oil.
Prospera mentioned in a information launch that it entered into an settlement to accumulate 100% of the issued and excellent shares in White Tundra.
The acquisition strengthens Prospera’s base manufacturing and “supplies quite a few high-impact reactivation alternatives,” the corporate mentioned. The transaction is topic to TSX Enterprise Alternate acceptance.
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As a part of the transaction, 18 million shares of Prospera shall be issued to White Tundra shareholders, contingent upon White Tundra reaching 85 barrels of oil equal per day (boepd) for 3 consecutive days throughout its properties, in response to the discharge.
A performance-based bonus of round 7.3 million further shares shall be issued if manufacturing of 128 boepd may be demonstrated for at the least seven consecutive days inside six months from the acquisition date. Prospera can be assuming $695,000 in debt as a part of the transaction, it mentioned.
Prospera mentioned it is going to assume operational oversight of White Tundra on March 6 and instantly deploy a $200,000 workover and reactivation program to optimize manufacturing past 128 boepd. The bonus share consideration shall be issued following the ultimate assertion of changes and verification of sustained manufacturing ranges.
In the meantime, Prospera mentioned its manufacturing continues to extend, exiting February at 878 boepd, up 10 % from the beforehand reported February PEI peak manufacturing. On March 3, Luseland manufacturing reached 130 boepd, the best since December 2023, whereas Hearts Hill achieved 208 boepd, marking the sphere’s highest manufacturing since November 2019. The corporate’s two lively service rigs are persevering with to deliver wells on-line throughout its Luseland and Hearts Hill properties, it mentioned.
The corporate mentioned it’s particularly focusing on high-impact Luseland workovers, together with wells with vital reservoir and manufacturing potential which have remained offline for the final 10 to fifteen years.
These wells had been beforehand inactive on account of decrease commodity costs, lack of operational focus, restricted capital availability of previous operators, and outdated heavy oil downhole know-how which has since seen a step change throughout this timeframe and which Prospera can now leverage, the corporate mentioned in an earlier information launch.
Additional, the corporate mentioned it has initiated a overview of a number of enhanced oil restoration methods, together with polymer flooding, steam injection, injector conversions to enhance waterflood sweep, and facility debottlenecking to optimize manufacturing effectivity.
Management Adjustments
In February, Prospera mentioned its CEO Samuel David was now not employed by the corporate. The corporate’s board of administrators, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Govt Chairman Shubham Garg, “will lead the corporate’s strategic imaginative and prescient and marketing strategy going ahead,” the corporate mentioned in an earlier information launch.
David resigned from the corporate’s board efficient November 18, 2024.
Prospera additionally appointed Darren Jackson as its Chief Working Officer (COO), efficient January 1. Darren will oversee the corporate’s day-to-day operations, strategic initiatives, regulatory compliance, discipline optimization packages, and drive operational excellence.
Darren brings over 25 years of experience within the oil and fuel trade, “providing a wealth of information and a observe file of confirmed management,” in response to an earlier assertion.
To contact the writer, e-mail rocky.teodoro@rigzone.com
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