Prospera announces the opportunistic appointment of Mr. Shubham Garg as Chairman of the Board of Directors. Previous Chairman, Mr. Mel Clifford has stepped down from the Board of Directors for personal reasons, effective October 31, 2024. The Board and Prospera express their sincere gratitude to Mr. Clifford for his dedication and contributions to PEI's restructuring efforts out of bankruptcy.
The board and the principal investors of Prospera have unanimously approved Mr. Garg as the Chairman of the Board, recognizing his extensive knowledge of the public oil & gas market, his influential connections within financial industry, and his sound understanding of oil and gas operations, especially in Saskatchewan's heavy oil fields.
The recent medium-light oil drills have been completed, and production flow is beginning to reach the anticipated levels. Ongoing efforts, including SK heavy oil well automation, battery maintenance and upgrades, pipeline modifications, water injection realignment, and ensuring sufficient fuel gas supply, are enhancing well runtime and optimizing production to support the horizontal transformation volumes as outlined in the structured development phases. Prospera will continue developing its assets and diversifying the heavy-to-light oil ratio to enhance its margins.
