Restructured Prospera momentum accelerates by improving 2022 revenue by 3-fold and operating margin to realize record high cash flow from operations of $5.4million. Prospera is pleased to release its fourth quarter and year-end 2022 financial and operating results. Selected financial and operational information outlined below should be read in conjunction with the Company’s financial statements and related management’s discussion and analysis (MD&A) for the year ended December 31, 2022.
2022 Highlights
PEI 2022 audited financials captured the significant (continued) reorganization and business achievements resulting in the current financial position compared to the previous year.
Increased oil and gas revenue by 3-fold to $13,904,287
Improved margin by drastically reducing operating costs to $38.66/boe.
Realized record high cash flow from operations of $5,382,013 (34.52/boe)
Increased the before tax NPV@10% cash flow by 30% to $72.5 million.
Restructured Prospera is positioned for 2023 record growth after 2022 transformational year of production, revenue, and profitability.
Restructured Prospera continues to increase its asset value by executing the development programs to capture the significant remaining reserves.
Improved closing cash position by 273% to $1.05 million.
Increased total asset value by 37% to $35.8 million.
Property and equipment Increase is driven by the capitalized development & workover program and acquisition of an undivided 50% working interest in exploration lands located near Cassels, Alberta
2023 Outlook
PEI restructured efforts have resulted in manageable liabilities, safe operating infrastructure and optimized critical production rates up to gross 925 boepd from vertical wells. In 2023, PEI has positioned itself to execute the second phase of PEI development plan that is to increase production through medium-oil development in Alberta and horizontal wells and capture the significant remaining reserves in Saskatchewan. While abandoning vertical wells and reducing the environmental footprint and ARO obligations.
