Company Announces Production Results Exceeding Expectations

Company Announces Production Results Exceeding Expectations

By: Tomas Ronolski - News

Thursday, December 8, 2022

This oil and gas exploration, focused on conventional oil and gas reservoirs in Western Canada announced production from a recent acquisition that was better than expected. Will shares be on an upswing today?

Oil and gas explorer, Prospera Energy Inc. PEI: TSX-V; OTC: GXRFF announced test results showing medium-light oil flowing at 400 barrels per day production from the recent strategic medium-light oil property acquisition, in the company’s press release. 

The company has recompleted two wells from two distinct pools, with one well flowing at 300 barrels per day, and another was flowing at 100 barrels per day on a three-day test. Flowing barrels suggests encountered pools are higher than depth gradient pressure that leads to good deliverability and overall recovery.   

Canadian shares closed Wednesday trading at $0.08.

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