Prospera is pleased to announce medium-light oil flowing at 400 barrels per day production test results from the recent strategic medium-light oil property acquisition. The Corporation has closed this acquisition of a 50% working interest in Brooks, AB to diversify API product mix to increase margin and PEI asset value.
Prospera has recompleted two wells from two distinct pools. One well was 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. These wells typically will flow for few months and then a pump will be installed to maintain the production rate. The primary recovery for these vertical wells on average were 60Mstb per well with an initial production rate of 60 barrels per day. However, PEI recompleted wells initial production rates are higher than the average. These two good performers have proved up two distinct pools for PEI that can be developed with ten additional vertical wells.
PEI has delineated five other additional pools based on well control and 3D seismic along the potential fairway that are extensive. Based on the recompleted wells performances, PEI has acquired the potential lands that has approximately 20+ million medium-light barrels of oil in place. PEI is currently in the process of bringing the recompleted wells online and have initiated the development of these pools that have been identified and acquired. This medium-light oil development has the potentiality to add gross 1,000 barrels per day to PEI.
This low capital and low-cost medium-light oil development will diversify PEI financial portfolio as it continues to develop and optimize the core medium–heavy oil core assets in Saskatchewan. A third horizontal pilot has been initiated in Saskatchewan with technical and economic adjustments learned from previous drilling. This development plan aims to recover the significant remaining reserves in place from these medium-heavy oil pools.
Prospera is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. Prospera will use its experience to develop, acquire, and drill assets with potential for primary and secondary recovery.