(MENAFN- GlobeNewsWire - Nasdaq) CALGARY, Alberta, May 26, 2023 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (" Prospera " or the " Corporation ") (PEI: TSX-V; OF6A: FRA)
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.
| Operating Netback | 2022 | 2021 |
| Total petroleum and natural gas sales | 13,904,287 | 4,410,761 |
| Transportation Costs | (645,817) | (213,159) |
| Royalties | (1,847,917) | (447,340) |
| Operating & restructuring costs | (6,028,540) | (5,066,843) |
| Operating netback | 5,382,013 | (1,103,422) |
| Dollar per BOE | 2022 | 2021 |
| Sales | 89.17 | 61.42 |
| Transportation Costs | (4.14) | (2.97) |
| Royalties | (11.85) | (6.23) |
| Operating cost | (38.66) | (66.69) |
| Operating netback | 34.52 | (14.47) |
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.
| ASSETS | | 2022 | | 2021 |
| Current assets | | | | |
| Cash | $ | 1,050,960 | $ | 281,519 |
| Trade and other receivables | | 838,500 | | 1,405,573 |
| Prepaid expenses and deposits | | 59,788 | | 17,057 |
| Inventory | | 449,849 | | 237,863 |
| Total current assets | | 2,399,097 | | 1,942,012 |
| Non-current assets | | | | |
| Deposits | | 918,902 | | 488,671 |
| Property and equipment | | 28,984,586 | | 23,073,890 |
| Right-of-use | | 661,941 | | 627,965 |
| Total assets | $ | 35,808,655 | $ | 26,132,538 |
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
PEI has submitted its year-end financial information for 2022, which will be showcased on May 29th, 2023, within the Company's issuer profile on SEDAR at .
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.
About Prospera
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.
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