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Prospera Energy increases revenue by 38% and strengthens financial positioning

Prospera Energy closed fiscal year 2024 with a notable increase in revenue and a strategic reorganisation of its assets, while reinforcing its performance on the financial market.

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Prospera Energy Inc. reported increased financial results for 2024, with annual revenue of $18.1mn (CAD24.88mn), representing a 38% rise compared to 2023. This performance followed the company’s strategic shift towards reactivating existing wells across its heavy oil assets in Saskatchewan. This reorientation was accompanied by the appointment of Shubham Garg as Chairman of the Board and Darren Jackson as Chief Operating Officer.

Well reactivation and increase in volumes sold

Average gross production reached 652 barrels of oil equivalent per day (boe/d), up from 505 boe/d in 2023, marking a 29% increase. The average realised price stood at $75.95/boe, up from $71.48/boe the previous year. These operational improvements generated an operating netback of $6mn, compared to $3.3mn in 2023.

Operating cash flow rose to $2.62mn, more than thirteen times higher than the previous year. Simultaneously, Prospera completed two acquisitions in its core Saskatchewan assets, increasing its average working interest in the region by 17%, now reaching 97% on a production-weighted basis.

Reserve growth and capital raising

The independent 2024 reserves report showed a 26% increase in gross 2P reserves, totalling 6,793 Mboe, with 98% in liquids. The pre-tax net present value (NPV) of proved developed non-producing (PDNP) reserves doubled to $18.9mn at a 10% discount rate, up from $8.5mn in 2023.

The NPV of proved (1P) reserves rose by 24% to $111.4mn, while that of proved and probable (2P) reserves increased by 20% to $159.3mn. To support its operations, Prospera raised $16.5mn in 2024, including $12.2mn in senior debt, $3.4mn through a gross overriding royalty (GORR), and $0.9mn via promissory notes with warrants.

Balance sheet expansion and financial outlook

The net value of property and equipment rose to $47.8mn, up from $39.3mn in 2023. Total assets stood at $53.9mn as of December 31, 2024, compared to $49.1mn the previous year. However, current assets declined due to a reduction in trade receivables, which fell from $3.2mn to $1.8mn.

Management anticipates continued improvements in operational stability and cash flow predictability for 2025, supported by capital optimisation and expanded access to financing. A virtual conference is scheduled for May 1 to present the company’s financial results and forward strategy.

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