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.

Share:

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.

Eni announces a sharp decline in quarterly net profit, the result of lower oil prices and a weaker dollar, while maintaining a strengthened dividend policy and a development trajectory in renewables.
EDF is reassessing its industrial priorities and streamlining investments, as net profit falls to €5.47bn ($5.94bn) in the first half of 2025 due to a weakening electricity market.
Energy group Edison posts increased sales and investments despite a less favourable market environment, advancing its renewables development and strengthening its positions in Italy.
SEGULA Technologies opens an office in Cape Town, strengthening its presence in the African market and targeting expansion in energy, rail, and automotive sectors, in partnership with South African industrial firm AllWeld.
GE Vernova's revenue rose by 11% in the second quarter, driven by momentum in its Power activities, as the US group raised its financial targets for 2025.
The Allrig group is expanding its operations in Saudi Arabia, supported by AstroLabs, to boost energy efficiency and address the growing needs of the local oil sector.
Saipem and Subsea7 formalise their merger agreement, resulting in the creation of Saipem7, an international energy services player with consolidated revenue of €21bn and an order backlog of €43bn.
TotalEnergies reports a significant decrease in net profit and revenue for the second quarter, while relying on growth in its hydrocarbon and electricity production to sustain profitability and global ambitions.
Exus Renewables North America finalizes $308.2 million financing for two major solar portfolios in New Mexico and wind projects in Pennsylvania, showcasing the expansion of large-scale renewable assets across multiple U.S. markets.
Baker Hughes posted attributable net income of $701 mn in the second quarter, while executing several strategic transactions and strengthening its position in industrial technologies and oilfield services markets.
Equinor announces a 13% decline in adjusted profit for Q2 2025, driven by falling oil prices, despite rising gas prices and production.
Iberdrola launches a EUR5 billion (USD5.87 billion) capital increase to fund the expansion and modernization of its power grids in the UK and the US, while announcing a decline in its half-year profit.
Halliburton reports a 50% drop in net income and nearly a 6% reduction in revenue for Q2, with demand in North America remaining particularly weak.
The growth of data centres and artificial intelligence is putting unprecedented pressure on global electricity grids, prompting major tech companies to rethink their energy supply to address capacity and competitiveness challenges.
BP announces the appointment of Albert Manifold as chairman, succeeding Helge Lund. Manifold, former CEO of CRH, will join the board on September 1, before officially taking over the role on October 1.
Romanian company Electrica raised €500 million through the country's first green bond issuance, with participation from the European Investment Bank (EIB), to finance its renewable energy and storage projects.
Kem One and EDF signed a protocol agreement for a 10-year electricity supply contract, covering seven French industrial sites. The contract is expected to be finalised by the end of September 2025.
The Canadian energy solutions provider has received approval from the Toronto Stock Exchange to repurchase up to 10% of its float by July 2026.
The Marseille Commercial Court has validated Bourbon Group’s accelerated safeguard plans, paving the way for a debt reduction and shareholder transition by the end of 2025.
Legrand now expects annual revenue growth of 10 to 12%, driven by data centre momentum, with an immediate impact on its share price in Paris.