12:18 PM EDT, 03/14/2024 (MT Newswires) -- Prospera Energy Inc. ( GXRFF ) announced Thursday a 508% increase to its proven developed producing (PDP) reserve value of $27 million, reflecting the success of PEI's 2023 development program.

In addition, the company's proven plus probable (2P) reserve value increased by over $60 million to a total of $133 million - largely driven by the undeveloped reserve value increase from $58 million to $98 million.

PEI's Dec. 31, 2023, year-end reserves were independently assessed by InSite Petroleum Consultants Ltd. in accordance with COGEH standards. The Insite report confirmed a current recovery rate of 9% (of 397 MMbbl discovered OOIP) using a combination of vertical and horizontal wells, primarily in core assets located in Southwest and West-Central Saskatchewan (>42,000 acres).

PEI's 2P reserve value only reflects a portion of the remaining recoverable reserves and does not include the development of the largest core property in Saskatchewan (282 MMbbl OOIP) that is scheduled to commence exploitation in 2024. Also, there have been no improved recovery method benefits applied to these fields to date, yet.

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