08:08 AM EDT, 09/30/2025 (MT Newswires) -- Prospera Energy ( GXRFF ) on Tuesday reported production growth and increased asset ownership, while citing "strong operational momentum" in a corporate update.

Of note, in a statement Prospera, a producer with a concentrated heavy oil portfolio, said a narrowing Western Canadian Select differential has offset the impact of currently lower WTI benchmark prices, "in turn enhancing realized prices, strengthening netbacks, and improving capital project economics".

PEI said this "favorable environment" allows it to "reinvest in its asset base, accelerate enhanced oil recovery programs, and advance development with improved capital efficiency". By executing its development strategy in this market context, PEI added it is "well-positioned to expand margins, enhance operational resilience, and deliver sustainable value to shareholders".

It cited an example of this is at PEI's heavy oil Luseland property, where 18 completed reactivations have resulted in an increase from approximately 62 bbl/d in November 2024 to current 266+ bbl/d over the course of the last 11 months. With Saskatchewan conventional heavy oil production at a fraction of its previous highs, Prospera said it "maintains significant optionality" in proving out its reactivation strategy and replicating these results at scale across its Cuthbert and Hearts Hill properties, in addition to extensive additional wells still in inventory at Luseland, and numerous adjacent acquisition opportunities.

"This consistent growth at Luseland underscores that Prospera's approach is both effective and repeatable with excellent project economics," the company added.

In an operations update, Prospera said it continues to build on its "strong operational momentum", averaging gross production of 823 boe/d (93% oil) from September 1 to September 23. It noted multiple projects are complete, including reactivation of the 9-18 and 14-18 wells in Luseland and installation of three recycle pumps and sand suspension chemical systems. PEI said additional projects are underway such as well optimizations and speed-ups especially in Luseland's Section 33 and Section 18, ongoing engine maintenance and tune-ups, mineral rights acquisitions, waterflood enhancements, and the launch of a comprehensive well load and flush soak program in Luseland. It added daily well-by-well analysis remains a core focus, with production enhancement measures implemented in close coordination with field operations. "Results from the Luseland reactivations have validated several development strategies and proof-of-concept wells," PEI noted.

Also, PEI said "strong netbacks are driving efficient capital deployment into high-impact, low risk projects". It noted over 65 projects have already been executed in 2025, with a Q4 program targeting an incremental nine Luseland reactivations. Additionally, it said the success of the first heel perf in Cuthbert has unlocked 18 more candidates including six Tier 1 projects, further strengthening workover inventory.

"Prospera is proactively addressing legacy environmental issues, advancing remediation of historical spill piles, vegetation management, and site reclamation. The company is also resolving regulatory non-compliance through in-field work, enhanced monitoring and proactive modernization of active legacy wellsites. Prospera targets substantial progress toward full remediation compliance within the next six months, underscoring its commitment to environmental stewardship and sustainable development."

Shares of the company closed unchanged at $0.04 on Monday on the TSX Venture Exchange.