07:28 AM EDT, 10/03/2024 (MT Newswires) -- Prospera Energy ( GXRFF ) said on Thursday that it has fully repaid its $3.43 million gross overriding royalty (GORR) financing, taking advantage of the early payment discount, and satisfying Prospera's senior debt requirements.

The GORR financing repayment enables the company to focus on current development to increase production to optimize cash flow, while favorable commodity prices allow it to address current liabilities more efficiently.

Prospera has also cut its accounts payable to about $16 million from $20.5 million on December 31, 2023.

The company has completed the first phase of a three-phase restructuring process, by attaining free cash flow, while bringing operation to safe operating condition. It is now in phase II, which involves the "horizontal transformation" so as to accelerate growth and capture the significant oil in place (400 million bbls).

To this end, Prospera said it has completed a 4-well drilling program in Alberta's medium-light oil fairway, and geophysical logs confirm oil-bearing reservoirs in all deviated wells. So far, three new oil pools have been discovered and Prospera is focused on bringing these wells into production.