07:44 AM EDT, 05/31/2024 (MT Newswires) -- Prospera Energy ( GXRFF ) on Friday reported that it swung to an operating profit in the first-quarter as revenue rose and operating costs declined.

The company booked an operating profit of $559,907, improving from a loss of $995,840. Sales revenue jumped 168% to $4.2 million on the back of increased production and higher prices.

Prospera said that while severe cold weather weighed on the first quarter, the company was "significantly better positioned to resume production on a much quicker timeline" than last year.

For 2024, Prospera said it will continue to extend its horizontal transformational development to access untapped heavy oil reserves, with focus on developing medium-oil reserves in the third quarter.

The company will also undertake a significant vegetation, abandonment and reclamation program which could lower operating expenses and asset retirement liability.