06:54 AM EDT, 07/04/2024 (MT Newswires) -- Prospera Energy ( GXRFF ) said Thursday that it will initiate the 2024 development drilling program in mid-July.

The company will initially focus on multi-pad medium-oil infill directional wells based on 2023 positive drilling results.

The 2023 capital outlay for the initial medium-oil well is on target to pay out in about seven months, the company said.

The 2024 medium-oil drilling program includes the infill development of two pools and the initial drilling of a new pool.

The company is funding the 2024 optimization and development program through non-dilutive debt financing of $11 million.