11:45 AM EST, 12/05/2024 (MT Newswires) -- (Updates shares.)

Prospera Energy ( GXRFF ) late on Wednesday said it completed production optimization activities in its Western Canadian heavy-oil properties, boosting production, field uptime and reliability.

Five wells have been completed with the service rig out of an eight-well program. Two of the wells have increased natural gas production. The output is being used as fuel gas for the fields, improving field reliability, the company said.

The fields of Cuthbert, Luseland and Hearts Hill have been winterized, including installation of heat trace systems, insulation and glycol pumps and implementation of chemical programs.

Equipment such as engines, hydraulic systems and drives are in the process of tune-up work.

The work is expected to result in improved operational runtime, reduced costs and fewer operational staff required on-site.

Prospera also began November with 133 Maximum Efficient Rate non-compliances and ended the month with only 22 remaining. Plans are in place to address the remaining infractions.

A comprehensive engineering assessment of the company's properties, focusing on pipeline systems, is underway in collaboration with a third party.

The company also completed an abandonment on an inter-provincial pipeline between Alberta and Saskatchewan, which is under the authority of the Canada Energy Regulator. Prospera is in the process of finalizing paperwork to recover a $94,000 deposit.

Prospera shares were last seen up $0.005 to $0.035 on the TSX Venture Exchange..

Price: 0.04, Change: +0.01, Percent Change: +16.67