Drilling rig. (Source: Shutterstock)
Western Canadian company Prospera Energy resumed phase two development of its horizontal infill drilling program, according to a Nov. 9 press release.
The sixth horizontal well spudded Nov. 5 and the horizontal infill drilling transformation from vertical wells will continue through the winter into next year’s break up, the release stated.
The first five horizontal wells performed higher than the estimated type curve and the IP60—a rating based on protection from total dust—exceeded company expectations.
According to Prospera, current production is 1,100 boe/d, with 400 boe/d shut in to accommodate development and another 300 boe/d behind price on minor repairs and optimization.
The development of light oil slanted wells received permits and the lease has been constructed and expected to commence over the next few weeks, the release added. Prospera will continue phase two’s development program to increase production and achieve year-end targets.
In addition to the first closing of debt financing, the company received a “robust response” to the non- brokered private placement of debt financing up to $3 million. The financing is to accommodate joint-venture (JV) partner deficit and extend drilling.
Prospera’s JV partners are in receivables and in default payables until remedied, according to the release, so Prospera will assume 100% of production and revenue.
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