Increased Production Capability
Prospera reactivated 27 wells, resulting in an additional production capability of almost 250 barrels per day at an average capital efficiency of just over $9,300 per BOE.
Successful Debt Financing and Strategic Initiatives
Secured $3.3 million in term debt funding and announced the acquisition of White Tundra Petroleum, pending TSX approval. Also reached a settlement agreement for approximately $1.5 million in convertible debt.
Operational Efficiency Improvements
Initiated a forced re-optimization initiative that streamlined corporate decision-making, resulting in staffing reductions of approximately 50% from Q3 numbers and reduced G&A-related costs.
Revenue and Sales Growth
Realized average net sales of 660 BOE per day, increasing from 640 BOE Q1 prior year and 625 BOE Q4 prior year. Achieved sales revenue of almost $4.6 million with an average BOE of just over $77, a 17% increase year-over-year.
Free Cash Flow Positive in March
Reported being free cash flow positive in March after covering interest payments, G&A, employee salaries, legal costs, and audit costs.