CALGARY, Alberta, June 01, 2024 (GLOBE NEWSWIRE) -- Prospera Energy Inc. ("Prospera" or the "Corporation") (PEI: TSX-V; OF6A: FRA) 2023 was a transformational year for Prospera transforming to horizontal well technology in the Saskatchewan heavy-oil fields. Also, to initiate medium/light-oil development to diversify from predominately a heavy oil producer. The company successfully drilled, completed, and tied in 9 horizontal wells in its Saskatchewan heavy-oil fields and 1 slanted well in its Alberta medium/light-oil field. PEI attained a gross peak rate of 1,800+ boe/d, with total estimated capability at 2,200 boe/d. However, low commodity prices and 2023 Q1 cold weather conditions offset PEI's production increases. 2023 financial highlights are as follows: PEI realized average net sales of 723 boe/d (847 boe/d gross) in Q4 2023, an increase of 86% from Q4 2022 levels, and average net sales of 505 boe/d (621 boe/d gross) in 2023, an increase of 18% from 2022 levels. PEI realized average sales prices of $71.48/boe in 2023, compared to $89.13/boe in 2022. Realized a positive operating netback of $3,356,774 in 2023. PEI's 2023 third party reserves report highlights include the following: Before Tax PDP reserves increase of 508% from $4.4m to $27.1m in 2023 using a discount rate of 10% Before tax 2P reserves increased by $60.8m from $72.5m to $133.3m in 2023 using a discount rate of 10%. Total proved and probable reserves value increased by 25% from 4,306 to 5,403 Mboe. In 2023 PEI raised $16.0m in financing whilst extending matured convertible debt of $1.5m to 2025, allowing for PEI capital development without affecting working capital: $9.1m through warrant exercises, at an average price of $0.068/share. $3.6m through the issuance of two-year promissory notes. $3.0m through the issuance of a GORR. $1.3m through the issuance of units consisting of common shares and warrants. Prospera's capital development program consisted of 9 heavy oil horizontal wells and 1 medium oil vertical well and contributed an additional 1,000 bpd of additional production capability. Restructuring efforts continue to improve Prospera's balance sheet: Increased Property and Equipment balance to $38.8 from $29.0m on December 31, 2022. Positive Shareholders Equity balance of $1.2m compared to a deficit of $6.2m on December 31, 2022. Operating Netback 2023   2022   Total petroleum and natural gas sales 13,183,464   13,904,287   Transportation Costs (1,083,591 ) (645,817 ) Royalties (1,365,520 ) (1,847,917 ) Operating costs (7,377,579 ) (6,926,832 ) Operating netback 3,356,774   4,483,721   Dollar per BOE 2023   2022   Sales 71.48   89.17