Prospera Energy Could Possibly QUADRUPLE Reserves with Successful EOR says Director Brian McConnell
In this MSE episode, Prospera Energy ((TSX.V: PEI, OTC: GXRFF, FRA: OF6B) director Brian McConnell and CEO Samuel David discuss how the company could possibly QUADRUPLE reserves and quickly ramp up to 10,000 bpd with a successful polymer flood (EOR). Brian shared: “There is so much oil in place on the pools that Prospera already has.”…”Putting in a pilot, if it works, with polymer flooding could actually double or triple or quadruple the reserves easily.” Brian is a seasoned oil industry expert with 47 years of experience. Notably, Brian spent 10 years as VP Exploration at Tundra Oil and Gas Ltd and helped grow their production from 4,000 bbls/d to 28,000 bbls/d light oil mainly in Manitoba.
Prospera Energy has commenced its 18 well summer drill program. The company aims, in the next 2-3 years, to reduce production costs to possibly under C$20/barrel and achieve 10,000+ boepd by optimizing current assets and through strategic acquisitions. The company has about 400 million barrels of oil in place. And Prospera’s core assets in Saskatchewan and Alberta had previously, during peak oil times when they were being fully developed by multinational oil companies, already saw (without EOR) production of over 10,000 boepd. The company has the facilities to accommodate over 10,000 boepd.
0:00 Introduction
1:02 Brian McConnell’s successful resume
1:57 Brian helped Tundra Oil & Gas grow from 4,000bpd to 28,000bpd
3:39 Acquisition strategy
6:05 Buying orphan wells while abandoning your own wells?
7:30 Technical details of 18 well drill program
10:21 Partnership with Aduro to convert heavy oil to light oil
11:34 Successful polymer flood (EOR) could quadruple reserves
14:05 Optimizing water injection patterns
14:45 How many workovers are left?
15:41 What did you learn from last year’s side-track well?
16:42 Surface capacity on each of Prospera’s fields?
17:30 Are your near-term production growth projections conservative?
19:31 Prospera now DTC eligible for U.S. investors
