Slow but painfully slow........
Prospera has done what they said they were going to do but it's taken a long time! Latest PR says 2300boepd at year end so big pop from 590 boepd avg in Q3.
2024 should mark the beginning of solid profits for Prospera. Their horizontal strategy appears to be working and the medium oil wells look like they will perform better than expected. Naturally they didn't get to drill all 6 because of delayed permits and weather but the opportunity is still there.
In the latest youtube video from Mining Stock Education, CEO thinks they will get to 3500boepd by yearend thru drilling and they are working on a purchase that "could" boost total production to near 5,000boepd by year end 2024. The acquisition sounds like lighter oil so should have less of a discount to WTI. Another positive is that the Canadians are FINALLY going to have a pipeline that will allow ocean export of oil and that should narrow the WTI discount that always hurts Canadian heavy oil producers. I haven't found any big negatives in Prospera. They have pretty much done what they said they would do but it just took longer than I expected. They are careful with their money and have paid down a lot of the past due debt that was on the books from the previous mgmt. They have been very careful and deliberate in working to correct old problems. It's frustrating that it has taken so long but it is heavy oil and the Canadian winter hasn't done them any favors either. I think moving towards lighter oil mix is smart and will reduce some of the wild volatility in their production levels.
Still holding shares with a cost of US$.0808 so down about 22% but I think this is the year they produce consistent profits. We'll see how oil holds up. I think oil prices have some downside potential this year.
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