Prospera Energy Inc. (TSXV: PEI) (OTC Pink: GXRFF) has announced that five Luseland wells worked over between September 21 and October 10, 2026, are back online and averaging a combined 53.5 barrels of oil per day, up from 16.0 bbl/d before the program. The five workovers were completed for $247,100 against a $322,000 budget, coming in 23% under plan. The company also disclosed a TSXV-approved extension to the closing deadline of its non-brokered private placement, now expected to close on or before November 7, 2026.

Key Points

  • Prospera Energy Inc. (TSXV: PEI) (OTC Pink: GXRFF) is a Calgary-based heavy oil producer operating in Saskatchewan and Alberta.
  • Five Luseland workovers delivered a combined 53.5 bbl/d average since first oil, approximately 3.3 times the pre-workover rate of 16.0 bbl/d.
  • Capital efficiency was approximately $6,600 per incremental flowing barrel per day across the five Luseland wells; 793 barrels produced through October 23, 2026.
  • Investors may watch for completion of the third Cuthbert workover and the closing of the up-to-$12 million private placement by November 7, 2026.

Luseland Workover Results and CHOPS Sand Management Strategy

All five Luseland wells had been shut in or producing below potential due to sand buildup or rod failures prior to the workover program. Each well received an upgraded pump and a CHOPS (cold heavy oil production with sand) pump profile as part of Prospera's sand management strategy. Well 10-04-36-25W3 averaged 16.0 bbl/d since first oil on October 20, rising from just 1.0 bbl/d before the workover, while well 2-33-35-25W3 leads the group with 343 cumulative barrels produced since startup. Well 7-33-35-25W3 has been offline since October 18 awaiting a rod rig and is included in the combined average.

Cost Performance Against Approved AFE Budgets

The release states that four of the five Luseland workover jobs came in under their individual authorisations for expenditure. Total program cost was $247,100 against a $322,000 budget, a saving of $74,800. Individual well savings ranged from $14,900 to $25,100 under budget on four wells, while one well — 2-33-35-25W3 — came in $3,600 over its AFE. The company reported capital efficiency of approximately $6,600 per incremental flowing barrel per day, a metric investors may use to assess the economics of Prospera's broader reactivation inventory.

Cuthbert Workover Program Advances to Third Well

Following the Luseland program, Prospera's service rig moved to the Cuthbert property. The release states that workovers on wells 14-21-26-29W3 and 8-28-26-29W3 are complete, with both being brought online. Well 14-21-26-29W3 previously produced approximately 100 mcf/d of gas, while 8-28-26-29W3 historically produced approximately 15 bbl/d. A third workover on well 10-21-26-29W3 is in progress; the release states it produced approximately 12 bbl/d before going down, with higher rates expected post-restart.

Private Placement Extension Approved by TSXV

The TSXV has approved an extension to the closing of Prospera's non-brokered private placement of up to 400,000,000 units at $0.03 per unit, targeting gross proceeds of up to $12 million. The offering, first announced September 9, 2026, is now expected to close on or before November 7, 2026. Each unit comprises one common share and one warrant exercisable at $0.05 for two years following closing. All securities will be subject to a four-month-and-one-day statutory hold period. The immediate share price impact was not clear from available public information.