Prospera Energy Inc. (PEI): TSX: PEI-V; OTC (USA):
GXRFF; FRA (Germany): OF6A
Prospera Energy is primarily focused on
optimizing hydrocarbon recovery through environmentally safe and
efficient reservoir development methods and production practices.
Restructured PEI has elevated gross production levels to 925 Boepd
(750bpd) from 80bpd in the span of a year and a half. PEI has
piloted horizontal laterals in order to assess and improve
technical and economic efficiency to effectively capture the
significant remaining reserves (400milion bbls).
PEI’s primary objectives are to improve profit
margin through increased production levels and reduced operating
expense while regulatory and environmentally complaint. The
horizontal laterals allow PEI to optimize production and recovery
while reducing the environmental footprint by eliminating the
numerous vertical leases along the lateral path. In addition, PEI
ESG initiatives are to incorporate innovative technologies to
reduce carbon emission, increase carbon capture, and technologies
to improve margin.
PEI is pleased to announce the engagement of
Aduro Clean Technologies Inc.
(“Aduro” ) innovation that reduces blend down stock, improves the
product specification, increases unit economics, and has a lower
carbon footprint. PEI core assets are medium to heavy oil
properties (12-17 API) located along the Alberta-Saskatchewan
border of Cuthbert, Heart Hills, and Luseland. Recently, PEI has
acquired interests in Brooks light oil property to diversify
product mix from heavy oil differentials dependency. PEI is
motivated by the significant potential impact that bitumen upgrader
technology can have on PEI’s operating netback.
Aduro Clean Technologies
Inc. (“Aduro” or the “Company”) (CSE:
ACT) (OTCQB: ACTHF) (FSE:
9D50), a Canadian developer of patented
water-based technologies to chemically recycle plastics and
transform heavy crude and renewable oils into new-era resources and
higher-value fuels, is pleased to announce that, through its
wholly-owned subsidiary, Aduro Energy Inc., it has entered into a
Letter of Intent (“LOI”) dated September 12th, 2022 with Prospera
Energy Inc. (“Prospera”) with the purpose of developing, building,
and supplying a pre-commercial pilot plant to convert low API
bitumen to higher value products.
On September 7, Aduro announced that its
scaled-up continuous flow bitumen reactor is nearing completion and
readiness for customer trials and engagement acceleration. This LOI
is the company’s second engagement on the bitumen vertical with a
producer in Alberta.
The LOI outlines an 18-month plan with three
phases. Phase one, which will commence during the month of October,
includes the testing of bitumen feedstocks and the evaluation of
the economics. It is expected to be completed in Q1 2023. Phase two
includes preliminary engineering, identification of the pilot plant
site, and reviewing of licenses and permits, as well as detailed
budgeting and agreement to proceed with construction. Phase two is
scheduled for completion in Q3 2023. Phase three includes the
procurement, fabrication, construction, commissioning, and
operation of a 50 bbl/day pilot plant. Work is expected to be
completed in Q2 2024. After completion of phase three, Aduro and
Prospera will define a roadmap to commissioning a 3,000 bbl/day
commercial facility.
In consideration of the services to be provided
for phase one, Prospera Energy Inc. will pay Aduro a monthly fee of
$25,000CAD plus applicable taxes, with the total fees for the
completion and delivery of phase one scope capped at $125,000CAD
plus applicable taxes.
“Aduro’s research and engineering team has been
building the necessary tools to enable Aduro to test an expanded
range of customer feedstock, and we are very excited to apply it to
Prospera’s crude and to demonstrate our ability to unlock the value
of lower API bitumen,” says Ofer Vicus, Chief Executive Officer at
Aduro. “By partnering with Samuel David and the Prospera team, we
will have access to resources and support in building and operating
a pilot plant facility, an important milestone on our path to
commercialization.”
About Prospera EnergyProspera Energy Inc. is a
public oil and gas exploration, exploitation, and development
company focusing on conventional oil and gas reservoirs in Western
Canada. Prospera uses its experience to develop, acquire, and drill
assets with potential for primary and secondary recovery.
About Aduro Clean Technologies Aduro Clean
Technologies is a developer of patented water-based technologies to
chemically recycle waste plastics; convert heavy crude and bitumen
into lighter, more valuable oil; and transform renewable oils into
higher-value fuels or renewable chemicals. The Company’s
Hydrochemolytic™ technology activates unique properties of water in
a chemistry platform that operates at relatively low temperatures
and cost, a game-changing approach that converts low-value
feedstocks into 21st-century resources.
For further information, please contact:
Shawn Mehler, PREmail: Shawn@prosperaenergy.comWebsite:
www.prosperaenergy.com
Ofer Vicus, CEOovicus@adurocleantech.com
Abe Dyckir@adurocleantech.com+1 604-362-7011
Investor Cubed Inc.Neil Simon,
CEOnsimon@investor3.ca+ 1 647 258 3310
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements relating to the future operations of the Corporation and
other statements that are not historical facts. Forward-looking
statements are often identified by terms such as “will,” “may,”
“should,” “anticipate,” “expects” and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
future plans and objectives of the Corporation, are forward looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
Although Prospera believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because Prospera can give no assurance
that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Prospera. As a result, Prospera
cannot guarantee that any forward-looking statement will
materialize, and the reader is cautioned not to place undue
reliance on any forward- looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release, and Prospera does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by Canadian securities
law.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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