What Prosper Petroleum, Ltd. does

Prosper Petroleum, Ltd. is a privately held, Calgary-based upstream oil and gas exploration and production company founded in 2007, specializing in heavy oil and bitumen development in Alberta and Saskatchewan. The company's asset base exceeds 100,000 acres of oil sands leases across two core projects: the flagship Rigel Oil Sands Project, a 10,000 barrel-per-day Steam Assisted Gravity Drainage (SAGD) operation holding 538 Mbbls of bitumen original oil in place in the Athabasca region approximately 70 km northwest of Fort McMurray, and the Gift Lake property in the Peace River Oil Sands region, currently producing 300 BOPD of heavy oil across 80,000 acres.

The company's underlying technology is centered on SAGD thermal bitumen recovery, supplemented by a 2018 commercial test agreement with Acceleware Ltd. to pilot the RF XL radio frequency heating system at Rigel — a novel electromagnetic approach developed in partnership with General Electric using Silicon Carbide technology that aims to reduce capital and operating costs while eliminating external water use, solvents, and tailings ponds. Prosper holds a 60.7% working interest in Rigel and 57.5% in Gift Lake. Rigel received Alberta Energy Regulator approval in June 2018 but has awaited provincial Cabinet Order in Council approval for over 19 months as of early 2020, prompting the company to obtain a court-ordered mandamus that was subsequently stayed pending appeal.

Prosper generates revenue through the sale of produced bitumen and heavy oil into the Western Canadian commodity market, with Gift Lake as its sole producing asset and Rigel representing the principal source of future revenue and enterprise value. The company has approximately 95-97% Albertan ownership with minority investment from Czech Republic-based Lama Energy Group through subsidiary Petrolama Energy Canada, has invested roughly $65 million in the regulatory process, and operates with a small six-person headcount across Calgary and Lloydminster offices. CEO Brad Gardiner, with 30-plus years of heavy oil experience including senior roles at BlackRock Ventures and Koch Exploration Canada, leads a management team supplemented by partnerships with Acceleware on technology and Petrolama on project development.

Name

Prosper Petroleum, Ltd.

Legal name

Prosper Petroleum Ltd.

Website

https://prosperpetroleum.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Prosper Petroleum is a Calgary-based private upstream oil and gas E&P company developing heavy oil and bitumen resources in Alberta and Saskatchewan via SAGD technology, with the flagship 10,000 bbl/d Rigel project awaiting Cabinet approval.

Ownership category

akta.pro rank

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Infrastructure, Personnel, Supply Chain

Revenue model

1. Crude Oil / Bitumen Production: Prosper Petroleum generates revenue through the production and sale of bitumen and heavy oil extracted via SAGD technology. The Rigel project is anticipated to sustain production of 10,000 bopd for approximately 24 years.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Prosper Petroleum is a private upstream oil and gas exploration and production company that develops heavy oil and oil sands assets in Alberta and Saskatchewan. Its core offering centers on the Rigel Oil Sands Project, a 10,000 bbl/d steam-assisted gravity drainage (SAGD) bitumen recovery operation in the Athabasca Oil Sands region, and the Gift Lake property producing 300 BOPD heavy oil in the Peace River Oil Sands region.

Product overview

Prosper Petroleum is a private upstream oil and gas company focused on heavy oil and oil sands development in Alberta and Saskatchewan. The company operates two main projects: the flagship Rigel Oil Sands Project (a 10,000 bbl/day SAGD operation) and the Gift Lake property (currently producing 300 BOPD heavy oil with development upside). The company also partnered with Acceleware Ltd. for commercial-scale testing of RF XL radio frequency heating technology at the Rigel property.

Differentiator

Problem solved

Functional benefit

Products and services

• Rigel Oil Sands Project A 10,000 bbl/day steam-assisted gravity drainage (SAGD) bitumen recovery project located approximately 70 km NW of Fort McMurray, AB, with 538 Mbbls bitumen OOIP and a 60.7% working interest, intended for heavy oil and bitumen production by upstream oil and gas operators and offtake counterparties.
• Gift Lake Property A deep water reef play in the Peace River Oil Sands region, currently producing 300 BOPD heavy oil with 80,000 acres of long-life oil sands leases and a 57.5% working interest, providing low-risk development upside for heavy oil production.

Quantifiable outcome

• 10,000 bbl/day bitumen production from Rigel SAGD project
• +5 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Acceleware Ltd.coreTechnology or Integration · 17 July 2018Acceleware and Prosper entered into a commercial test agreement to perform a commercial-scale test of Acceleware's RF XL radio frequency heating technology at Prosper's Rigel property in northeast Alberta. Prosper provides access to specific Rigel leases, engineering and geological support, and regulatory assistance. Acceleware grants Prosper the right to purchase RF XL systems at a preferential rate for 20 years following the test, with proceeds from bitumen sale during the test going to Acceleware. SDTC and ERA committed up to $10 million in non-repayable funding for the test.
• Petrolama Namur Oil Sands Energy Inc.coreStrategic or Co-development Partner · 12 November 2013Petrolama Namur Oil Sands Energy Inc., a Calgary-based company engaged in trading, storage, blending and transport of crude oil from Western Canada, is Prosper's partner on the Rigel project. Its parent company is Czech Republic-based Lama Energy Group s.r.o. The partnership involves approximately 100,000 acres of leasehold northwest of Fort McMurray.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Athabasca Oil Corporation: Smaller Calgary-based pure-play heavy oil and oil sands developer with operations in the Athabasca and Peace River regions, directly comparable to Prosper in scale, asset focus, and resource type.
• MEG Energy Corp: Calgary-based pure-play SAGD heavy oil producer in the Athabasca region, comparable in operating technology, geography, and customer base (bitumen/heavy oil offtake) to Prosper's Rigel project.
• Sunshine Oilsands Ltd. Calgary-based, smaller-cap SAGD bitumen producer in Alberta; comparable to Prosper in technology (SAGD), geography (Alberta oil sands), and project-development focus with single-asset concentration.
• Connacher Oil and Gas Limited: Historically a small-cap Alberta SAGD bitumen producer with operations near Fort McMurray; directly comparable in operating model, scale, and product to Prosper's Rigel project (note: now part of ACG Energy Acquisition Corp).
• Tamarack Valley Energy Ltd. Mid-cap Canadian E&P with heavy oil exposure in Alberta (Clearwater play); comparable in product type and Western Canadian geography to Prosper, though typically operating conventional heavy oil rather than SAGD.
• Cardinal Energy Ltd. Smaller-cap Canadian E&P with a heavy oil focus in Alberta and Saskatchewan, comparable in scale, geography, and product mix to Prosper's current production base (Gift Lake).

Broad incumbents

• Whitecap Resources Inc. Mid-cap diversified Canadian E&P with material heavy oil and oil sands exposure; comparable geographic footprint and product mix, but with a more diversified asset base than Prosper's single-project concentration.
• Cenovus Energy Inc. Major integrated oil sands and SAGD operator in Alberta (Foster Creek, Christina Lake); much larger scale and broader portfolio, but directly comparable operating technology and customer base.
• Suncor Energy Inc. Largest integrated oil sands operator in Canada (Fort McMurray mining + Firebag in-situ); comparable in resource type and geography, though vastly larger and integrated downstream into refining/retail.
• Imperial Oil Limited: Large Alberta SAGD operator at Cold Lake and Kearl; comparable oil sands operating technology and is also linked to Prosper's leadership via the former Koch Exploration Canada alumni network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/prosper-petroleum-ltd.

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prosper Petroleum, Ltd.