Prospera Energy Inc. Debt Settlement

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CALGARY, Alberta, April 27, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“Prospera” or the “Company”) (PEI: TSX-V; OF6A:FRA) announced that it has agreed to settle claims of a former executive by paying $120,000 over 6 months and issuing 2,181,818 shares of common stock at a deemed price of $0.055 per share.

This share issuance is subject to the approval of the TSX Venture Exchange. Upon issue, the shares are subject to a trading restriction of four months and one day.

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About Prospera

Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is a publicly traded energy company based in Western Canada that specializes in the exploration, development and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally friendly and efficient reservoir development methods and production practices. Prospera restructured in the first quarter of 2021 to become profitable and comply with regulatory, environmental, municipal, landowner and service stakeholders.

The company is in the midst of a three-stage restructuring process aimed at prioritizing cost-effective operations while increasing production capacity and reducing liabilities. Prospera completed the first phase by optimizing low-hanging opportunities, achieving free cash flow while bringing operations to a safe operating condition while remaining compliant. Currently, Prospera is carrying out Phase II of the restructuring process, the horizontal transformation aimed at accelerating growth and capturing significant oil reserves (400 million barrels). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical drilling leases along the lateral path. Phase III of Prospera’s business recovery strategy is to optimize recovery through EOR applications. In addition, Prospera will continue its acquisition strategy to diversify its product mix and expand its core areas. The goal is to achieve 50% light oil, 40% heavy oil and 10% gas.

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PEI continues to make efforts to minimize its environmental footprint. Efforts are also being made to reduce and ultimately eliminate emissions and innovative ESG methods are being pursued to improve API quality, thereby achieving higher margins and eliminating the need for diluents.

For more information:

Shawn Mehler, PR
Email: [email protected]
Website: www.prosperaenergy.com

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that relate to the Company’s future operations and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will,” “could,” “should,” “anticipate,” “expects” and similar expressions. All statements contained in this press release that are not historical facts, including, but not limited to, statements regarding the Company’s future plans and objectives, 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.

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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. Because forward-looking statements address future events and conditions, they inherently involve risks and uncertainties. Actual results may 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 generally (e.g., operational risks in development, exploration and production; delays or changes in plans relating to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the Uncertainty of estimates and forecasts relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties arising from possible delays or changes in plans relating to exploration or development investments.

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The reader is cautioned that the assumptions used in preparing forward-looking information may prove to be incorrect. Due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond Prospera’s control, events or circumstances could cause actual results to differ materially from those projected. Therefore, Prospera cannot guarantee that any forward-looking statements will occur and the reader is cautioned not to place undue reliance on any forward-looking information. Although such information was considered reasonable by management at the time of preparation, it may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and Prospera undertakes no obligation to publicly update or revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly authorized by the Canadian Securities law required.

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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