Calgary, Alberta, January 23, 2025 (Globe Newswire) – Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, Pei or “Corporation“)
Updating loan changes
The Corporation is pleased to announce the amendment of its $12,200,000 promissory note, originally dated July 7, 2024, in cooperation with the senior lender. As part of this amendment, an additional $750,000 was added to the principal balance, bringing the total to $12,950,000 as of January 23, 2025. The original terms of the note remain unchanged, including a 12% interest rate and a two-year maturity period. This amendment is subject to acceptance by the TSXV.
Proceeds from the increased loan will be used to execute twelve to fifteen well workover programs at Prospera’s Heart’s Hill and Luseland Properties. This program targets low risk production opportunities by selecting capital efficient projects, driving additional cash flow and production sustainability.
Debt shares
Prospera entered into an additional agreement to settle a $75,000 trade payable with a critical supplier by issuing 1,250,000 shares of common stock at a price of $0.06 per share. This supplier is a key partner and is committed to the company’s future development plans. The shares will be subject to a trading restriction of four months and one day from the date of issue and subject to acceptance by the TSXV.
About prosperity
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in exploration, development and production and. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill and Brooks. Prospera Energy Inc. it is listed on the TSX Venture Exchange under the symbol PEI and the US OTC market under the symbol GXRFF.
For further information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com
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, expect, and similar expressions. All statements that are not statements of historical fact included in this release, including without limitation, statements about the corporation’s future plans and objectives, are 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 may differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions underlying the forward-looking statements are reasonable, undue reliance should not be placed on the forward-looking statements, as Prospera can give no assurance that they will prove to be accurate. Because forward-looking statements relate to future events and conditions, by their nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. They 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 related to exploration or development projects or capital expenditures; reserve estimate uncertainty; Capital expenditures .
The reader is cautioned that the 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 anticipated as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond Prospero’s control. 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 information. Such information, although believed to be reasonable by management at the time of preparation, may prove to be inaccurate and actual results may differ materially from those anticipated. The forward-looking statements contained in this 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 undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as was specifically required by Canadian securities law.
Neither the TSXV nor its regulatory services provider (as that term is defined in TSXV policies) accepts responsibility for the adequacy or accuracy of this release.
Source: Prospera Energy Inc.
