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Prospera Energy Inc. receives TSX approval of settlement and reduction of trade payables

Prospera Energy Inc.

Prospera Energy Inc. received TSX Venture Exchange approval to consolidate, reduce and settle trade payables with beneficiaries. This will be done through the distribution of shares in the corporation.

Firstly, the current total trade payables settled for shares is $1,147,626.72. In exchange for 6,557,867 common shares at a price of $0.175 per share. Secondly, the shares were issued, and the number of issued and outstanding shares for Prospera is 113,380,140.

Prospera Energy Inc.

Prospera Energy has been a Canadian public corporation since 2005. The natural resources company primarily focuses on optimizing hydrocarbon recovery through environmentally safe and efficient development and production practices. In addition, it trades on the TSX Venture Exchange, the U.S. OTC Market, and Frankfurt Exchange with the stock symbol of PEI.

The company acquires, explores for, and develops petroleum and gas properties. It fundamentally holds interests in the Pouce Coupe and Red properties in Alberta. As well as Cuthbert, hearts Hill and Luseland properties in Saskatchewan.

Restructuring

Since January 2021, Prospera Energy has restructured to become a low-cost producer, operating in compliance with regulatory and environmental standards. The company was formerly known as Georox Resources Inc.

Moreover, PEI is working towards sustainable operations through productive relationships with landowners, business partners, employees, regulators, and the public. It strives to become a positive example in Canadian oil and gas as a clean, safe energy producer.  The new management team focuses on improving growth, efficiency, positive business relationships, accountability, and responsibility.

By the end of the first quarter of 2022, Prospera expects to commence the second stage of the Prospera restructure development program – the horizontal well program. This program will allow access to new reserves and higher initial rates than the vertical rates. The final stage of the Prospera restructure development program involves economic reserves management for sustained deliverability leading to overall optimum recovery.

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The company recognizes and values the historical contributions provided by trades and other essential stakeholders. Its commitment remains to settle outstanding trade payables through the issuance of shares and defined payment plans.

Prospera has continuing capital programs such as production optimization, facility modernization, and safety. Furthermore, Prospera Energy Inc. has addressed more than 300 Saskatchewan MER non-compliance reports.

Additionally, the company has settled more than $7.1 million, representing the 58% of historical liabilities reflected in the December 31st, 2020 financial statements. Settlement of these historical payables reduces current liabilities and improves liquidity. This allows the corporation to focus capital expenditures on its cost-efficient production optimization and for working capital.

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