Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) today announced the execution of agreements with two joint venture partners resulting in a 17% working interest (“WI”) increase in its core heavy oil assets. According to the announcement, the company has acquired an additional 7% WI in the Hearts Hill, Luseland, and Cuthbert properties from a joint venture partner. In exchange, Prospera has forgiven all outstanding debts totaling $1,233,000 owed by the partner and a 100% WI on the non-core Red Earth property.
Additionally, Prospera has finalized the acquisition of a 10% WI in the Cuthbert, Luseland, and Hearts Hill assets from another joint venture partner. The total purchase price for this transaction is CA$600,000 in cash and equity. The company also forgave all outstanding debts totaling $215,628 owed by the joint venture partner. Following the execution of the two agreements, Prospera has 100% ownership of the Luseland and Hearts Hill properties and an 86% WI in the Cuthbert property, up from 69%. The announcement noted that the restructured Prospera has increased its ownership from an average of 35% WI to 95% WI.
To view the full press release, visit https://ibn.fm/jZjIc
About Prospera Energy Inc.
Prospera Energy is a publicly traded energy company based in Western Canada, specializing 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 safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance 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 appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. For more information about the company, visit www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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