Prospera Energy Inc. Completes Petrolia Acquisitions

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CALGARY, Alta., Sept. 21, 2022 (GLOBE NEWSWIRE) — Prospera Energy Inc. (PEI): TSX: PEI-V; OTC (USA): GXRFF; FRA (Germany): OF6A

Prospera Energy Inc. (“will prosper“or the”society“) would like to provide details regarding its recent property acquisitions. Following the Company’s press release dated July 21, 2022, Prospera has entered into its agreements for debt settlement and working interest acquisitions described above.

Pursuant to an arm’s length debt settlement agreement dated February 16, 2022, the Company settled debt owed to it by joint venture partner Petrolia Canada Corporation of approximately $1,700,000 through the acquisition of ‘a 13.423% undivided working interest in Cuthbert, Luseland and Hearts Hill properties located in Saskatchewan and Alberta (the Properties). The Company has also agreed to purchase the remaining working interest of 14.577% from Pétrolia for $585,000, payable by $75,000 in cash and $510,000 by the issuance of convertible debentures under a purchase agreement and Sale and Subscription Agreement, both dated January 27, 2022. This transaction resulted in Prospera holding at closing an aggregate undivided working interest of 69% in Cuthbert and 84% in Luseland and Hearts Hills .

The convertible debentures are convertible into common share units at the option of the holder at $0.05 in the first year and $0.10 in the second year, bear interest at 8% per annum and have a term of two years. Each unit consists of one common share and one warrant exercisable at $0.075 for two years from issuance, subject to the Company’s right to accelerate the expiry date if the common shares of the Company are trading at $0.30 for a period of 20 consecutive days. The applicable interest will be payable in cash or in shares at the then prevailing market price, at the option of the Company.

About Prospera

Prospera is a Canadian natural resources company engaged in the acquisition, exploration, development and production of oil and gas properties with operations in Alberta and Western Saskatchewan.

For more information please contact:

Shawn Mehler, PR
E-mail: [email protected]
Website: www.prosperaenergie.com

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements relating 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”, “may”, “should”, “anticipate”, “expect” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, 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.

Although Prospera believes that the expectations and assumptions on which forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements because Prospera cannot guarantee that they will prove to be accurate. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results could 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 in general (for example, operational risks associated with development, exploration and production; delays or changes in plans for exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of production, cost and expense estimates and projections, and risks to the health, safety and environment), commodity price and currency exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans for exploration or development projects or capital expenditures.

Readers are cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond Prospera’s control. Accordingly, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time it was prepared, 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 forward-looking statements included, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities laws.

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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