PROSPERA ENERGY INC - GXRFF STOCK NEWS

Prospera Energy has issued its second bi-weekly Status Report under National Policy 12-203 regarding delays in filing financial statements. The corporation has not met the April 30, 2022 deadline for annual audited financial statements due to ongoing audit processes, also affecting interim financial filings due by May 30, 2022. Prospera now aims to complete these filings by June 30, 2022. If not done timely, a cease trade order might be imposed by regulatory authorities. The company operates in oil and gas exploration and production in Alberta and Saskatchewan.

Prospera Energy has announced its December 31, 2021, year-end reserves, evaluated by InSite Petroleum Consultants. Major highlights include a 569% increase in Total Proved Plus Probable (TPP) reserves, rising from 464 Mbbl to 2,644 Mbbl, and a net present value (NPV) increase from a loss of $3.4 million to a gain of $56.2 million. The company has significant remaining proven reserves of 3,880 Mbbl gross, with a reserve life index of 23 years. The report suggests substantial upside potential for PEI through asset development via horizontal wells.

Prospera Energy Inc. has successfully completed non-brokered private placements totaling $1,478,573, as of May 20, 2022. The financing includes secured convertible debentures raising $738,573 with an interest rate of 8% for two years, convertible to shares at prices between $0.05 and $0.10. Additionally, $740,000 was raised through common share units. Proceeds will fund a significant abandonment program and a horizontal drilling phase, contributing to operational compliance and optimization. The new total issued shares stand at 167,210,853.

Prospera Energy Inc. announced a delay in filing its audited financial statements for the year ending December 31, 2021, due to restructuring operations and changes in accounting practices. This delay has led to a default under National Instrument 51-102. The company has applied for a management cease trade order (MCTO) affecting management trading but not general shareholders. Prospera is working with Crowe MacKay LLP to finalize the audit, aiming to complete filings by May 31, 2022. It confirms no insolvency proceedings are underway.

Prospera Energy Inc (OTC: GXRFF) has outlined key milestones over the past 1.3 years, focusing on the development of three heavy oil fields spanning over 42,000 acres with significant OOIP of 390 mmbbl. Following a successful restructuring in 2021, the company raised 7.6 million CAD through private placements, addressing financial liabilities and increasing production to 600 boepd, aiming for 1,500 boepd. Upcoming initiatives include a horizontal drilling program and polymer flood technology deployment to improve recovery rates. Prospera has also secured agreements for new properties to enhance its asset portfolio.

Prospera Energy Inc (OTC: GXRFF) has reported significant operational advancements over the last 1.3 years, focusing on developing three large heavy oil fields totaling over 42,000 acres with an original oil in place (OOIP) of 390 million barrels. The company's restructuring efforts have raised $7.6 million in financing, resolved historical liabilities, and increased production to 600 barrels of oil equivalent per day (boepd). Prospera aims to enhance recovery rates using modern horizontal drilling technology and has plans for strategic acquisitions, positioning itself for growth amid rising oil prices.

Prospera Energy Inc. (OTC:GXRFF) is executing two non-brokered private placements to raise up to $4 million CAD, supporting its restructuring and development plans. The first placement aims to raise $2 million through secured convertible debentures, allowing conversion into common shares at $0.05 after one year. The second placement seeks $2 million by offering units at $0.075 each, which include a common share and a warrant at $0.10. Both financings are pending TSX Venture Exchange approval and are expected to close around March 25, 2022.

Prospera Energy Inc. has undertaken significant restructuring and refinancing efforts to address historical liabilities and regulatory issues while enhancing its production capabilities. In Q4 2021, the corporation achieved an average production rate of 353 barrels of oil equivalent (boe) per day, up from 169 boe per day in Q3 2021. January and February 2022 saw average production rates of 393 and 411 boe per day, respectively. The optimization of forty vertical wells has added approximately 500 barrels per day of production capability. Prospera anticipates continued production growth through 2022.

Prospera Energy Inc. (OTC:GXRFF) has received TSX Venture Exchange approval to consolidate and settle trade payables amounting to $1,147,626.72 by issuing 6,557,867 common shares at $0.175 each. Following this issuance, the total outstanding shares is now 113,380,140. This settlement reduces current liabilities and enhances liquidity, enabling Prospera to focus on capital expenditures for production optimization. The company has settled over $7.1 million of historical liabilities, addressing compliance reports while maintaining a commitment to its capital programs.