Prospera Energy Announces Leadership and Operations Update
Prospera Energy (TSX.V: PEI, OTC: GXRFF) announces key leadership changes with Shubham Garg, current Chairman, taking on the additional role of Interim CEO. Christopher Moore joins the Board of Directors, bringing industry expertise and market insight. The five-member Board now owns 13% of outstanding common equity, while insiders control 36%.
The company amended its promissory note, increasing it by $1,000,000 to reach a total of $15.5 million, maintaining its 12% interest rate and two-year maturity, pending TSXV acceptance.
In response to volatile oil prices and potential tariffs, Prospera is adapting by considering pausing growth capital and optimizing vendor payment strategies. The company's Luseland property reactivation program has achieved significant success, with production reaching 190 barrels per day, representing a 186% increase since October 31st, 2024.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) annuncia importanti cambiamenti nella leadership, con Shubham Garg, attuale Presidente, che assume anche il ruolo di CEO ad interim. Christopher Moore entra a far parte del Consiglio di Amministrazione, portando con sé competenze del settore e intuizioni di mercato. Il Consiglio di Amministrazione, composto da cinque membri, possiede ora il 13% del capitale sociale in circolazione, mentre gli insider controllano il 36%.
L'azienda ha modificato la sua nota di prestito, aumentandola di 1.000.000 dollari per raggiungere un totale di 15,5 milioni di dollari, mantenendo un tasso d'interesse del 12% e una scadenza di due anni, in attesa dell'accettazione da parte del TSXV.
In risposta ai prezzi del petrolio volatili e ai potenziali dazi, Prospera si sta adattando considerando di sospendere il capitale per la crescita e ottimizzare le strategie di pagamento ai fornitori. Il programma di riattivazione della proprietà di Luseland ha ottenuto un notevole successo, con una produzione che ha raggiunto 190 barili al giorno, rappresentando un aumento del 186% dal 31 ottobre 2024.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) anuncia cambios clave en el liderazgo, con Shubham Garg, actual Presidente, asumiendo también el rol de CEO interino. Christopher Moore se une a la Junta Directiva, aportando experiencia en la industria y conocimientos del mercado. La Junta de cinco miembros ahora posee el 13% del capital social en circulación, mientras que los insiders controlan el 36%.
La compañía modificó su nota promisoria, aumentando 1.000.000 dólares para alcanzar un total de 15,5 millones de dólares, manteniendo una tasa de interés del 12% y un vencimiento de dos años, a la espera de la aceptación de TSXV.
En respuesta a los precios del petróleo volátiles y posibles aranceles, Prospera se está adaptando considerando pausar el capital de crecimiento y optimizar las estrategias de pago a proveedores. El programa de reactivación de la propiedad de Luseland ha logrado un éxito significativo, con una producción que alcanzó 190 barriles por día, representando un aumento del 186% desde el 31 de octubre de 2024.
Prospera Energy (TSX.V: PEI, OTC: GXRFF)는 Shubham Garg 현 회장이 임시 CEO 역할을 추가로 맡는 등 주요 리더십 변화를 발표했습니다. Christopher Moore가 이사회에 합류하여 산업 전문성과 시장 통찰력을 제공합니다. 다섯 명으로 구성된 이사회는 현재 발행된 보통주 13%를 소유하고 있으며, 내부자는 36%를 통제하고 있습니다.
회사는 약속어음을 수정하여 1,000,000달러를 추가하여 총 1,550만 달러에 이르렀으며, 12%의 이자율과 2년 만기를 유지하고 있으며, TSXV의 승인을 기다리고 있습니다.
변동성이 큰 유가와 잠재적인 관세에 대응하기 위해 Prospera는 성장 자본을 일시 중단하고 공급업체 지불 전략을 최적화하는 방안을 고려하고 있습니다. Luseland 자산 재가동 프로그램은 상당한 성공을 거두었으며, 생산량이 하루 190배럴에 도달하여 2024년 10월 31일 이후 186% 증가했습니다.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) annonce des changements clés dans la direction, avec Shubham Garg, président actuel, prenant également le rôle de PDG par intérim. Christopher Moore rejoint le conseil d'administration, apportant son expertise sectorielle et ses connaissances du marché. Le conseil de cinq membres possède désormais 13 % des actions ordinaires en circulation, tandis que les initiés contrôlent 36 %.
L'entreprise a modifié sa note de promesse, l'augmentant de 1.000.000 dollars pour atteindre un total de 15,5 millions de dollars, tout en maintenant un taux d'intérêt de 12 % et une maturité de deux ans, en attente de l'acceptation du TSXV.
En réponse à la volatilité des prix du pétrole et aux tarifs potentiels, Prospera s'adapte en envisageant de suspendre le capital de croissance et d'optimiser les stratégies de paiement aux fournisseurs. Le programme de réactivation de la propriété de Luseland a connu un succès significatif, avec une production atteignant 190 barils par jour, représentant une augmentation de 186 % depuis le 31 octobre 2024.
Prospera Energy (TSX.V: PEI, OTC: GXRFF) kündigt wichtige Veränderungen in der Führung an, wobei Shubham Garg, der derzeitige Vorsitzende, zusätzlich die Rolle des Interims-CEOs übernimmt. Christopher Moore tritt dem Vorstand bei und bringt Branchenwissen und Markteinsichten mit. Der fünfköpfige Vorstand besitzt nun 13% des ausstehenden Stammkapitals, während Insider 36% kontrollieren.
Das Unternehmen hat seinen Schuldschein geändert und um 1.000.000 Dollar erhöht, um einen Gesamtbetrag von 15,5 Millionen Dollar zu erreichen, wobei der Zinssatz von 12% und die Laufzeit von zwei Jahren beibehalten werden, bis die Zustimmung des TSXV vorliegt.
Als Reaktion auf volatile Ölpreise und potenzielle Zölle passt sich Prospera an, indem es in Betracht zieht, das Wachstumskapital auszusetzen und die Zahlungsstrategien für Lieferanten zu optimieren. Das Reaktivierungsprogramm der Luseland-Immobilie war äußerst erfolgreich, mit einer Produktion von 190 Barrel pro Tag, was einem Anstieg von 186% seit dem 31. Oktober 2024 entspricht.
- Production at Luseland property increased 186% to 190 bbls/d since October 2024
- Strong insider alignment with 36% control by insiders and 13% Board ownership
- Successful well optimizations with potential for additional improvements
- Additional $1M debt taken through promissory note amendment, increasing total to $15.5M
- Growth capital initiatives potentially pausing due to market uncertainty
- Operational challenges from volatile oil prices and potential tariffs
CALGARY, Alberta, April 10, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) ("Prospera", “PEI” or the "Corporation")
Leadership Announcement
Prospera Energy is pleased to announce key appointments to its leadership team, positioning the Company for sustained long term success. Effective immediately, Shubham Garg, who has served as Chairman of the Board since October 2024, will assume the additional role of Interim Chief Executive Officer. Alongside this, Prospera welcomes Mr. Christopher Moore to its Board of Directors. A seasoned entrepreneur and investor, Mr. Moore is a prominent shareholder of the Corporation and brings a formidable blend of industry expertise and market insight. Prospera’s five-member Board now collectively owns
Mr. Moore brings a deep understanding of the oil and gas markets, paired with extensive experience in scaling businesses. His data-driven approach and sharp grasp of market trends will significantly enhance Prospera’s strategic direction. Beyond his business acumen, Mr. Moore is well-versed in corporate governance and is deeply committed to fostering transparency, accountability, and ethical leadership. With a proven track record of guiding organizations through governance enhancements, he will play a pivotal role in strengthening Prospera’s internal policies and ensuring the highest standards of integrity are upheld. His leadership will be instrumental as Prospera navigates through complex regulatory landscapes and will promote a culture of responsibility, supporting both PEI’s long-term success and the trust of stakeholders.
Loan Amendment
The Corporation announces a further amendment to its
Operations Update
Amid volatile oil prices and the looming threat of potential tariffs, Prospera is proactively adapting to operational uncertainty by refining its short-term business strategy. The Corporation is evaluating options such as pausing growth capital—which is already on hold due to the seasonal spring break-up—and engaging in discussions with service providers to optimize vendor payment strategies. These measures affirm Prospera’s commitment to maintaining financial flexibility and operational resilience in an uncertain market.
Prospera’s reactivation program, completed in Q1 2025 at its Luseland property, continues to deliver impressive results. As of April 8th, 2025, Luseland production reached 190 barrels per day (bbls/d), reflecting a remarkable
About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. 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. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting. It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, 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 the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they 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 (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The reader is cautioned that 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 predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. 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 forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news 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 does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither 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.
FAQ
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