In This Article:
CALGARY, Alberta, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) ("Prospera", “PEI” or the "Corporation")
Loan Amendment Update
The Corporation is pleased to announce the amendment of its $12,200,000 promissory note, originally dated July 7th, 2024, in collaboration with its principal lender. As part of this amendment, an additional $750,000 has been added to the principal balance, increasing the total to $12,950,000 as of January 23rd, 2025. The original terms of the note remain unchanged, including a 12% interest rate and a two-year maturity period. This amendment is subject to TSXV acceptance.
The proceeds from the increased loan will be utilized to execute a twelve to fifteen-well workover program in Prospera’s Heart’s Hill and Luseland properties. This program targets low-risk production opportunities by selecting capital efficient projects, driving additional cash flow and production sustainability.
Shares for Debt
Prospera has entered into an additional agreement to settle a trade payable with a critical vendor totaling $75,000 through the issuance of 1,250,000 common shares at a deemed price of $0.06 per share. This vendor is a key partner and is committed to the company’s future development plans. The shares will be subject to a trading restriction of four months and a day from the date of issuance and are subject to TSXV acceptance.
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.
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.