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Prospera Energy Announces Acquisition of White Tundra Petroleum, Operations Update, and Convertible Debt Repayment Terms
CALGARY, Alberta, March 06, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF...
About this update from Prospera Energy Inc.
[{"type":"text","content":"Prospera Energy Announces Acquisition of White Tundra Petroleum, Operations Update, and Convertible Debt Repayment Terms\n\n\n\n CALGARY, Alberta, March 06, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (\"\n \n Prospera\n \n \", “\n \n PEI\n \n ” or the \"\n \n Corporation\n \n \")\n \n\n\n White Tundra Acquisition\n \n\n Prospera Energy is pleased to announce a strategic acquisition aimed at expanding its asset portfolio of low-decline base production with significant production upside. The Corporation has entered into an agreement to acquire 100% of the issued and outstanding common shares of White Tundra Petroleum (“WTP”). WTP’s assets produce 30° API medium oil and are located near Loyalist and Hanna, Alberta. The acquisition strengthens PEI’s base production and provides numerous high-impact reactivation opportunities. This transaction is subject to TSXV acceptance.\n \n\n As part of the transaction, 18,000,000 common shares of PEI will be issued to WTP shareholders, contingent upon WTP achieving 85 barrels of oil equivalent per day (boe/d) for three consecutive days across its properties. This condition was achieved based on production levels from February 27\n \n th\n \n to March 1\n \n st\n \n . A performance-based bonus of 7,312,500 additional shares will be issued if production of 128 boe/d can be demonstrated for at least seven consecutive days within six months from the acquisition date. The Corporation is also assuming $695,000 in debt as part of the transaction.\n \n\n Prospera will assume operational oversight of WTP on March 6\n \n th\n \n , 2025, and immediately deploy a $200,000 workover and reactivation program to optimize production beyond 128 boe/d. The bonus share consideration will be issued following the final statement of adjustments and verification of sustained production levels.\n \n\n This transaction qualifies as a related party transaction. Shubham Garg serves as Prospera’s Chairman of the Board, the CEO of WTP, and is a shareholder of WTP. The Corporation has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation. In addition, the related party director has recused himself from ...