Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in Western Canada specializing in the exploration, development and production of crude oil and natural gas, has announced that the filing of its required audited annual financial statements, including the management’s discussion and analysis and related CEO and CFO certifications for the financial year ended Dec. 31, 2023 will be delayed; the documents are due by April 29, 2024. Prospera Energy noted that the delay resulted from a request by its auditors for additional time to complete the audit, which contains complex business transactions including GORR financing and improved policies for its decommissioning liability estimates. Prospera has applied for a management cease trade order (“MCTO”) from the Alberta Securities Commission; an MCTO would restrict all trading in securities of the corporation by management of the corporation but typically does not impact the ability of shareholders who are not insiders of the corporation to trade their securities. Prospera is working with its auditor, Crowe MacKay LLP, to complete the audit as soon as possible; the company anticipates filing all required documents on or before May 31, 2024.
To view the full press release, visit https://ibn.fm/hlhHr
About Prospera Energy Inc.
Prospera Energy is a publicly traded energy company based in western Canada, specializing in the exploration, development and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir-development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner and service stakeholders. The company is in the midst of a three-stage restructuring process aimed at prioritizing cost-effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low-hanging opportunities and attaining free cash flow while also bringing operations to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase 2 of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal laterals allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Further, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint as well as efforts to reduce and eventually eliminate emissions while also pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. For more information, visit the company’s website at www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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