Prospera Announces Completion of Acquisition of Diesel Assets, Canadian Business Journal

Calgary, Alberta, November 14, 2022 (GLOBE NEWSWIRE) — prospera Energy Corporation (PEI): TSX: PEI-V; OTC (USA): GXRFF; FRA (Germany): OF6A (“prospera” or “Ltd.”), in addition to our press releases of July 21, 2022 and September 1, 2022, announce that we have completed this acquisition. Cabaca Resources properties.

The Corporation has agreed to purchase a 50% undivided interest in an exploration site near Cassels, Alberta for $302,000, payable through the issuance of that number of convertible notes. The convertible notes are convertible into common stock units at the option of the holder for $0.075 in the first year and $0.10 in the second year, bear interest at an annual rate of 8%, and have a term of two years. Each unit consists of one share of common stock and one warrant, exercisable for two years from issuance at $0.075. This is subject to our right to advance the expiration date if our common stock trades at $0.30 for 20 consecutive days. Applicable interest will be paid in cash or shares at the then-current market price, at the Company’s option. Issuance of such shares shall be made through the TSX Venture Exchange (“exchange”) review and acceptance. The vendor in the deal was a private Alberta company owned by the company’s president, Sam David. Independent directors of the Corporation negotiated the transaction and relied on the included waivers. MI 61-101 is that the market value does not meet his 25% of the corporation’s market capitalization.

We reserve the right to re-complete additional wells on the basis that such costs will be split equally with the vendor. If successful, the Corporation will pay an additional $405,500 (half cash and common stock at the then 30-day weighted average price) to purchase his 50% interest in such wells and land. Share consideration is due 30 days after the normal resumption of oil production and is adjusted based on the realization of production during the first 30 days and the production rate stated in the reserves report. Cash consideration is paid out of the PEI portion of net income (paid after the fact) and is subject to the same adjustment criteria as share consideration.

If the first option is executed, the Corporation will have the right to re-complete two more wells on the same basis. If successful, the Corporation will pay him $1,776,000 on the same basis as above for additional wells and 50% operating interest on the property. Similar to additional well recompletions (above), equity consideration will occur 30 days after successful restart of oil production and will be reflected in the production and reserves report for the first 30 days realized. adjusted based on production rate. Cash consideration is paid out of the PEI portion of net income (paid after the fact) and is subject to the same adjustment criteria as share consideration.

Shares issued pursuant to the above options will be issued based on the weighted average price of the Company’s shares on the exchange over the past 30 days. Shares issued at a price less than a deemed price of $0.05625 are subject to exchange approval.

About Prospera

Prospera is a public oil and gas exploration, development and development company focused on traditional oil and gas reservoirs in Western Canada. Prospera uses its experience to develop, acquire and mine assets with primary and secondary recovery potential.

For more information, please contact:

Sean Mailer, PR
Email: [email protected]
Website: www.prosperaenergy.com

Forward-Looking Statements

This news release contains forward-looking statements regarding our future business and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will,” “may,” “should,” “anticipate,” “expect,” or similar expressions . All statements other than statements of historical fact contained in this release, including without limitation statements regarding our future plans and objectives, 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 may differ materially from those projected in such statements.

Although Prospera believes that the expectations and assumptions on which its forward-looking statements are based are reasonable, Prospera cannot give any assurance that the forward-looking statements can be proved to be correct. Undue reliance should not be placed on statements regarding Forward-looking statements address future events or circumstances and, therefore, are inherently subject to risks and uncertainties. Actual results may 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 general oil and gas industry (e.g., operational risks in development, exploration, and production; risks associated with exploration or development projects or capital expenditures; reserves estimates; uncertainties in estimates and forecasts regarding production, costs and expenses, and health, safety and environmental risks); fluctuations in commodity prices and exchange rates; uncertainty due to potential delays or changes, or capital expenditure;

Readers are cautioned that the assumptions used in preparing forward-looking information may prove to be incorrect. Actual results could differ materially from those projected as a result of a number of known and unknown risks, uncertainties and other factors, many of which are beyond Prospera’s control. increase. As a result, Prospera cannot guarantee that the forward-looking statements will be realized. Readers are cautioned not to place undue reliance on forward-looking information. Although such information was believed to be reasonable by management at the time it was prepared, it may prove to be inaccurate and actual results may differ materially from expectations. Any 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 make any forward-looking statements contained, whether as a result of new information or otherwise. does not undertake any obligation to publicly update or revise the , future events, or otherwise. except where expressly required by Canadian securities laws.

NEITHER TSXV NOR ITS REGULATORY SERVICE PROVIDERS (TERMS AS DEFINED IN THE TSXV POLICIES) ASSUME ANY RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THIS RELEASE.

CBJ Newsmaker