Prospera Energy Inc. Announces Production Performance Update for Canadian Business Journal

Calgary, Alberta, March 3, 2022 (GLOBE NEWSWIRE) — Prospera Energy Inc. Restructuring and refinancing efforts (“Prospera” or “Corporation”) focus on the settlement of past debt to accounts receivable creditors and local governments-compliance issues, settlement of accounts receivable of unpaid joint venture partners. , And updates to safe and reliable operating conditions for all production facilities. This is in line with the implementation of an early restructuring development plan focused on optimizing wells with low capital requirements.

Kosha achieved an average production rate of 353 Bo per day from its business in Western Canada, compared to 169 Bo per day reported in the third quarter 2021 financial statements. The average production rate in January was 393 boe per day and in February it was 411 boe per day, resulting in a consistent increase in production rate from month to month. Peak production of over 650 barrels per day was achieved in January, but average monthly production declined due to the extreme weather-related effects of the cold weather. To date, 40 vertical wells have been optimized at an average cost of $ 30,000 / well. These wells have added about 500 barrels of oil production capacity per day.

Prospera is encouraged by the performance of well optimization programs and reservoir performance in operations in western Canada. The company plans to increase production until the rest of 2022 as the second phase of the horizontal well development program begins.

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 that experience to develop, acquire, and drill assets with potential for primary and secondary recovery.

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Description of future prospects

This news release contains forward-looking statements related to our future business and other statements that are not historical facts. Forward-looking statements are often identified by expressions such as “plan,” “potential,” “should,” “expectation,” and “expectation.” All statements other than the historical facts contained in this release include, but are not limited to, statements regarding the company’s plans and objectives, which are forward-looking statements with risks and uncertainties. .. There is no guarantee that such statements will prove accurate and that actual results and future events may differ materially from those expected in such statements.

Prospera believes that the expectations and assumptions underlying the forward-looking statement are reasonable, but Prospera cannot provide any assurance that they are correct, so the forward-looking statement You should not put too much trust in it. Forward-looking statements, by their very nature, carry inherent risks and uncertainties as they correspond to future events and circumstances. Actual results may differ significantly from what is currently expected due to many factors and risks. These include, but are not limited to, risks associated with the general oil and gas industry (eg, operational risks in development, exploration and production, exploration or development projects or capital investment plans). Delays or changes, reserve estimates; uncertainties in estimates and forecasts related to production, costs and costs, health, safety, environmental risks), commodity price and exchange rate fluctuations, and plans for exploration or development projects. Uncertainties or capital expenditures due to potential delays or changes.

Readers should be aware that the assumptions used to create information about the future outlook may turn out to be incorrect. As a result of many known and unknown risks, uncertainties, and other factors, events or circumstances may cause actual results to differ materially from those expected. Many of these factors are beyond the control of Prospera. As a result, Prospera cannot guarantee that the forward-looking statements are materialized, and readers should be careful not to place excessive reliance on forward-looking information. Such information is considered reasonable by management at the time of creation, but may prove inaccurate and actual results may differ materially from expectations. The forward-looking statements contained in this news release are explicitly modified by this notice. Forward-looking statements contained in this news release were made as of the date of this news release and Prospera may be publicly updated or included, whether as a result of new information or not. We undertake no obligation to revise any forward-looking statements. , Future events or otherwise, unless expressly required by Canadian securities law.

Neither TSXV nor its regulatory service provider (the term is defined in TSXV policy) is responsible for the validity or accuracy of this release.

sauce: Prospera Energy Inc.

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Prospera Energy Inc. Announces Production Performance Update for Canadian Business Journal

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