Prospera (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B) recently announced that further to its news release dated April 25, 2024, its principal regulator, the Alberta Securities Commission (“ASC”), granted a management cease trade order (“MCTO”) on May 7, 2024, under National Policy 12-203 Management Cease Trade Orders. “Pursuant to the MCTO, Samuel David, the Chief Executive Officer, and Chris Ludtke, the Chief Financial Officer, may not trade in securities of the corporation until such a time as the corporation files its annual audited financial statements, annual management’s discussion and analysis and related certification for the year ended December 31, 2023, and the Executive Director of the ASC revokes the MCTO,” reads the news release. Prospera noted that the MCTO does not affect the ability of other shareholders to trade their securities.
To view the full press release, visit https://ibn.fm/vuQ2i
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, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, 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. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. For more information about the company, visit 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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