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Prospera Energy Inc.: Prospera Energy Inc. Announces Q3, 2021 Financial Statements Filing

DGAP-News: Prospera Energy Inc. / Key word(s): Quarter Results Prospera Energy Inc.: Prospera Energy Inc. Announces Q3, 2021 Financial Statements Filing 08.12.2021 / 14:30 The issuer is solely responsible for the content of this announcement. Prospera Energy Inc. Announces Q3, 2021 Financial Statements Filing

CALGARY, AB / ACCESSWIRE / December 8, 2021 / Prospera Energy Inc. (TSXV:PEI)(OTC PINK:GXRFF)(FRA:0F6B): Prospera Energy Inc. ("Prospera" or the "Corporation") announces its financial and operating results for the nine (9) months ended September 30, 2021. The condensed Interim Financial Statements (unaudited) and related Management's Discussion and Analysis (MD&A) is available at www.sedar.com.

OPERATION AND FINANCIAL SUMMARY

Year-to-date revitalization activities are reflected in the Q3 operating costs, which were overstated by the inclusion of capital consumed by compliance and optimization work. These capital expenditures include:

- Addressing a large number of regulatory and environmental non-compliances.

- Three major facility turnarounds to safety code operating conditions.

- Pipeline and well abandonments to reduce liability.

- Implementing mechanisms to eliminate methane emissions.

- Pipeline and asset integrity.

- Well optimizations - the first stage of the Prospera restructure development program.

The well and ARO optimization activity will continue in Q4 2021. In the first quarter of 2022, Prospera expects to commence the second stage of the Prospera restructure development program - the horizontal well program. The horizontal wells will allow access to new reserves and higher initial rates than the vertical wells. This program will also reduce the vertical wells required, reducing the environmental footprint and disturbance while decreasing the ARO liability. The final stage of the Prospera restructure development program entails economic reservoir management for sustained deliverability leading to overall optimum recovery.