Prospera Provides Status Update

CALGARY, Alberta, May 09, 2024 (GLOBE NEWSWIRE) -- Prospera Energy Inc. ("Prospera" or the "Corporation") (TSX.V:PEI, OTC:GXRFF, FRA:OF6B, OF6B.SG, OF6B.BE) announces that further to its news release dated April 25, 2024, the Corporation's principal regulator, the Alberta Securities Commission (the "ASC") granted a management cease trade order (the "MCTO") on May 7, 2024, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). 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 time as the Corporation files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended December 31, 2023 (collectively, the "Required Documents"), and the Executive Director of the ASC revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.

The Corporation's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and expect to do so on or prior to May 31, 2024, and confirm that since the Corporation's news release dated April 25, 2024, there is no other material information respecting the Corporation's affairs that has not been generally disclosed. The Corporation continues to work with its auditor to complete the annual audit as soon as practicable.

Until the Required Documents have been filed, the Corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Corporation remains in default of the financial statement filing requirement. In the event that the Corporation does not file the Required Documents in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Corporation.

About Prospera

Prospera Energy Inc. 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.