Prospera Provides Annual Filing Status Update

CALGARY, Alberta, May 23, 2024 (GLOBE NEWSWIRE) -- Prospera Energy Inc. ("Prospera" or the "Corporation") (TSX.V: PEI, OTC: GXRFF, FRA: OF6B, OF6B.SG, OF6B.F, OF6B.BE) provides its second bi-weekly Default Status Report under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), pursuant to which Prospera issued its original default announcement indicating that the filing of 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") would be delayed beyond the filing deadline of April 29, 2024. Prospera reports that since issuing the original default announcement on April 25, 2024, there have been no material changes to the information contained therein that has not been disclosed, nor any failure by Prospera to fulfill its intentions as stated therein, other than as set forth below.

The Corporation's Board of Directors and management confirm that the audit is ongoing and that they are working expeditiously to file the Required Documents and expect to do so on or before May 29, 2024, and confirm that since the Corporation's news release dated May 9, 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 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.