Prospera Energy Stock Price, News & Analysis

Prospera Energy Inc. announced a delay in filing its audited financial statements for the year ending December 31, 2021, due to restructuring operations and changes in accounting practices. This delay has led to a default under National Instrument 51-102. The company has applied for a management cease trade order (MCTO) affecting management trading but not general shareholders. Prospera is working with Crowe MacKay LLP to finalize the audit, aiming to complete filings by May 31, 2022. It confirms no insolvency proceedings are underway.

Prospera Energy Inc (OTC: GXRFF) has outlined key milestones over the past 1.3 years, focusing on the development of three heavy oil fields spanning over 42,000 acres with significant OOIP of 390 mmbbl. Following a successful restructuring in 2021, the company raised 7.6 million CAD through private placements, addressing financial liabilities and increasing production to 600 boepd, aiming for 1,500 boepd. Upcoming initiatives include a horizontal drilling program and polymer flood technology deployment to improve recovery rates. Prospera has also secured agreements for new properties to enhance its asset portfolio.

Prospera Energy Inc (OTC: GXRFF) has reported significant operational advancements over the last 1.3 years, focusing on developing three large heavy oil fields totaling over 42,000 acres with an original oil in place (OOIP) of 390 million barrels. The company's restructuring efforts have raised $7.6 million in financing, resolved historical liabilities, and increased production to 600 barrels of oil equivalent per day (boepd). Prospera aims to enhance recovery rates using modern horizontal drilling technology and has plans for strategic acquisitions, positioning itself for growth amid rising oil prices.

Prospera Energy Inc. (OTC:GXRFF) is executing two non-brokered private placements to raise up to $4 million CAD, supporting its restructuring and development plans. The first placement aims to raise $2 million through secured convertible debentures, allowing conversion into common shares at $0.05 after one year. The second placement seeks $2 million by offering units at $0.075 each, which include a common share and a warrant at $0.10. Both financings are pending TSX Venture Exchange approval and are expected to close around March 25, 2022.

Prospera Energy Inc. has undertaken significant restructuring and refinancing efforts to address historical liabilities and regulatory issues while enhancing its production capabilities. In Q4 2021, the corporation achieved an average production rate of 353 barrels of oil equivalent (boe) per day, up from 169 boe per day in Q3 2021. January and February 2022 saw average production rates of 393 and 411 boe per day, respectively. The optimization of forty vertical wells has added approximately 500 barrels per day of production capability. Prospera anticipates continued production growth through 2022.

Prospera Energy Inc. (OTC:GXRFF) has received TSX Venture Exchange approval to consolidate and settle trade payables amounting to $1,147,626.72 by issuing 6,557,867 common shares at $0.175 each. Following this issuance, the total outstanding shares is now 113,380,140. This settlement reduces current liabilities and enhances liquidity, enabling Prospera to focus on capital expenditures for production optimization. The company has settled over $7.1 million of historical liabilities, addressing compliance reports while maintaining a commitment to its capital programs.

Prospera Energy Inc. (OTC:GXRFF) has received final approval for a third private placement, raising $2,040,000 through convertible debentures and flow-through share units. The private placement included $1,938,000 in secured convertible debentures with an 8% interest rate and a two-year term. Additionally, $102,000 was raised from 1,700,000 flow-through units at $0.06 each. The proceeds will fund the company's restructuring to enhance profitability and retire legacy debt. The total issued shares post-placement are 113,380,140, with insiders participating in the offering.

Prospera Energy Inc. (OTC PINK:GXRFF) has announced a change of auditors from MNP LLP to Crowe MacKay LLP, effective December 1, 2021. The former auditor had no reservations during audits and there are no reportable events between the two auditors. The notice regarding this change has been reviewed by the Audit Committee and filed on SEDAR. Prospera focuses on conventional oil and gas reservoirs in Western Canada, aiming to develop and acquire assets for primary and secondary recovery.

Prospera Energy has released its financial and operational results for the nine months ending September 30, 2021. Key highlights include substantial revitalization efforts reflected in increased Q3 operating costs, mainly due to regulatory compliance and facility turnarounds. The company will initiate a horizontal well program in Q1 2022, enhancing access to new reserves. Joint Interest Billings account for significant Q3 receivables, with ongoing efforts to settle defaults from partners. Improved comprehensive income is anticipated owing to rising commodity prices.