Prospera Energy PEI ESG Initiatives Reduces Asset Retirement Liability Commendably and Gains the Principal Investors Support and Guidance to Increase ESG Efforts Effectually
March 29 2023 - 1:01AM
Prospera Energy Inc.
PEI: TSX-V; OF6A: FRA, OTC:
GXRFF
Approximately, two years ago Prospera was
restructured to be profitable and compliant from a terminal
position. Although the focus was to increase production rapidly,
Prospera has commendably managed to address 400+ non-compliances
and abandoned 60 wells. As a result, PEI has elevated the regulator
License Liability Rating (LLR) from a deficit 0.37 past the
regulator requirement (LLR=1) to surplus 1.2, erasing the liability
deficit of 9+ Cdn million$ driving PEI to an asset surplus of
approximately 4 Cdn million$. This is only the first-year result of
a three-year liability management plan (LMR).
Prospera’s commitment is to effectually
implement the environmentally friendly ESG initiatives (eliminate
emissions and reduce environmental footprint). Therefore, PEI has
strategically engaged Philanthropist and PEI principal investor Mr.
Dave Richardson and Engineering Specialist Angela Vande to advise
and guide Prospera’s reclamation process to become a green energy
(Oil & Gas) industry representative. Dave Richardson is an
experienced inventor, executive, entrepreneur, investor and founder
of multiple innovative green technology companies. Mr. Richardson
has been a director of Greenpower Motor Company Inc., Ducks
Unlimited, Co-Founder of ZS2 Technologies Inc., Co-Founder
Progressive Planet Solutions Ltd., Richardson International, a
global leader in agriculture and food processing, etc.
In addition to his charitable board work and
numerous philanthropic endeavors, in 2016 Dave co-founded and
serves as Board Chair of the Stigma-Free Society charity, which
provides education programs around mental health issues primarily
within the school system. More recently, Stigma-Free Society
launched the Rural Mental Wellness initiative with education and
resources directed to underserved rural agricultural and Indigenous
communities. In 2018, Dave initiated and currently funds the
Billion Bees Project with the WE organization to provide meaningful
occupation and income while fostering pollinator growth and habitat
in program communities in Kenya and Ecuador. Participants also
report mental health improvements as a side benefit of the program.
Dave is a program advisor to WE as beekeeping operations continue
to expand and as new mental wellness programs become established in
those communities.
David’s passion to preserve the environment is
relentless. Angela specializes in engineering optimizations in
environmental preservation strategies. The collaboration and
guidance from David & Angela will effectively assist Prospera
to attain PEI’s ESG initiatives from executing the PEI LMR
plan.
The execution of Prospera’s LMR plan and the
implementation of ESG initiatives are capital intensive. These
efforts will reduce ARO on the balance sheet and improve LLR
rating. However, these initiatives do not contribute to the revenue
immediately but rather will contribute to the reduction of
operating expense over the course of three to five years. Another
considerate & compassionate principal investor Mr. Peter Lacey
recognizes the burden on PEI’s working capital to execute the PEI
PLMR plan. Consequently, Mr. Peter Lacey has deferred $1.5 million
of maturing convertible debenture for an additional two years,
extending the maturity to March 2025. Mr. Lacey is committed to
extending repayment of the debenture, therefore providing
additional support to PEI’s upcoming 2023 development and LMR plan.
Conversion price of the debentures remains at $0.10 per unit, with
an interest rate of 8% per annum. Warrants associated with the
debenture are exercisable at $0.14 per share until March 26, 2025,
and are also extended by 2 years.
In addition, the company has settled consulting
fees related to the private placement announced on January 25, 2023
by issuing 500,571 shares. The shares have been awarded at a price
of $0.07875 per share.
About Prospera
Prospera is a public oil and gas exploration,
exploitation and development company focusing on conventional oil
and gas reservoirs in Western Canada. Prospera will utilize
experience and knowledge to develop, acquire, and drill assets with
potential for primary and secondary recovery.
For Further Information:
Shawn Mehler, PR Email:
shawn@prosperaenergy.comWebsite: www.prosperaenergy.com
FORWARD-LOOKING STATEMENTS This
news release contains forward-looking statements relating to the
future operations of the Corporation and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as “will,” “may,” “should,” “anticipate,”
“expects” and similar expressions. All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding future plans and
objectives of the Corporation, are forward looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements.
Although Prospera believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because Prospera can give no assurance
that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Prospera. As a result, Prospera
cannot guarantee that any forward-looking statement will
materialize, and the reader is cautioned not to place undue
reliance on any forward- looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release, and Prospera does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by Canadian securities
law.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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