Sun, 17 Nov 2019

KELOWNA, BC / ACCESSWIRE / July 11, 2019 / ('Prospera' or the 'Corporation') (PEI:TSX-V; OF6A:FRA) Prospera Energy Inc. is pleased to announce the results from the Corporation's Annual General and Special Meeting of shareholders held on June 28, 2019 (the "AGM"). All resolutions set out in the Corporation's information circular dated May 30, 2019, were approved as presented. The scrutineer reported that there were a total of 15 shareholders, holding 11,781,041 common shares, represented in person or by proxy at the meeting. This represented 21.92 per cent of the total 53,752,278 total shares issued and outstanding at the record date.

Among the resolutions submitted by management to shareholders for consideration were the Election of Directors and the approval of the Corporation's stock option plan as summarized in the information circular. Detailed voting results on each resolution are provided in the attached table.

MOTIONS

FOR

AGAINST

PERCENT(%)

WITHHELD/ABSTAIN

Number of Directors

4,686,384

0

100

0

Daryl Fridhandler

4,686,384

0

100

0

Burkhard Franz

4,685,829

0

99.9

555

Lorraine Mcvean

4,686,384

0

100

0

Appointment of Auditors

4,683,051

0

99.9

3,333

Stock Option Resolution

4,443,051

243,333

94.8

0

At the Director's meeting following the AGM, Prospera was pleased to present its June 2019 Operational Update to all shareholders in attendance. Highlights from the presentation include:

  • Total gross production reported for all operations at the completion of May 2019 has reached 1065 boe/d
  • Net production for Prospera now exceeds 500 boe/d
  • The current workover and reactivation program at the Cuthbert, Luseland and Hearts Hill properties is projected to further increase production by 30% at these locations by June 2020
  • The Corporation is currently conducting waterflood studies on the Hearts Hill and Red Earth locations in pursuit of further production increases on these properties
  • The partnership with Boomerang Marketing continues to optimize Prospera's transportation costs through the utilization of lower cost trucking companies

A copy of the June 2019 Operations Update as well as the AGM documents will be made available on the Corporation's website, www.prosperaenergy.com.

The Board of Directors would like to thank the Corporation's shareholders for their continued support throughout the past year.

ABOUT PROSPERA INC

Prospera Inc is a Canadian natural resource company engaged in the acquisition, exploration, development and production of oil and gas properties with operations in Alberta and Western Saskatchewan.

For further information:

Burkhard Franz, President and Chief Executive Officer Email: admin@prosperaenergy.com

Tel: (403) 457-9010

Website: www.prosperaenergy.com

Production volumes are commonly expressed on a barrel of oil equivalent ('BOE') basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.

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. More particularly, it may contain forward-looking statements concerning: (i) production (ii) planned drilling, reactivation, development and waterflood activities, (iii) the potential number of drilling locations on the properties, (iv) timing and completion of the Transaction, including expectations and assumptions concerning timing of receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the Transaction, and (v) potential development opportunities associated with the operations.

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 Inc. 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.

SOURCE: Prospera Energy Inc.



View source version on accesswire.com:
https://www.accesswire.com/551582/Prospera-Announces-AGM-Results-and-Further-Operational-Update

More Birmingham News

Access More

Sign up for Birmingham News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!