CALGARY: Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) announced a strategic acquisition to expand its asset portfolio. The company has agreed to acquire 100% of White Tundra Petroleum (WTP), strengthening its base production with significant reactivation opportunities.
In the deal, Prospera will issue 18 million common shares to WTP shareholders, contingent on WTP achieving 85 barrels of oil equivalent per day (boe/d) for three days. An additional 7,312,500 shares will be issued if WTP demonstrates production of 128 boe/d for seven consecutive days within six months. Prospera will also assume $695,000 in debt.
Prospera assumes operational control of WTP on March 6, 2025, initiating a $200,000 workover and reactivation program to optimize production beyond 128 boe/d.
Shubham Garg, Prospera’s Chairman and WTP’s CEO, recused himself from board discussions due to the related party transaction.
Production updates include a February exit rate of 878 boe/d, up 10%, with notable production increases at Luseland and Hearts Hill.
Prospera also settled its $1.5 million convertible debt with a refinancing plan, reducing its fully diluted share count by 30 million shares.
Prospera Energy Inc., headquartered in Calgary, specializes in the exploration, development, and production of crude oil and natural gas. The company is listed on the TSX Venture Exchange under PEI and the U.S. OTC Market under GXRFF.