Prospera Provides Status Update
13 Mai 2023 - 4:59AM
Prospera Energy Inc. ("
Prospera" or the
"
Corporation") (PEI: TSX-V; OF6A: FRA; GXRFF: OTC)
announces that further to its news release dated April 28, 2023,
the Corporation's principal regulator, the Alberta Securities
Commission (the "
ASC") granted a management cease
trade order (the "MCTO") on May 4, 2023, under National Policy
12-203 Management Cease Trade Orders ("NP 12-203"). Pursuant to the
MCTO, Samuel David, the Chief Executive Officer, and Matthew Kenna,
the Chief Financial Officer, may not trade in securities of the
Corporation until such time as the Corporation files its annual
audited financial statements, annual management's discussion and
analysis and related certifications for the year ended December 31,
2022 (collectively, the "
Required Documents"), and
the Executive Director of the ASC revokes the MCTO. The MCTO does
not affect the ability of other shareholders to trade their
securities.
The Corporation's Board of Directors and
management confirm that they are working expeditiously to file the
Required Documents and expect to do so on or prior to May 31, 2023
and confirm that since the Corporation's news release dated April
28, 2023, 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 ProsperaProspera 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, PREmail: 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.
Prospera Energy (TSXV:PEI)
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