Prospera Energy secures $3 million funding, plans for production growth and completes Q1 reserves update

From GlobeNewswire: 2025-05-21 18:13:00

Prospera Energy has secured commitments for $3 million in funding, with a substantial portion coming from company insiders. This financing will accelerate operational plans and production growth throughout the summer. The recent convertible debenture offering remains open for investors to participate alongside insiders. Service rig activity has begun at Cuthbert and a five-well reactivation program is planned at Luseland. Prospera also completed its Q1 2025 reserves update, reflecting a $5 million increase in PDP reserves. Additionally, the company will be hosting a live webinar on May 22nd to review Q1 financial results and strategic direction.

In Q1 2025, Prospera deployed $2.3 million towards reactivation capital for twenty-seven wells, resulting in an additional production capability of 249 boe/d. The company also secured additional term debt funding, acquired White Tundra Petroleum, and settled convertible debt. Operational highlights include an increase in net sales and sales revenue, while operating costs per boe increased due to various factors. Prospera’s core properties are located in Saskatchewan and Alberta, focusing on optimizing recovery from legacy fields.

Forward-looking statements in the news release caution that actual results may differ from anticipated results due to various risks and uncertainties in the oil and gas industry. Prospera believes the expectations and assumptions are reasonable but advises against placing undue reliance on forward-looking statements. The company does not guarantee that any forward-looking statement will materialize and does not undertake any obligation to update publicly.



Read more at GlobeNewswire: Prospera Energy Announces Financing & Operations Update and