Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a publicly traded energy company based in western Canada specializing in the exploration, development and production of crude oil and natural gas, has had 550,000 common shares acquired by Vittorio Valsecchi. The shares were acquired for approximately C$0.065 per common share, for a total cost of C$35,750. Prior to the transaction, Valsecchi beneficially owned 42,450,000 common shares of the company, which represented an estimated 9.94% of the issued and outstanding common shares on a nondiluted basis. “As a result of the acquisition, Mr. Valsecchi now beneficially owns 43,000,000 common shares, representing approximately 10.07% of the issued and outstanding common shares of the company on a nondiluted basis,” stated the press release. “Mr. Valsecchi acquired the common shares for investment purposes. Mr. Valsecchi may acquire additional securities of the company in the future, may dispose of some or all of the securities or may continue to hold his current position.”
To view the full press release, visit https://ibn.fm/9Ty1P
About Prospera Energy Inc.
Prospera Energy is a publicly traded energy company based in western Canada, specializing in the exploration, development and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir-development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner and service stakeholders. The company is in the midst of a three-stage restructuring process aimed at prioritizing cost-effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low-hanging opportunities and attaining free cash flow while also bringing operations to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase 2 of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant remaining reserves (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase 3 of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Further, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas. PEI continues to apply efforts to minimize its environmental footprint as well as efforts to reduce and eventually eliminate emissions while also pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents. For more information, visit the company’s website at www.ProsperaEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to GXRFF are available in the company’s newsroom at https://ibn.fm/GXRFF
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