Prospera Announces Results of Annual General Meeting of Shareholders

CALGARY, Alberta, July 07, 2022 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (PEI: TSX-V; OF6B: FRA) ("Prospera" or the "Corporation") shareholders voted in favor of all items of business brought before them at the Corporation's Annual General Meeting ("AGM") of Shareholders held on May 27, 2022, in Calgary.

Shareholders holding a total of 45,823,678 common shares were represented in person or by proxy at the AGM, accounting for 29.12% of the votes attached to all outstanding common shares of the Corporation as at the record date. Shareholders voted in favor of all the matters submitted before the AGM as specify in the Notice of Meeting and Information Circular dated April 22, 2022, including:

1. Set the number of Directors to five and elect the following as Directors of the Corporation until the next Annual Shareholders Meeting: Samuel David, Mel Clifford, Jasdip Dhaliwal, Mark Lacey, and Brian McConnell.
2. Appoint Crowe MacKay Chartered Professional Accountants, as the Corporation's auditor for the ensuing year.
3. Approve an ordinary resolution ratifying the Corporation's stock option plan; and
   

Subsequent to the AGM, the Board appointed Mr. Samuel David as CEO & President. The Board appointed Mel Clifford as Chairperson of the Board of Directors and Chair of the Audit Committee and Samuel David as Chair of the Reserve Committee.

Subsequent to this meeting the Board ratified the appointment of the following Officers: Matthew Kenna, CFO; Chris Ludtke, Vice President Finance & Accounting; George Magarian, Vice-President. Kamal Alam, Vice President Engineering and Sandra Lee-Chong, Corporate Liaison stepped down as Officers.

Incentive stock options were issued to the following Directors of the Board: 200,000 stock options each to Samuel David and Mel Clifford; 100,000 stock options each to Jasdip Dhaliwal, Mark Lacey, and Brian McConnell. The stock options were granted in accordance with the Corporation's stock option plan that was approved at the Corporation's Annual and Special Meetings of Shareholders held in Calgary on May 27th, 2022. All options noted above are exercisable for a period of five years from the date of issuance at an exercise price of $0.05 per common share.

On the 6th of July 2022, a shareholder meeting was held where shareholders received the financial statements for the fiscal year ended December 31, 2021, together with the report of the auditor which are filed with SEDAR. This was very positively received by all shareholders in attendance.

About Prospera

Prospera 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 more information, please contact:

Shawn Mehler, Public relations
Prospera Energy Inc.
[email protected]

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.