15:34:09 EST Sun 15 Dec 2019
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or Name

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Prospera Energy Inc
Symbol PEI
Shares Issued 53,752,278
Close 2019-07-11 C$ 0.045
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Prospera Energy shareholders approve all matters at AGM

2019-07-11 10:22 ET - News Release

Mr. Burkhard Franz reports


Prospera Energy Inc. has released the results from the corporation's annual general and special meeting of shareholders, which was held on June 28, 2019. All resolutions set out in the corporation's information circular dated May 30, 2019, were approved as presented. The scrutineer reported that 15 shareholders, holding 11,781,041 common shares, were represented in person or by proxy at the meeting. This represented 21.92 per cent of the total 53,752,278 total shares issued and outstanding at the record date.

Among the resolutions submitted by management to shareholders for consideration were the election of directors and the approval of the corporation's stock option plan, as summarized in the information circular. Detailed voting results on each resolution are provided in the attached table.

Motions                          For      Against    Percentage (%)    Withheld/abstain

Number of directors        4,686,384            0              100                    0               
Daryl Fridhandler          4,686,384            0              100                    0               
Burkhard Franz             4,685,829            0             99.9                  555             
Lorraine Mcvean            4,686,384            0              100                    0               
Appointment of auditor     4,683,051            0             99.9                3,333           
Stock option resolution    4,443,051      243,333             94.8                    0               

At the meeting of directors following the AGM, Prospera presented its June, 2019, operational update to all shareholders in attendance. Highlights from the presentation included the following:

  • Total gross production reported for all operations at the completion of May, 2019, has reached 1,065 barrels of oil equivalent per day.
  • Net production for Prospera now exceeds 500 barrels of oil equivalent per day.
  • The current workover and reactivation program at the Cuthbert, Luseland and Hearts Hill properties is projected to further increase production by 30 per cent at these locations by June, 2020.
  • The corporation is currently conducting waterflood studies on the Hearts Hill and Red Earth locations in pursuit of further production increases on these properties.
  • The partnership with Boomerang Marketing continues to optimize Prospera's transportation costs through the utilization of lower-cost trucking companies.

A copy of the June, 2019, operations update, as well as copies of the AGM documents, will be made available at the corporation's website.

The board of directors would like to thank the corporation's shareholders for their continued support throughout the past year.

About Prospera Inc.

Prospera is a Canadian natural resource company engaged in the acquisition, exploration, development and production of oil and gas properties. The company has operations in Alberta and Western Saskatchewan.

We seek Safe Harbor.

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