Prospera Energy Inc. Announces Record High Cash Flow From Operations Of $5.4 Million In 2022 Financial Results

(MENAFN- GlobeNewsWire - Nasdaq) CALGARY, Alberta, May 26, 2023 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (" Prospera " or the " Corporation ") (PEI: TSX-V; OF6A: FRA)

Restructured Prospera momentum accelerates by improving 2022 revenue by 3-fold and operating margin to realize record high cash flow from operations of $5.4million. Prospera is pleased to release its fourth quarter and year-end 2022 financial and operating results. Selected financial and operational information outlined below should be read in conjunction with the Company's financial statements and related management's discussion and analysis (MD&A) for the year ended December 31, 2022.

2022 Highlights

PEI 2022 audited financials captured the significant (continued) reorganization and business achievements resulting in the current financial position compared to the previous year.

• Increased oil and gas revenue by 3-fold to $13,904,287
• Improved margin by drastically reducing operating costs to $38.66/boe.
• Realized record high cash flow from operations of $5,382,013 (34.52/boe)
• Increased the before tax NPV@10% cash flow by 30% to $72.5 million.

Operating Netback	2022	2021
Total petroleum and natural gas sales	13,904,287	4,410,761
Transportation Costs	(645,817)	(213,159)
Royalties	(1,847,917)	(447,340)
Operating & restructuring costs	(6,028,540)	(5,066,843)
Operating netback	5,382,013	(1,103,422)
Dollar per BOE	2022	2021
Sales	89.17	61.42
Transportation Costs	(4.14)	(2.97)
Royalties	(11.85)	(6.23)
Operating cost	(38.66)	(66.69)
Operating netback	34.52	(14.47)

Restructured Prospera is positioned for 2023 record growth after 2022 transformational year of production, revenue, and profitability.

Restructured Prospera continues to increase its asset value by executing the development programs to capture the significant remaining reserves.

• Improved closing cash position by 273% to $1.05 million.
• Increased total asset value by 37% to $35.8 million.

ASSETS		2022		2021
Current assets
Cash	$	1,050,960	$	281,519
Trade and other receivables		838,500		1,405,573
Prepaid expenses and deposits		59,788		17,057
Inventory		449,849		237,863
Total current assets		2,399,097		1,942,012
Non-current assets
Deposits		918,902		488,671
Property and equipment		28,984,586		23,073,890
Right-of-use		661,941		627,965
Total assets	$	35,808,655	$	26,132,538

Property and equipment Increase is driven by the capitalized development & workover program and acquisition of an undivided 50% working interest in exploration lands located near Cassels, Alberta

PEI has submitted its year-end financial information for 2022, which will be showcased on May 29th, 2023, within the Company's issuer profile on SEDAR at .

2023 Outlook

PEI restructured efforts have resulted in manageable liabilities, safe operating infrastructure and optimized critical production rates up to gross 925 boepd from vertical wells. In 2023, PEI has positioned itself to execute the second phase of PEI development plan that is to increase production through medium-oil development in Alberta and horizontal wells and capture the significant remaining reserves in Saskatchewan. While abandoning vertical wells and reducing the environmental footprint and ARO obligations.

About Prospera

Prospera is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. Prospera will use its experience to develop, acquire, and drill assets with potential for primary and secondary recovery.

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