• International Energy Agency (“IEA”) forecasts record oil production in Canada, global demand and prices expected to rise as Russia and Saudi Arabia cut production
• Prospera Energy operates 42,000+ cumulative acres, estimates approximately 8% of over half a billion available barrels was recovered using traditional vertical well technology
• The company completed Phase 1 of restructuring plan, production expanded from 80 to 1,200 BOE and NPV increased from $3 million to $72 million
• Phase 2 focuses on horizontal well transformation, piloting an enhanced oil recovery application, executing liability management objectives, and furthering ESG initiatives
• The company recently completed four horizontal wells of ten-well multi-pad infill drill program, to start next set of four horizontal wells by end of September

Canada is expected to hit an all-time high for oil production this year, according to the International Energy Agency (“IEA”) (https://ibn.fm/8UhdV). The agency forecasts that demand will rise by 1.9 million barrels per day (mb/d) to a record 101.7 mb/d as China lifts COVID restrictions. Accordingly, prices are set to hit $100 a barrel amid production cuts by Saudi Arabia and Russia to create a “substantial market deficit”, according to the agency (https://ibn.fm/3bCnu).

Prospera Energy (TSX.V: PEI) (OTC: GXRFF) (FRA: OF6B), a Canada-based public oil and gas exploration, exploitation, and development company, is rapidly transforming into a sustainable energy producer with a focus on efficient hydrocarbon development, recovery, and…

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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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