- Prospera Energy (PEI) has acquired a 50-per-cent working interest in Brooks, Alberta
- Prospera agreed to purchase the working interest in exploration lands for $302,000 through the issuance of convertible debentures
- The convertible debentures are convertible into common share units at the option of the holder at $0.075 during the first year and $0.10 during the second year
- Prospera Energy Inc. is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada
- Prospera Energy Inc. opened trading at $0.11 per share
Prospera Energy (PEI) has acquired a 50-per-cent working interest in Brooks, Alberta.
The acquisition included 100 per cent of the non-op minority working interest in southern Saskatchewan properties from Cabaca Resources.
The corporation agreed to purchase an undivided 50-per-cent working interest in exploration lands located near Cassels, Alberta, for $302,000, payable by the issuance of that number of convertible debentures.
The convertible debentures are convertible into common share units at the option of the holder at $0.075 during the first year and $0.10 during the second year, bear annual interest at 8 per cent and are for a two-year term.
Each unit consists of one common share and one warrant exercisable at $0.075 for two years from issuance, subject to the corporation’s right to accelerate the expiry date if the common shares of the corporation trade at $0.30 for a period of 20 consecutive days.
Applicable interest will be payable in cash or shares at the then market price, at the option of the corporation.
The corporation has the right to re-complete an additional well on the basis of such costs being split equally with the vendor.
If successful, the corporation will pay an additional $405,500 (half cash and half in common shares at the then 30-day weighted average price) to purchase a 50-per-cent interest in the wells and lands.
If the first option is exercised, the corporation will have the right to re-complete two further wells on the same basis.
Prospera Energy Inc. is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada.
Prospera Energy Inc. opened trading at $0.11 per share.