Prospera Announces Late Filing of Annual Financial Disclosure

CALGARY, ALBERTA / ACCESSWIRE / April 30, 2021 / Prospera Energy Inc. ("Prospera" or the "Corporation") (PEI:TSX-V; OF6A:FRA) today announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2020 (the "Required Filings"), will be delayed beyond the filing deadline of April 30, 2021, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations. The delay in the completion of the Required Filings is as a result of delays in the audit process related to the Corporation and its engineering service provider engaging in discussions about the contents of the Corporation's reserves report, which in turn delayed the receipt of a final reserves report until later than anticipated.

The Corporation has made an application to the Alberta Securities Commission (the "ASC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO does not generally affect the ability of shareholders who are not insiders of the Corporation to trade their securities. There is no certainty that the MCTO will be granted.

The Corporation is working expeditiously with its auditor, MNP LLP, to complete the audit as soon as possible. Prospera plans to remedy the default and file the Required Filings as soon as it is able to do so and expects such filing to occur on or prior to May 10, 2021. The Corporation also intends to satisfy the provisions of the alternate information guidelines of Section 10 of National Policy 12-203 Management Cease Trade Orders as long as it is in default of the filing requirements.

The Corporation also wishes to confirm that further to its press release dated April 19, 2021, Savi Franz has agreed to act as Interim Chief Financial Officer of the Corporation until her successor is appointed.

The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.

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:

Samuel David

Director, President and Chief Executive Officer

403-454-9010

Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the issuance of the MCTO and timing of the filing of the Required Filings. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Prospera assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Prospera with the securities regulatory authorities, available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: Prospera Energy Inc.