Prospera Energy closes White Tundra acquisition, signs joint venture deal

Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) completed its acquisition of White Tundra Petroleum for $2.62 million and entered a joint venture partnership to develop its Mannville stack Formation assets, according to a company statement.

The Calgary-based energy company acquired 100% of White Tundra Petroleum's shares, with $720,000 paid through issuing 18 million common shares at $0.04 per share. An additional $292,500 in shares may be issued as a performance bonus if the acquired assets achieve average production of at least 128 barrels of oil equivalent per day for seven consecutive days within six months.

White Tundra's assets produce 30° API medium oil near Loyalist and Hanna, Alberta. The transaction qualified as a related party deal since Shubham Garg serves as Prospera's chairman and White Tundra's CEO.

Prospera also signed a joint venture agreement for its Mannville assets, where the partner can earn a 50% working interest in test wells by meeting capital commitments. The partner will nominate three non-producing test wells by August 31, with operations expected to begin by October 31 and completions targeted for January 31, 2026.

The company reported average gross production of 775 barrels of oil equivalent per day from August 1-21, excluding White Tundra assets. Production at individual fields averaged 295 boe/d at Cuthbert, 202 boe/d at Hearts Hill, and 217 boe/d at Luseland during the same period.

Prospera completed more than 60 projects to date, with plans for 12 additional Luseland reactivations in the fourth quarter. The company brought four wells online in the past seven days and has two Single Well Battery builds in progress.

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