10:10 AM EST - Prospera Energy Inc. : Provides details in respect to its recent property acquisitions. Prospera has closed its previously described debt settlement and working interest acquisitions agreements. Pursuant to an arms-length debt settlement agreement dated February 16, the Corporation settled debt owing to it by joint venture partner Petrolia Canada Corporation of approximately $1,700,000 by the acquisition of an undivided 13.423% working interest in the Cuthbert, Luseland and Hearts Hill properties located in Saskatchewan and Alberta (the Properties). The Corporation also agreed to purchase Petrolia’s remaining 14.577% working interest for $585,000, payable by $75,000 in cash and $510,000 by the issue of convertible debentures pursuant to a purchase and sale agreement and a subscription agreement, both dated January 27. This transaction resulted in Prospera owning at closing a total undivided working interest of 69% in the Cuthbert and 84% in Luseland and Hearts Hills. Prospera Energy Inc.
shares V.PEI are trading unchanged at $0.06.
