Prospera to Acquire White Tundra in Alberta

Prospera Energy is acquiring White Tundra Petroleum, which has assets near Loyalist and Hanna - in Alberta, Canada - producing medium oil.

Prospera said in a news release that it entered into an agreement to acquire 100 percent of the issued and outstanding shares in White Tundra.

The acquisition strengthens Prospera’s base production and “provides numerous high-impact reactivation opportunities,” the company said. The transaction is subject to TSX Venture Exchange acceptance.

As part of the transaction, 18 million shares of Prospera will be issued to White Tundra shareholders, contingent upon White Tundra achieving 85 barrels of oil equivalent per day (boepd) for three consecutive days across its properties, according to the release.

A performance-based bonus of around 7.3 million additional shares will be issued if production of 128 boepd can be demonstrated for at least seven consecutive days within six months from the acquisition date. Prospera is also assuming $695,000 in debt as part of the transaction, it said.

Prospera said it will assume operational oversight of White Tundra on March 6 and immediately deploy a $200,000 workover and reactivation program to optimize production beyond 128 boepd. The bonus share consideration will be issued following the final statement of adjustments and verification of sustained production levels.

Meanwhile, Prospera said its production continues to increase, exiting February at 878 boepd, up 10 percent from the previously reported February PEI peak production. On March 3, Luseland production reached 130 boepd, the highest since December 2023, while Hearts Hill achieved 208 boepd, marking the field’s highest production since November 2019. The company's two active service rigs are continuing to bring wells online across its Luseland and Hearts Hill properties, it said.

The company said it is specifically targeting high-impact Luseland workovers, including wells with significant reservoir and production potential that have remained offline for the last 10 to 15 years.

These wells were previously inactive due to lower commodity prices, lack of operational focus, limited capital availability of past operators, and outdated heavy oil downhole technology which has since seen a step change during this timeframe and which Prospera can now leverage, the company said in an earlier news release.

Further, the company said it has initiated a review of several enhanced oil recovery techniques, including polymer flooding, steam injection, injector conversions to improve waterflood sweep, and facility debottlenecking to optimize production efficiency.

Leadership Changes

In February, Prospera said its CEO Samuel David was no longer employed by the company. The company’s board of directors, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Executive Chairman Shubham Garg, “will lead the company’s strategic vision and business plan going forward,” the company said in an earlier news release.

David resigned from the company’s board effective November 18, 2024.

Prospera also appointed Darren Jackson as its Chief Operating Officer (COO), effective January 1. Darren will oversee the company’s day-to-day operations, strategic initiatives, regulatory compliance, field optimization programs, and drive operational excellence.

Darren brings over 25 years of expertise in the oil and gas industry, “offering a wealth of knowledge and a track record of proven leadership,” according to an earlier statement.

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