07:49 AM EST, 03/07/2025 (MT Newswires) -- Prospera Energy ( GXRFF ) said overnight Thursday that it will acquire White Tundra Petroleum, which has oil-producing assets in Alberta.

Prospera will pay with 18 million newly issued shares, contingent upon White Tundra achieving 85 barrels of oil equivalent per day (boe/d) for three consecutive days across its properties.

Prospera will also issue a performance-based bonus of 7,312,500 additional shares if production of 128 boe/d 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.

Prospera also said it reached a settlement agreement with its convertible debt holders to address the upcoming maturity of its $1.5 million convertible debt, along with accrued interest of $559,374.82 as of the note maturity date on March 26.

Under the terms, the $1.5 million principal will be refinanced through the issuance of a 12-month promissory note bearing 12% interest, with monthly principal repayments of $250,000 commencing six months after issuance.

$200,000 of outstanding interest will be settled through a 12-month convertible note at 12% interest, convertible into Prospera shares at $0.05 apiece. The remainder will be settled through a shares-for-debt agreement at $0.04 per share.

Meanwhile, Prospera said its production continues to increase, exiting February at 878 boe/d, rising 10% from the previously reported February peak production.

On March 3, the company said Luseland production reached 130 boe/d, the highest since December 2023, while Hearts Hill achieved 208 boe/d, the highest since November 2019.