08:01 AM EDT, 04/11/2025 (MT Newswires) -- Prospera Energy ( GXRFF ) overnight Thursday said Shubham Garg, who has served as Chairman of the company's board since October 2024, will assume the additional role of interim chief executive.

The company also added Christopher Moore to its board.

Prospera is evaluating options such as "pausing growth capital-which is already on hold due to the seasonal spring break-up-and engaging in discussions with service providers to optimize vendor payment strategies," due to volatile oil prices and the looming threat of potential tariffs.

The company also made a further amendment to its $11 million promissory note and added $1 million to it, bringing the total principal amount to $1.5 million. The note retains its original terms, including a 12% interest rate and a two-year maturity, with no other changes.

Shares of the company closed down 17% to $0.025 on Thursday on the TSX Venture Exchange.