CALGARY, AB / ACCESSWIRE / August 25, 2022 / Avila Energy Corporation ("Avila" or the "Company"), trading symbol "CSE:VIK.CN", announces its Financials for the Three and Six months ended June 30, 2022 and provides a Corporate Update
The Company is pleased to report revenues for the Company year over year for the six months ending June 30, 2022 increased from $101,701 to $1,247,723, being an amount of 1147% over the prior six months. As a result of the Company's focus on sustainable growth, the Company reported for the six months ended June 30, 2022, a profit of $0.01 per share.
"The Company attributes these results to our teams at Avila, which continue to focus on the execution of the Company's long-term corporate plans; including the successful execution on the sustainable development of its vertically integrated business as part of its plan of becoming an integrated low-cost Carbon Neutral Energy Producer", said President & CEO Leonard B. Van Betuw.
"The efforts to date are encouraging and upon the closing of the conditional approved acquisition and the further consolidation of the Company's businesses, per the NI 51-101 compliant Evaluation completed by the Company's QRE, Deloitte LLP on August 18, 2022; the Company's growth is projected to lower operational costs materially and drive ever increasing margins, initially through economies of scale. This is initial step is to be followed by further growth in revenues as the Company advances towards to becoming a vertically integrated business.
The Company sold its natural gas in the initial 6 months of 2022 at average price of CDN $5.97 per mcf, while oil and condensate sales averaged CDN $100.97 per bbl. The production blend for the Corporation resulted in the average price of $58.86 per boe, with the Company realizing a net operating income (NOI) of $22.37 per boe or 47.04% net margin on sales. For further details Shareholders are encouraged to review the Financials and accompanying Management Discussion and Analysis available on the Company's website at www.avilaenery.com.
The Company is also pleased to provide a corporate update on the previously announced conditional approved acquisition of 100% of the assets in West Central Alberta, as announced on June 27, 2022, prior to the recommencement of trading of the Company's shares on Canadian Securities Exchange (CSE); trading symbol CSE:VIK.CN on June 29, 2022.
The approval of the acquisition is to be voted on at the Special Meeting to be held on August 31st, 2022.
To date, the Company has received proxies representing 50.39% of the shares outstanding with 98.77% votes received being in favor of the transaction. The Company continues to receive numerous inquiries from a broad range of shareholders and investors, both retail and institutional. The final date for the receipt of proxies for the Special Meeting is August 29th, 2022.
About, Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. The Company through the implementation of a closed system of carbon capture and sequestration and an established path underway towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions continues to work towards becoming an integrated low-cost Carbon Neutral Energy Producer. The Company continues to grow and achieve its results by focusing on the application of a combination of proven geological, geophysical, engineering, and production techniques.
For further information, please contact:
Peter Nesveda, Vice President of Corporate Affairs, and Investor relations,
Leonard Van Betuw, President & CEO or Lars Glimhagen, CFO
Emails: peter@intuitiveaustralia.com.au leonard.v@avilaexpl.com lars.g@avilaenergy.com
ON BEHALF OF THE BOARD
Leonard B. Van Betuw
President & CEO
Abbreviations
bbls/d - barrels per day
boe - barrels of oil equivalent
boe/d - barrels oil equivalent per day
NGLs - Natural Gas Liquids
Mboe - Thousands of barrels of oil equivalent
MMboe - Millions of barrels of oil equivalent
PDP - Proved Developed Producing
TP - Total Proved Reserves
TPP - Total Proved and Probable Reserves
IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board
WTI - West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade