RCS - Avila Energy Corp - Avila Energy Corporation $0.06 per Share Earnings
21/11/2022 18:30
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221121:nRSU1197Ha&default-theme=true
RNS Number : 1197H Avila Energy Corporation 21 November 2022
Avila Energy Corporation Is Pleased To Announce Its $0.06 per Share Earnings
As Stated in Its Financial Report for the Three and Nine Months Ended
September 30, 2022 and Provides a Corporate Update
CALGARY, AB / ACCESSWIRE / November 21, 2022 / Avila Energy Corporation
("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is
pleased to announce its Financial Results for the Three and Nine months ended
September 30, 2022, and to provide its Corporate Update.
Currency used herein is CDN$.
REVENUE:
Avila Energy Corporation's revenues year over year for the nine months ended
September 30, increased to $2,190,991 from $210,883; an increase of 1,139%.
The Company's focus on sustainable growth delivered this growth in earnings of
$0.06 per share for the 3 months ended September 30, 2022, and $0.07 per share
earnings for the nine months ended September 30, 2022.
The average price received for the Company's oil natural gas and liquids sales
for the 9 months of 2022 was a blended price of $46.71/BOE, based on an
average price of CDN $5.06/mcf for natural gas with oil and condensate sales
averaging $101.89/BOE.
EXPENSES:
Operating expenses for the nine months averaged $14.05/BOE resulting in net
operating income ("NOI") of $ 27.29/ BOE. In accordance with the Company's
focus, operating expenses in the 3(rd) quarter continue to trend down now to $
10.47/ BOE from $ 14.81/BOE in the 2(nd) Quarter, resulting in NOI of $
28.59/BOE in the 3(rd) Quarter.
CORPORATE FOCUS:
The Company's continuing focus on sustainable growth has resulted in
production blend and improving operating expenses (currently at $ 10.47/BOE)
towards its target of less than $7.50/BOE, resulting in net margins of 66.01%,
year to date.
COMPANY & ASSET EVALUATION:
On September 30, 2022, the Company's Class A shares were outstanding at
86,572,562, having a book value of $0.38 per share and an enterprise value of
$0.52 per share.
"The NI 51-101 compliant evaluation completed by the Company's QRE (Deloitte
LLP) was completed on August 18, 2022. This report valued the Company's assets
on a 10% discounted Net Present Value (NPV 10%) at $209,841,500, or as of
September 30, 2022, on a per share basis, $2.41 per share, based on 86,983,586
basic shares then outstanding." said Leonard B. Van Betuw, President &
CEO.
"The efforts to date continue to advance (as anticipated) with the closing of
the current acquisition and the further consolidation of its businesses as per
the NI 51-101 compliant evaluation completed by the Company's QRE, Deloitte
LLP, on August 18, 2022." said President & CEO Leonard B. Van Betuw.
Further, our asset base and our established land positions in Canada along
with the plans we have for their current and future un-booked potential are
generating an air of excitement within the Company's engineering and
operational teams. Our shareholders should look forward to participating in
the realization of our past efforts and the fruits of our employees' and
contractors' future efforts going forward into 2023 through to 2027", said
President & CEO Leonard B. Van Betuw.
For further details shareholders and other interested parties are encouraged
to review the Company's financial results and the Management Discussion and
Analysis, available on the Company's website at www.avilaenergy.com
(https://pr.report/9y7BFzm0) .
FUTURE GROWTH:
"The Company is extremely focused on the integration of the assets owned by
the Company for future growth. In accordance therewith, these reported results
are a reflection of the increased earnings made effective from September 1,
2022 (post-closing of, and the result of, the consolidation of the acquisition
of 100% of the assets in West Central Alberta), as recently approved by the
shareholders of the Company at a Special Meeting of the Company held on August
31, 2022. The Company's extreme focus remains on increasing earnings and as a
result increasing the value of the Company for the future." said President
& CEO Leonard B. Van Betuw.
Avila Energy's financial position on September 30, 2022, remains strong.
Avila Energy is focused on obtaining our first goal of reaching consistent
production of 6,000 BOE/d; followed by incremental steps to increase
production to 8,000 BOE/d and thereafter to 12,000 BOE/d.
The continuing creation of shareholder value is the foundation of the business
which is being built by Avila Energy. Avila Energy is pleased to report the
envisioned plan is progressively evolving.
CURRENT FINANCIAL POSITION:
The Company's financial position is as follows.
Working Capital $ 1,902,424
Total Assets $ 59,823,671
Drawn lines of Credit Nil
Long Term Debt and Accrued Labilities $ 12,657,064
Decommissioning Provisions $ 14,160,967
Total Shareholder's Equity $ 32,572,562
"The current rate of growth in revenues are projected to continue (upstream)
for the next 24 months as we progress with the development, firstly, of our
proven developed non-producing assets (PDNP), in parallel with the development
of our proven reserves (TP) in Alberta and British Columbia in 2023.
LONG TERM BUSINESS PLAN:
Further additional complementary revenues are to be derived from the
development of Company's Vertically Integrated Energy Business (downstream) as
announced on November 14, 2022, which are anticipated to commence in 2024.
Avila Energy's teams continue to focus on the execution of its long-term
corporate plan.
"The successful execution on the sustainable development of Avila's vertically
integrated business is part of its plan of becoming a material part of the
sustainable energy transition with an established and growing pipeline of
business in place. This in will to provide shareholders the assurance that
Avila has an established, diversified and a socially responsible path forward
in place and is on its way to becoming a long-term producer of Carbon Neutral
Energy Producer well beyond 2030". said President & CEO Leonard B. Van
Betuw.
"The efforts to date continue to advance (as anticipated) with the closing of
the current acquisition and the further consolidation of its businesses as per
the NI 51-101 compliant Evaluation completed by the Company's QRE, Deloitte
LLP, on August 18, 2022." said President & CEO Leonard B. Van Betuw.
CORPORATE UPDATE:
The Company is pleased to announce the appointment of Ms. Jennifer Ottosen as
Chief Financial Officer (CFO) effective November 7, 2022, of Avila Energy
Corporation.
"The Directors of the Company are pleased with the addition of Ms. Jennifer
Ottosen a CPA as our CFO, in her in new capacity after initially taking the
position of controller for the last 12 months. As CFO, she brings with her an
extensive background, in Rental Equipment, Engineering and Construction." said
Leonard B. Van Betuw, President & CEO, "All important attributes which
reflect on the Company's future and will become important based on where the
Company and the world is going in the next 10 to potentially more than 25
years."
Ms. Jennifer Ottosen CPA
Ms. Ottosen as Controller (initially as a consultant for the Company in 2020)
brings to Avila over 10 years of experience in Financial Reporting and
Analysis, Cost and Project Accounting, Performance Management, Variance
Analysis, Internal Controls, Asset Management, Tax Filings, Budgetsand
Forecasting in the engineering, safety compliance and construction industries.
Over the course of her career, Ms. Ottosen has advised as a consultant and
held various roles in accounting, focused on billing, projectmanagement and
financialreporting, working for Enbridge Inc., Finning Canada,The Inspections
Group Inc., SEKO Construction, Ledcor Fabrication and Stantec Engineering.
The Company wishes to thank Mr. Lars Glimhagen, the previous CFO, for his
efforts over the past ten years in various capacities. We are also pleased to
confirm that Lars will remain in supporting role as the Company continues to
execute on its focused Business Plan. Lars is pleased to congratulate Jennifer
on her recent appointment as CFO.
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 a
Vertically Integrated 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
peter@intuitiveaustralia.com.au (mailto:peter@intuitiveaustralia.com.au) , or
Leonard B. Van Betuw, President & CEO
leonard.v@avilaexpl.com (mailto:leonard.v@avilaexpl.com) .
ON BEHALF OF THE BOARD
Leonard B. Van Betuw
President & CEO
Abbreviations
bbls/d - barrels per day
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
Forward-Looking Statements
Certain information in this news release, including the operations at the
Company's properties, constitute forward-looking statements under applicable
securities laws. Although Avila Energy Corporation believes that the
expectations reflected in these forward-looking statements are reasonable,
undue reliance should not be placed on them because Avila Energy Corporation
can give no assurance that they will prove to be correct. Since forward
looking statements address future events and conditions, by their very nature
they involve inherent risks and uncertainties. The forward-looking statements
contained in this news release are made as at the date of this news release
and the Company does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required by
applicable securities laws. This release includes certain statements that may
be deemed "forward-looking statements." All statements in this release, other
than statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that the Company expects are forward looking statements. Although
the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward looking
statements include market prices, exploitation, and exploration successes,
continued availability of capital and financing, and general economic, market
or business conditions. It should not be assumed that the estimates of net
present value of future net revenue attributable to the Company's reserves
presented above represent the fair market value of the reserves. The recovery
and reserve estimates of the Company's oil, NGL, and natural gas reserves
provided herein are estimates only and there is no guarantee that the
estimated reserves will be recovered. Further, there is no assurance that the
forecast prices and costs assumptions will be attained, and variances could be
material. Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may differ
materially from those projected in the forward-looking statements. Barrel
("bbl") of oil equivalent ("boe") amounts may be misleading particularly if
used in isolation. All boe conversions in this report are calculated using a
conversion of six thousand cubic feet of natural gas to one equivalent barrel
of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
well head. This news release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful. The securities offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption from the
registration requirements of the U.S. Securities Act and applicable state
securities laws. Trading in the securities of Avila Energy Corporation should
be considered highly speculative. Neither the Canadian Stock Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release. For more information on the Company, Investors should review
the Company's registered filings which are available at www.sedar.com
(https://pr.report/cM7aHP0o) .
SOURCE: Avila Energy Corporation
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NRABRBDBGDDDGDB