CALGARY, AB / ACCESSWIRE / May 31, 2023 / Avila Energy Corporation (“Avila” or the “Company” or “Avila Energy”), trading symbol “CSE:VIK.CN”, is pleased to announce the filing of its Financial Results for the three months ended March 31, 2023.
|Three months ended March 31,||2023||2022|
|Oil and natural gas revenue|
|Natural gas liquids||35,432||32,459|
|Total oil and natural gas revenue, gross||$||968,023||$||513,110|
|Less: Royalty expenses||(129,903)||(67,794)|
|Oil and natural gas revenue, net||$||838,120||$||445,316|
|Three months ended||Three months ended|
|($, except where noted)||March 31, 2023||March 31, 2022||% change|
|Average daily production|
|Heavy oil and condensate (bbls/d)||21||20||5|
|Natural gas (Mcf/d)||2,376||732||225|
|Average realized prices|
|Heavy oil and condensate ($/bbl)||107.89||94.66||14|
|Natural gas ($/Mcf)||3.43||4.76||(28)|
|Operating netback ($/boe)|
|Petroleum and natural gas sales||25.51||38.10||(33)|
|Production and operating expense||(13.89)||(19.04)||(27)|
|Operating netback per boe||8.20||14.03||(42)|
(1) Funds flow from operations is calculated as cash flow from operations before changes in non-cash working capital. Funds flow from operations, funds flow from operations per share and funds flow netback represent net earnings measures adjusted for non-cash items on a boe and per share basis. The Company evaluates its performance based on these measures. The Company considers funds flow a key measure as it demonstrates the Company’s ability to generate funds flow necessary to fund future growth through capital investment, repay debt and measures profitability relative to current commodity prices. Funds flow from operations, funds flow from operations per share and funds flow netback are non-GAAP measures, and as a result, these measures may not be comparable to other issuers.
Avila Energy Corporation’s Financial Statements and Manage Discussion & Analysis are filed and can be found on SEDAR.COM or the Company’s website www.avilaenergy.com for the three (3) months ended March 31, 2023, and 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’s long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. The Company’s goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.
SOURCE: Avila Energy Corporation
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