Advantagewon Oil Corp., Announces Completion Timing for the New Well Drilled, Releases Financial Results for Q1, 2019

Source Press Release
Company Advantagewon Oil Corp. 
Tags Financial & Operating Data, Upstream Activities
Date June 03, 2019

Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it had sourced equipment, and that it had completed making arrangements for the completion of the first well of the Corporation's 2019 drilling program, where drilling commenced on the first well back on March 19th, 2019 and was completed on April 3rd, 2019. Work is to commence on the completion of two Poth Sand zones in the first well during the week of June 3-7, 2019 with production testing to follow immediately. The Corporation also released today a summary of its financial results for the three months ended March 31st, 2019.

Key highlights include:

  • Total Revenue of $ 166,839 CDN in Q1 2019 was up from $ 157,062 CDN in Q4 2018 representing an increase of 6%.

  • Total General and Administrative Expenses were reduced to $ 138,837 for the three months ended March 31st, 2019, from General and Administrative expense of $ 452,764 in Q1 2018, and $ 215,435 in Q4 2018 representing decreases of 70% and 36% respectively.

  • Net loss for the three months ended March 31st, 2019 was reduced to $ 241,597 CDN vs. $ 744,803 CDN for the three months ended March 31st, 2018 representing a decrease of 68%.

  • Fully Diluted EPS for the three months ended March 31st, 2019 remained as $0.00 vs. $0.00 for the three months ended March 31st, 2018.

The Corporation's interim financials statements for the three months ended March 31st, 2019 are available to view in the financials section of the Corporation's website  or alternatively the interim financials can be viewed on the Corporation's SEDAR archive page by visiting  .

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