Avila Energy Corporation is Pleased to Announce the Filing of its Financial Report for the Three and Nine Months Ended September 30, 2023

Source Press Release
Company Avila Energy Corporation 
Tags Production/Development, Upstream Activities, Financial & Operating Data
Date November 29, 2023

Avila Energy Corporation ("Avila" or "Company" or "Avila Energy"), trading symbol trading symbol, (CSE:VIK),(OTC PINK:PTRVF) and (FRA:6HG0), is pleased to announce the filing of its Financial Report for the Three and Nine months ended September 30, 2023.

Highlights

  • Avila confirms its commitment as previously announced on November 14, 2023.; its upstream operations remains focused on the refinement of its goal to meet its first milestone of 650 boe/d where it is capable of consistently generating cash-flow that exceeds the total cost of the Company's operational (Opex) and general and administrative (G&A) obligations. Avila has defined this to be its "Break-even Point" for its upstream operations. By the end of 2023, this "Break-even Point" is expected to be based on daily production of 650 boe/d (80% natural gas and liquids and 20% heavy crude oil and condensates) and assumes it will realize an average price of CDN $2.50/mcf for natural gas and a blended price of CDN $75.00/bbl. for heavy crude oil, liquids, and condensates.
  • In the third quarter of 2023, the Company's production averaged 295 boe/d and it is expected to recover to between 550 and 600 boe/d upon the completion of the turnarounds currently nearing completion. Additional initial workovers are anticipated to bring production to over 650 boe/d, its first milestone on its way to its initial goal of over 1,000 boe/d. The Company for the 9 months ended September 30, 2023, realized natural gas prices of $2.97/mcf, $0.47/mcf more than what the Company had budgeted in 2023 and realized a blended price of CDN $92.21/bbl. for heavy crude oil, liquids and condensates, $16.20/bbl. more than our target price of $75.00/bbl. Both realized prices are encouraging indictors of future revenues for the Company.
  • The Company believes that the combination of stronger than budgeted commodity prices being realized to date and the stabilization of operating expenses in the 3rd quarter positions the Avila to significantly continue to reduce its costs per boe upon reaching our first milestone of breakeven prior to yearend 2023. Upon the completion of the equity financing and remediation underway, the resulting recover of daily production will contribute to the Company reaching its first milestone of re-establishing profitable operations, Upstream, in east and west central Alberta, followed by reaching its goal of 1,000 boe/d, soon thereafter in 2024.
  • Avila's Integrated Energy Solution ("Avila I.E.S."); its future Direct-to-Consumer business unit, "Downstream" that is complementary to its conventional "Upstream" and the initial delivery of "Midstream: services in now anticipated to commence in January of 2024. The ramp-up of Avila I.E.S is anticipated to be accelerated upon the Company reaching its second milestone of 1,000 boe/d of net daily production in the 1st quarter of 2024 that is stabilized and generating free cash-flow for the upstream business unit.

Avila Energy Corporation's Financial Statements and Management Discussion & Analysis are filed and can be found on SEDAR.COM or the Company's website  for the three (3) and nine (9) months ended September 30, 2023, and 2022.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd