Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

Maha Energy AB (publ)

Strandvägen 5A SE-114 51 Stockholm

www.mahaenergy.ca

                                                                
Press release
Stockholm
26 May 2020
                                                                                                                                                                                            
Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its First Quarter results.  The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

First Quarter 2020

• Daily oil & gas production for Q1 2020 averaged 3,288 BOEPD (Q1 2019: 2,669 BOEPD)
• On 31 March 2020, the Company closed an acquisition for certain producing properties in the Illinois basin for USD 4 million (plus assumed working capital deficiency). 
• During the quarter, the 107D well was placed on production with initial oil rates of 939 BOPD (on pump).
• Revenue of USD 11.2 million (Q1 2019: USD 11.8 million)
• Operating netback of USD 7.9 million or USD 27.91 per BOE (Q1 2019: USD 9.0 million or USD 40.22 per BOE)
• EBITDA of USD 6.4 million (Q1 2019: USD 7.7 million)
• Net result of USD 3.2 million (Q1 2019: USD 4.2 million)
• Basic Earnings per share of USD 0.03 (Q1 2019: USD 0.04)
• Diluted Earnings per share of USD 0.03 (Q1 2019: USD 0.04)
• Cash and cash equivalents balance of USD 19.2 million (Q1 2019: 19.8 million)

Financial Summary