Avila Energy Corporation Is Pleased To Announce Its $0.06 per Share Earnings As Stated in Its Financial Report for the Three and Nine Months Ended September 30, 2022 and Provides a Corporate Update
CALGARY, AB / ACCESSWIRE / November 21, 2022 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is pleased to announce its Financial Results for the Three and Nine months ended September 30, 2022, …
CALGARY, AB / ACCESSWIRE / November 21, 2022 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is pleased to announce its Financial Results for the Three and Nine months ended September 30, 2022, and to provide its Corporate Update.
Currency used herein is CDN$.
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.
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 3rd quarter continue to trend down now to $ 10.47/ BOE from $ 14.81/BOE in the 2nd Quarter, resulting in NOI of $ 28.59/BOE in the 3rd Quarter.
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.