Avila Energy Corporation is pleased to announce the Closing of the Secured Two-Year Loan of CDN $3,000,000

CALGARY, AB / ACCESSWIRE / August 2, 2023 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK", "OTCM:PTRVF", FRA:6HG0, is pleased to announce the closing of the transaction with a private Canadian investments company at arm's length (the "Lender") for a secured two (2) year term (the "Term") loan of CDN $3,000,000 (the "Loan") previously announced on July 5, 2023.

The parties have executed all the necessary documents and a general security has been registered on all Avila's assets in the appropriate registries in favor of the Lender.

The terms of the Loan include monthly interest payments during the Term, at an annualized rate of 12% plus the accrual of an additional annual administration fee of 10%, payable on the maturity date of the Term.

In addition to the general security being provided by the Company, the President & CEO of the Company, Mr. Leonard B. Van Betuw provided a personal guarantee for the amount CDN$3,000,000 for which he shall be compensated for such by the Company at an amount of 0.25% per month calculated monthly on the amount outstanding at the end of each month.

The Company has also negotiated its ability, at the Company's sole election monthly, to make additional payments on the principal amount outstanding on the Loan, or as funding becomes available from future financings underway, the full repayment of the principal and accrued administrative fees outstanding at any time without penalty prior to the end of the Term. The maturity date of the Term is two (2) years from the date of the disbursement of funds.

$1,472,560 of the loan proceeds were allocated to payments to Micro Turbine Technology's ("MTT") for the licensing of the EnerTwin as per the terms of the Settlement Agreement signed on June 26, 2023, and the balance was advanced to the Company for general working capital purposes.

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.