Avila Energy Corporation is pleased to announce the granting by the Court of Kings Bench of Alberta for the Approval of its application to close the Acquisition in West Central Alberta
CALGARY, AB / ACCESSWIRE / September 15, 2022 / Avila Energy Corporation ("Avila" or the "Company"), trading symbol "CSE:VIK.CN", is pleased to announce the granting by the Court of Kings Bench of Alberta for the Approval of its application to close the Acquisition in West Central Alberta, as previously announced on June 27, 2022, (the "Acquisition") and the application for closing being granted on by the Courts on September 13th, 2022.
As anticipated, the Acquisition will proceed, effective September 1st, 2022, with closing and to be completed on September 14, 2022, followed by the circulation of notifications and the post-closing customary regulatory processes and procedures required therefor, and anticipated to be, in the normal course of business.
At closing, including the issuance of the "Acquisition" shares the Company will have 86,019,630 Class A common shares outstanding, working capital of approximately $3.0M and no drawn lines of credit or term debt.
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 through the implementation of a closed system of carbon capture and sequestration and an established path underway towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions continues to work towards becoming an integrated low-cost Carbon Neutral Energy Producer. The Company continues to grow and achieve its results by focusing on the application of a combination of proven geological, geophysical, engineering, and production techniques.
For further information, please contact:
Peter Nesveda, Vice President of Corporate Affairs, and Investor relations, Leonard Van Betuw, President & CEO or Lars Glimhagen, CFO Emails: peter@intuitiveaustralia.com.au leonard.v@avilaexpl.com lars.g@avilaenergy.com
ON BEHALF OF THE BOARD
Leonard B. Van Betuw President & CEO
bbls/d - barrels per day boe - barrels of oil equivalent boe/d - barrels oil equivalent per day NGLs - Natural Gas Liquids Mboe - Thousands of barrels of oil equivalent MMboe - Millions of barrels of oil equivalent PDP - Proved Developed Producing TP - Total Proved Reserves TPP - Total Proved and Probable Reserves IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board WTI - West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade
Certain information in this news release, including the operations at the Company's properties, constitute forward-looking statements under applicable securities laws. Although Avila Energy Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Avila Energy Corporation can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further, there is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Avila Energy Corporation should be considered highly speculative. Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
View source version on accesswire.com: https://www.accesswire.com/716155/Avila-Energy-Receives-Court-Approval-and-Closing-of-Acquisition
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