Business
Avila Energy Corporation Expects to List on Nasdaq Through Business Combination with Insight Acquisition Corp.
Established, Canadian low-cost oil & gas producer with international business experience.Business strategy will implement a closed system of carbon capture
About this update from Alpha Modus Holdings, Inc.
[{"type":"text","content":"Established, Canadian low-cost oil & gas producer with international business experience.Business strategy will implement a closed system of carbon capture and sequestration upstream, combined with downstream direct-to-consumer sales and services for “EnerTwin,” a patented CO2 emission reduction technology.Expects to be carbon neutral by year-end 2024, with a path toward to net zero by 2027.Business combination anticipated to close in the 4th quarter of 2023. CALGARY, Alberta, April 03, 2023 (GLOBE NEWSWIRE) -- Avila Energy Corporation (CSE: VIK) (\"Avila\" or the \"Company\"), an established producer, explorer, and developer of energy in Western Canada, and Insight Acquisition Corp. (NYSE: INAQ) (“Insight”), a special purpose acquisition company, today announced they have entered into a business combination agreement. Upon closing of the transaction, the combined company will continue to operate as “Avila Energy Inc.” and intends to list on the Nasdaq Stock Market. Avila is a Canadian-based energy company with a diversified and growing portfolio of 100%-owned and operated wells, three (3) oil and natural gas processing facilities and over 300 kms of gathering and sales pipelines that provides the Company the ability to economically increase natural gas, liquids production and conventional oil production. The Company’s development plans are projected to continue to materially increase revenues year-over-year that will result in additional sustainable free cash flow. The location of the Company’s wells and facilities, in Central Alberta, ensures upstream operations are able to continue to grow with year-round access (other than seasonal road restrictions during the second quarter). The Company’s team of professionals and seasoned field staff collectively represent over 200 years of combined experience in the industry and have a proven track record of developing and maintaining profitable and sustainable operations. Avila Energy is well-positioned to capitalize on a growth opportunity given the recent launch of the Company’s “Vertically Integrated Energy Business”. Established in November 2022, Avila’s vertically integrated energy business is expected to deliver its first direct-to-consumer energy sales in North America in 2023, with a goal to deliver net zero tier 3 (scope 3) CO2 emission energy to consumers by 2027. The vertical...