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Tenth Avenue Petroleum Announces First Quarter 2022 Financial & Operating Results
CALAGARY, ALBERTA / ACCESSWIRE / May 30, 2022 / Tenth Avenue Petroleum Corp. ("TPC" or the ...
About this update from Decimus Oil Corp.
[{"type":"text","content":"Tenth Avenue Petroleum Announces First Quarter 2022 Financial & Operating ResultsCALAGARY, ALBERTA / ACCESSWIRE / May 30, 2022 / Tenth Avenue Petroleum Corp. (\"TPC\" or the \"Company\") (TSXV:TPC) is pleased to announce its financial and operating results for the three months ended March 31, 2022. The associated management's discussion and analysis (\"MD&A\") and unaudited interim statements as at and for the three months ended March 31, 2022 can be found at www.sedar.com and www.tenthavenuepetroleum.comThe Company's key achievements in the first quarter of 2022 included the following:Q1/22 production averaged 88 boe/d (92% Oil and Liquids), a 100% increase from the 44 boe/d average in Q4/21.Q1/22 production exited at 135 boe/d, with Murray Lake and Hays averaging 89 boe/d and achieved an operating netback of $91.79/boe in March 2022. Annualized net operating income from March 2022, from these assets is approximately $2.9 million.Closed an oversubscribed non-brokered private placement of $3,116,250.Completed an asset acquisition of 76 boe/d (97% Oil & NGLs) with on effective date of March 1, 2022, of high quality, high netback, low decline oil assets in the Murray Lake and Hays area of Southern Alberta.Achieved gross revenue of $739,018 for the first quarter, an increase of 179% from the previous quarter.Achieved an average operating field netback of $26.65 $/boe for the first quarter.Adjusted funds flow of $293,613 for the first quarter.Exited the first quarter with working capital surplus of approximately $546,800.First quarter information highlights, included the following:Selected Quarterly Information March 31,2022 Dec 31,2021 Sept 30,2021 June 30,2021 Sales volumes Natural Gas (mcf/d) 73 17 - - Oil and NGL (bbls/d) 82 41 - - Average boe/d (6:1) 88 44 - - Product prices Natural gas ($/mcf) 6.65 5.18 - - Oil and NGL ($/bbl) 95.61 90.37 - - Oil equivalent ($/boe) 91.61 86.80 - - ($) Financial results Gross Revenues 739,018 390,188 - - Cash provided by operating activities (87,442) 3,364 - - Adjusted funds flow (2) 293,619 - - - Per share - basic 0.01 - - - Per share - diluted 0.01 - - - Net income (loss) (72,706) (98,556) 526,629 (1,138)Per share - basic (0.00) (0.00) 5,266.29 (11.38)Per share - diluted (0.00) (0.00) 5,266.29 (11.38) Capital expenditures 3,556 26,862 - - Acquisitions (1) 2,738,661 - 1,734,451 - Dispo...