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Tenth Avenue Petroleum Announces First Quarter 2023 Financial & Operating Results
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES CALGARY, AB /...
About this update from Decimus Oil Corp.
[{"type":"text","content":"Tenth Avenue Petroleum Announces First Quarter 2023 Financial & Operating ResultsNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / May 30, 2023 / 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, 2023. The associated management's discussion and analysis (\"MD&A\") and unaudited interim statements as at the three months ended March 31, 2023 and 2022 can be found at www.sedar.com and www.tenthavenuepetroleum.comThe Company's key achievements in the first quarter of 2023 included the:Achieved production average of 173 boe/d (75% Oil and NGLs) in Q1/23 an increase of 29% compared to 134 boe/d in Q4/22.Revenue in Q1/23 was $1,018,566, a 47% increase from Q4/22 revenue of $690,671 and a 40% increase from Q1/22 revenue of $728,616.The quarter over quarter increase in production in Q1/23 was related to the tie-in and completion of the 102/6-11-15-26W4 natural gas well which was placed on production January 30, 2023.Exited Q1/23 with no debt and a working capital surplus of $445,589.Selected Quarterly InformationSelected Quarterly Information March 31,2023 December 31, 2022 September 30, 2022 June 30,2022 Sales volumes Natural Gas (mcf/d) 263 78 51 52 Oil and NGL (bbls/d) 129 133 133 134 Average boe/d (6:1) 173 134 120 143 Product prices Natural gas ($/mcf) 4.13 10.35 4.95 4.36 Oil and NGL ($/bbl) 79.04 68.84 90.66 122.97 Oil equivalent ($/boe) 65.32 56.19 86.35 117.11 ($) Financial results Gross Revenues 1,018,566 690,671 956,311 1,523,771 Cash provided by operating activities (25,906) 257,616 270,889 149,049 Adjusted funds flow (2) 106,493 (59,454) (5,314) 421,788 Per share - basic 0.01 (0.00) (0.00) 0.05 Per share - diluted 0.01 (0.00) (0.00) 0.05 Net income (loss) (268,364) (2,258,883) (258,766) 178,080 Per share - basic (0.01) (0.06) (0.01) 0.01 Per share - diluted (0.01) (0.06) (0.01) 0.01 Capital expenditures 138,853 517,575 72,302 250,368 Acquisitions (1) - - 777,260 - Dispositions (1) - - - - Total assets 6,878,804 7,068,035 8,135,825 7,389,577 Net debt (2) (445,589) (447,949) (1,162,237) (1,633,198)Decommissioning obligations 3,378,561 3,259,406 2,950,110 2,329,324 Notes:Includes cash and non-cash consideration. The acquisition amount in Q1/22 reflects adj...