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Tenth Avenue Petroleum Announces Second Quarter 2022 Financial & Operating Results
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES CALGARY,...
About this update from Decimus Oil Corp.
[{"type":"text","content":"Tenth Avenue Petroleum Announces Second Quarter 2022 Financial & Operating ResultsNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / August 22, 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 June 30, 2022. The associated managements' discussion and analysis (\"MD&A\") and unaudited interim statements as at the end of the three months ended June 30, 2022 ca be found at www.sedar.com and www.tenthavenuepetroleum.comThe Company's key achievements in the second quarter of 2022 included the following:Achieved production average of 143 boe/d (94% Oil and Liquids) in second quarter, a 63% increase from 88 boe/d in the first quarter.Generated adjusted funds flow of $421,788 in second quarter ($0.01 per share basic and $0.01 per share diluted) compared to $Nil in second quarter of 2021 ($Nil per share basic and diluted).Generated free funds flow (see \"Capital Management Measures\") of $463,880 during the six-month period ended June 30, 2022.Exited the second quarter with a working capital surplus of $1,633,198, net of a small government loan, (see \"Capital Management Measures\").Successfully closed the Avalon Acquisition on April 12, 2022, with an effective date of March 1, 2022Operating netback of $57.64/boe for the second quarter, a 116% increase from $26.65/boe from the first quarter.Capital Expenditures totaled $250,368 for the second quarter.Selected Quarterly Information (v5)Selected Quarterly Information June 30,2022 March 31,2022 Sales volumes Natural Gas (mcf/d) 52 73 Oil and NGL (bbls/d) 134 82 Average boe/d (6:1) 143 88 Product prices Natural gas ($/mcf) 4.36 6.65 Oil and NGL ($/bbl) 122.97 95.61 Oil equivalent ($/boe) 117.11 91.61 ($) Financial results Gross Revenues 1,523,771 739,018 Cash provided by operating activities 149,049 (87,442)Adjusted funds flow (2) 1,687,151 293,619 Per share - basic 0.05 0.01 Per share - diluted 0.05 0.01 Net income (loss) 178,080 (72,706)Per share - basic 0.01 (0.00)Per share - diluted 0.01 (0.00) Capital expenditures 250,368 3,556 Acquisitions (1) 2,827,547 2,738,661 Dispositions (1) - - Total assets 7,389,577 9,187,954 Net debt (2) (1,633,198) (546,800)Decommissioning obligations 2,329,324 2,634,667 Notes:Includes cash ...