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Tenth Avenue Petroleum Announces Second Quarter 2023 Financial, Operating Results & Operational Update
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 Second Quarter 2023 Financial, Operating Results & Operational UpdateNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / August 28, 2023 / Tenth Avenue Petroleum Corp. (\"TPC\" or the \"Company\") (TSXV:TPC) is pleased to announce its financial and operating results for the three and six months ended June 30, 2023. The associated managements' discussion and analysis (\"MD&A\") and unaudited interim financial statements for the three and six months ended June 30, 2023 can be found at www.sedarplus.ca and www.tenthavenuepetroleum.comThe Company's key results in the second quarter of 2023 included the following:Average Q2/23 production of 143 boe/d (78% oil and NGLs).Generated adjusted funds flow deficit of $120,205 in Q2/23 ($0.00 per share basic and diluted).Exited the quarter with a working capital surplus of $67,978 (see \"Capital Management Measures\").Current production is approximately 180 boe/d (85% oil and NGLs) based on August field estimates.Selected Quarterly Information Three months endedJune 30 Six months endedJune 30 ($) 2023 2022 2023 2022 Total oil, natural gas and processing revenue 923,267 1,531,841 1,965,253 2,270,859 Cash flow from operating activities 51,449 149,049 25,543 61,607 Per share - basic (0.00) (0.00) 0.00 0.00 Per share - diluted (0.00) (0.00) 0.00 0.00 Adjusted funds flow (1) (120,205) 421,788 (13,712) 717,804 Per share - basic (2) - 0.01 - 0.02 Per share - diluted (2) - 0.01 - 0.02 Net Income (loss) (466,342) 178,080 (734,706) 105,374 Per share - basic (0.01) 0.01 (0.02) 0.00 Per share - diluted (0.01) 0.01 (0.02) 0.00 Net cash surplus (1) (67,978) (1,633,198) (67,978) (1,633,198)Capital expenditures 257,406 250,368 396,259 253,924 Weighted average shares outstanding Basic 39,944,100 32,970,177 39,917,581 32,970,177 Diluted 39,944,100 33,237,450 39,917,581 33,237,450 Average daily production Oil (bbls/d) 109 125 118 99 NGL (bbls/d) 3 9 3 9 Natural Gas (mcf/d) 187 52 225 45 Total (boe/d) 143 143 158 116 Average realized sale prices Oil ($/bbls) 85.11 129.31 82.20 119.53 Natural gas liquids ($/bbls) 51.54 36.24 52.32 36.76 Natural Gas ($/mcf) 2.37 4.36 3.40 5.32 Notes:Capital Management Measure; See \"Non-IFRS Financial Measures, Non-IFRS Financial Ratios and Capital Management Measures\" Section of the MD&...