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Tenth Avenue Petroleum Announces Second Quarter 2024 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 Second Quarter 2024 Financial & Operating ResultsNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES CALGARY, AB / ACCESSWIRE / August 27, 2024 / 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, 2024. The associated management's discussion and analysis (\" MD&A \") and unaudited interim financial statements for the three and six months ended June 30, 2024, can be found at www.sedarplus.ca and www.tenthavenuepetroleum.comThe Company's key achievements for the three months ended June 30, 2024, included the following:Achieved production average of 93 boe/d (93% oil & NGLs).Generated positive cashflow from operating activities of $440,416.Realized and unrealized net hedging gain of $51,598 during Q2/24.Capital expenditures totalled $280,693.Reported a net loss of $228,772, or ($0.01) per basic common share.Working capital deficit at Q2/24 was $255,782.Successfully completed the conversion of 5-36 horizontal injection well at Murray Lake.Revenues in Q2/24 decreased by 2% to $761,221 from Q1/24 and production decreased to 93 boe/d (93% Oil & NGLs). As Alberta natural gas prices continued to decline, the Company elected to shut in its 6-11 gas well located in Vulcan/Parkland area, which was previously contributing approximately 47 mcf/d (net). Production was also negatively impacted (approximately 5-8 bbls/d) by turnarounds at Hays and Murray Lake during Q2/24, which have since been restored.The Company also achieved record cashflow from operating activities of $440,416 during Q2/24, surpassing its previous high during Q4/23 of $384,247, a 15% increase, despite lower than anticipate production volumes.Selected Quarterly Information Three months endedJune 30 ($) 2024 2023 % change Total oil, natural gas and processing revenue 793,038 923,267 (14)Cash flow from operating activities 440,416 51,449 756 Per share - basic 0.01 (0.00) 100 Per share - diluted 0.01 (0.00) 100 Adjusted funds flow (1) (86,540) (120,205) 28 Per share - basic (2) - - - Per share - diluted (2) - - - Net loss (228,772) (466,342) 51 Per share - basic (0.01) (0.01) - Per share - diluted (0.01) (0.01) - Working capital debt (surplus) (1) 255,782 (67,978) (476)Capital expenditur...