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Tenth Avenue Petroleum Announces Third 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 Third Quarter 2022 Financial & Operating ResultsNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / November 24, 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 September 30, 2022. The associated management's discussion and analysis (\"MD&A\") and unaudited interim statements as at the end of the three months ended September 30, 2022 can be found at www.sedar.com and www.tenthavenuepetroleum.comThe Company's key achievements in the third quarter of 2022 included the following:October production was 158 boe/d based on field estimates.Achieved production average of 120 boe/d (93% Oil and NGLs) in Q3/22 (1).Closed an acquisition on September 30, 2022, of 38 boe/d (69% Oil and NGLs) for a total consideration of $777,260 on favorable metrics of $20,500/flowing boe.Cash flow from operating activities was $270,889 in Q3/22 and $332,496 for the nine months ended September 30, 2022.Adjusted funds flow was $712,490 for the nine-month period ended September 30, 2022.Exited the third quarter with no debt and a working capital surplus of $1,162,237.Executed the Company's annual maintenance programThe acquisition of Danzig assets was accounted for under IFRS 3 Business Combinations. The Company did not recognize any of the production, income or expenses during the period, however the assets and liabilities have been accounted for during the third quarter.Selected Quarterly InformationSelected Quarterly Information September 30, 2022June 30,2022March 31,2022Sales volumes Natural Gas (mcf/d)515238Oil and NGL (bbls/d)10313482Average boe/d (6:1)12014388Product prices Natural gas ($/mcf)4.954.366.65Oil and NGL ($/bbl)90.66122.9795.61Oil equivalent ($/boe)86.35117.1191.61($) Financial results Gross Revenues974,5861,523,771739,018Cash provided by operating activities270,889149,049(87,442)Adjusted funds flow (2)(5,314)1,687,151293,619Per share - basic0.000.050.01Per share - diluted0.000.050.01Net income (loss)($258,766)178,080(72,706)Per share - basic(0.01)0.01(0.00)Per share - diluted(0.01)0.01(0.00) Capital expenditures73,302250,3683,556Acquisitions (1)777,260-2,827,547 Total assets8,135,8257,389,5779,187,954Net debt (2)(1,162,237)(1,633,198)(546,...