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Tenth Avenue Petroleum Announces Third 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 Third Quarter 2023 Financial & Operating ResultsNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / November 27, 2023 / Tenth Avenue Petroleum Corp. (\"TPC\" or the \"Company\") (TSXV:TPC) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2023. The associated management's discussion and analysis (\"MD&A\") and unaudited interim financial statements for the three and nine months ended September 30, can be found at www.sedarplus.ca and www.tenthavenuepetroleum.comThe Company's key achievements in the third quarter of 2023 included the following:Achieved production average of 142 boe/d (85% Oil and Liquids) in the Q3/23, consistent with 143 boe/d in Q2/23. Average production in Q3/23 increased by 18% when comparing to 120 boe/d from the same period in 2022.Gross Revenues of $1,030,617 or $78.65/boe in Q3/23, a 15% increase from $898,217 in Q2/23 and an 8% increase when comparing to $956,331 in Q3/22.The Company entered into a physical crude oil agreement to hedge 50 bbls/d at a price of CAD$116.50 per barrel, resulting in a $1.87/boe increase to netbacks.Net production expense of $660,800 or $50.43/boe in Q3/23, a 3% decrease from $51.95/boe in Q2/23 and a 13% decrease when comparing to Q3/22.Operating netback (before derivatives) of $19.20/boe in Q3/23, a 245% improvement from $5.56/boe in Q2/23 and a 61% improvement to Q3/22.Generated adjusted funds flow of $60,731 in Q3/23 ($0.00 per basic and diluted share) a 151% increase compared to a deficit of $120,205 ($0.00 per basic and diluted share) in Q2/23, and a 1,243% increase when compared to a deficit of $5,314 in Q3/22 ($0.00 per basic and diluted share).Exited Q3/23 with a working capital surplus of $82,510 (see \"Capital Management Measures\").Selected Quarterly InformationSelected Quarterly Information September 30,2023June 30,2023Sales volumes Natural Gas (mcf/d)130187Oil and NGL (bbls/d)121112Average boe/d (6:1)142143Product prices Natural gas ($/mcf)3.702.37Oil and NGL ($/bbl)88.7484.26Oil equivalent ($/boe)78.6569.02($) Financial results Gross Revenues1,030,617898,217Cash provided by operating activities2,19551,449Adjusted funds flow (2)60,731(120,205)Per share - basic--Per share - diluted--Net income (loss)(186,240)(466,342...