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The Company issued 12,293,000 units at a price of $0.03(the “Units”) for gross proceeds of
The Company may pay finder’s feesof 8%on a portion of the Private Placement, subject to compliance with the policies of the Canadian Securities Exchange (the “CSE”) and applicable securities legislation.
Mr.
The proceeds of the Private Placement will be used for general working capital purposes. All securities issued pursuant to the Private Placement will be subject to a four-month-and-one day statutory hold period in accordance with applicable securities law.
The securities being referred to in this news release have not been, nor will they be, registered under
The Company also issued 7,509,550 as shares for debt with various arms-length vendors at a price of
About Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK’), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in
For further information, please contact:
Peter Nesveda,
Emails:
Peter Nesveda: peter@intuitiveaustralia.com.au
ON BEHALF OF THE BOARD
Leonard B. Van Betuw
President &CEO
Contact Phone Number: 1-403-451-2786
Abbreviations
bbls/d - barrels per day
BOE/d - barrels oil equivalent per day NGLs - Natural Gas Liquids
Mboe - Thousands of barrels of oil equivalent MMboe - Millions of barrels of oil equivalent PDP - Proved Developed Producing
TP - Total Proved Reserves
IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board
WTI - West
Forward-Looking Information & Forward-Looking Statements Cautionary Statement
Certain information in this news release, including the operations at the Company’s properties, constitute forward-looking statements under applicable securities laws. Although
made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This release includes certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further, there is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the
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