Tenth Avenue Petroleum Announces First Quarter 2024 Financial & Operating Results
Tenth Avenue Petroleum Announces First Quarter 2024 Financial & Operating Results
During the quarter, the Company continued to further its waterflood program that was the driver behind a 36% increase in proved plus probable reserves as at December 31, 2023 compared to the same date in 2022 (see press release dated April 23, 2024 for more details). The Company received Alberta Energy Regulator approval to initiate the conversion of its currently shut-in 05-36 horizontal well into a new injection well that is situated closer in proximity to the higher productivity wells than existing injectors. The Company expects to inject higher water volumes into the 05-36 injection well which has the potential to increase reservoir pressures over time leading to higher recovery rates. The Mannville "A" Pool has approximately 8.9 million barrels (Mbbls) of original oil in place with approximately 8% of that oil recovered to date. In addition, the Company estimates that approximately 15 bbls/d of shut in oil production, curtailed since Q3/23, should be back online by early June 2024 as work to rectify pipeline rupture is near completion.NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES
不得在美国进行分销或在美国传播此信息。
CALGARY, AB / ACCESSWIRE / May 28, 2024 / Tenth Avenue Petroleum Corp. ("TPC" or the "Company") (TSXV:TPC) is pleased to announce its financial and operating results for the three months ended March 31, 2024. The associated management's discussion and analysis ("MD&A") and unaudited interim financial statements for the three months ended March 31, 2024, can be found at and
2024年5月28日，亚克衰油气公司（"TPC"或"公司"）（TSXV:TPC）高兴地宣布截至2024年3月31日的三个月的财务和营运结果。相应的管理讨论和分析报告（"MD&A"）和截至2024年3月31日的未经审计的中期财务报表可以在此处找到
The Company's key achievements in the first quarter of 2024 included the following:
2024年第一季度公司的主要成就包括以下内容：
- Achieved production average of 122 boe/d (89% oil & NGLs) in Q1/24, consistent with 119 boe/d (89% oil & NGLs) in Q4/23.
- Revenues, before realized derivatives, was $775,247 or $70.00/boe in Q1/24, a 4% decrease from $804,601 or $74.30/boe in Q4/23. The 4% decrease was due to an 11% decrease in realized WTI prices, a 52% decrease in NGL prices, offset by an 11% increase in realized natural gas pricing prices and a 3% increase in production when comparing Q1/24 to Q4/23.
- Revenues, after realized derivatives, of $832,913, or $75.21/boe in Q1/24, a 2% decrease from $849,539, or $77.60/boe in Q4/23.
- The Company realized a gain of $57,666 or $5.21/boe in Q1/24 from a physical crude oil agreement to hedge 50 bbls/d at a price of CAD$116.50 per barrel.
- Net production expense decreased 12% to $565,051 or $51.02/boe in Q1/24 from $58.06/boe in Q4/23.
- Operating netbacks before derivatives increased by 175% in Q1/24 to $12.59/boe from $4.59/boe in Q4/23, while operating netbacks, after derivatives increased by 54% to $17.81/boe in Q1/24 from $8.70/boe in Q4/23. This netback increase was also affected by a decrease in production expenses and royalties on a per boe basis.
- Adjusted funds flow (see "Non-IFRS Financial Measures") was $46,039 in Q1/24.
- Total capital expenditures decreased by 24% in Q1/24 to $11,803 from $15,627 in Q4/23. The Company exited Q1/24 with a working capital surplus of $33,212 (see "Capital Management Measures").
- Q1/24的平均生产量为122个标化油桶当量/日（89%为油和NGL），与Q4/23的119个标化油桶当量/日相一致。
- Q1/24的营业收入，在实现衍生品之前，为$775,247或每个标化油桶当量70.00美元，较Q4/23的每个标化油桶当量74.30美元下降了4%。这4%的下降是由实现WTI价格下降11％，NGL价格下降52％，抵销实现天然气定价价格上涨11％和产量上涨3％在Q1 /24和Q4/23的比较中导致的。
- Q1/24实现了$832,913的营业收入，每个标化油桶当量为$75.21，较Q4/23的$849,539或每个标化油桶当量77.60美元下降了2%。
- 公司在Q1/24通过物理原油协议获得了$57,666或每个标化油桶当量$5.21的收益，对冲了50桶/天的原油，价格为CAD $116.50 /桶。
- Q1/24的净生产费用从Q4/23的每个标化油桶58.06美元下降了12％至$ 565,051或每个标化油桶51.02美元。
- 衍生品之前的营运净现金流（在"非IFRS财务指标"中看到）在Q1/24中增加了175％，从Q4/23的每个标化油桶$4.59增加到每个标化油桶$12.59。在衍生品之后的营运净现金流在Q1/24中增加了54％，从Q4/23的每个标化油桶$8.70增加到每个标化油桶$17.81。这种净退改增加也受到了单位生产费用和每个波的版税的减少的影响。
- 经调整后的资金流量（请参见“非IFRS财务指标”）为Q1/24中的$46,039。
- Q1/24的总资本支出从Q4/23的$15,627下降了24％至$11,803。公司以$33,212的运营资本盈余结束了Q1/24（请参见“资本管理措施”）。
During the quarter, the Company continued to further its waterflood program that was the driver behind a 36% increase in proved plus probable reserves as at December 31, 2023 compared to the same date in 2022 (see press release dated April 23, 2024 for more details). The Company received Alberta Energy Regulator approval to initiate the conversion of its currently shut-in 05-36 horizontal well into a new injection well that is situated closer in proximity to the higher productivity wells than existing injectors. The Company expects to inject higher water volumes into the 05-36 injection well which has the potential to increase reservoir pressures over time leading to higher recovery rates. The Mannville "A" Pool has approximately 8.9 million barrels (Mbbls) of original oil in place with approximately 8% of that oil recovered to date. In addition, the Company estimates that approximately 15 bbls/d of shut in oil production, curtailed since Q3/23, should be back online by early June 2024 as work to rectify pipeline rupture is near completion.
在本季度中，公司继续推进其注水项目，该项目是导致2023年12月31日后证明加概率储量增加36％的驱动因素与2022年同期比较（有关详细信息，请参见2024年4月23日发布的新闻稿）。该公司获得了艾伯塔能源监管局批准，以将目前闲置的05-36水平井转换为新注入井，该井比现有的注入井更接近产能更高的井。公司预计向05-36注入井注入更高的水量，这有可能随着时间的推移导致储层压力增加，从而提高回收率。曼维尔"A"组石油原始地点约为890万桶（Mbbls），至今回收的油约为8％。此外，公司估计自自2023年第三季度以来被停产的约15 bbls / d的油产量应在2024年6月初恢复，因为排气管破裂的工作接近完成。
Selected Quarterly Information
所选季度信息
|
Three months ended
March 31
|
||||||||||||
($) |
2024 | 2023 | % change | |||||||||
Total oil, natural gas and processing revenue |
796,139 | 1,041,986 | (24) | |||||||||
Cash flow from operating activities |
(126,561) | (25,906) | (389) | |||||||||
Per share - basic |
(0.00) | (0.00) | - | |||||||||
Per share - diluted |
(0.00) | (0.00) | - | |||||||||
Adjusted funds flow (1)
|
46,039 | 50,773 | (9) | |||||||||
Per share - basic (2)
|
0.00 | 0.00 | (100) | |||||||||
Per share - diluted (2)
|
0.00 | 0.00 | (100) | |||||||||
Net income (loss) |
(220,322) | (268,364) | 18 | |||||||||
Per share - basic |
(0.01) | (0.01) | - | |||||||||
Per share - diluted |
(0.00) | (0.00) | - | |||||||||
Working capital surplus (1)
|
64,846 | 445,589 | 85 | |||||||||
Capital expenditures |
11,803 | 138,853 | (91) | |||||||||
Weighted average shares outstanding |
||||||||||||
Basic |
39,844,100 | 39,890,767 | - | |||||||||
Diluted |
39,844,100 | 39,994,100 | - | |||||||||
Share Trading |
||||||||||||
High |
$ | 0.16 | $ | 0.27 | (41) | |||||||
Low |
$ | 0.10 | $ | 0.17 | (41) | |||||||
Trading volume |
598,581 | 2,567,826 | (77) | |||||||||
Average daily production |
||||||||||||
Oil (bbls/d) |
104 | 128 | (19) | |||||||||
NGL (bbls/d) |
3 | 1 | 200 | |||||||||
Natural Gas (mcf/d) |
83 | 263 | (68) | |||||||||
Total (boe/d) |
122 | 173 | (29) | |||||||||
Average realized sale prices, before financial instruments |
||||||||||||
Oil ($/bbls) |
77.45 | 78.89 | (2) | |||||||||
Natural gas liquids ($/bbls) |
13.70 | 95.16 | (86) | |||||||||
Natural Gas ($/mcf) |
4.59 | 4.13 | 11 | |||||||||
Operating netback, after derivatives ($/boe) |
17.81 | 11.56 | 54 | |||||||||
Adjusted funds flow ($/boe) |
4.16 | 3.26 | 28 | |||||||||
|
截至三个月结束时
三月三十一日
|
||||||||||||
($) |
2024 | 2023 | ％变化 | |||||||||
原油、天然气和加工收入总额 |
796,139 | 1,041,986 | （24） | |||||||||
经营活动现金流量 |
(126,561) | (25,906) | (389) | |||||||||
每股 - 基本 |
（0.00） | （0.00） | - | |||||||||
每股 - 摊薄 |
（0.00） | （0.00） | - | |||||||||
调整后的所有基金类型流量(1)
|
46,039 | 50,773 | -9 | |||||||||
每股 - 基本(2)
|
0.00 | 0.00 | (100) | |||||||||
每股 - 摊薄(2)
|
0.00 | 0.00 | (100) | |||||||||
净利润（损失） |
(220,322) | (268,364) | 18 | |||||||||
每股 - 基本 |
（0.01） | （0.01） | - | |||||||||
每股 - 摊薄 |
（0.00） | （0.00） | - | |||||||||
运营资本盈余(1)
|
64,846 | 445,589 | 85 | |||||||||
资本支出 |
11,803 | 138,853 | (91) | |||||||||
加权平均股数 |
||||||||||||
基本 |
39,844,100 | 39,890,767 | - | |||||||||
摊薄 |
39,844,100 | 39,994,100 | - | |||||||||
股份交易 |
||||||||||||
高 |
$ | 0.16 | $ | 0.27 | (41) | |||||||
收盘最低价 |
$ | 0.10 | $ | 0.17 | (41) | |||||||
成交量 |
598,581 | 2,567,826 | (77) | |||||||||
平均每天产量 |
||||||||||||
原油（桶/天） |
104 | 128 | (19) | |||||||||
天然气液（桶/天） |
3 | 1 | 200 | |||||||||
天然气（立方英尺/天） |
83 | 263 | (68) | |||||||||
总计（boe/日） |
122 | 173 | (29) | |||||||||
金融工具前平均实现的销售价格 |
||||||||||||
原油（美元/桶） |
77.45 | 78.89 | (2) | |||||||||
天然气液（美元/桶） |
13.70 | 95.16 | (86) | |||||||||
天然气（美元/立方英尺） |
4.59 | 4.13 | 11 | |||||||||
金融衍生工具后的营运净收益（美元/桶当量） |
17.81 | 11.56 | 54 | |||||||||
调整后的所有基金类型（美元/桶当量） |
4.16 | 3.26 | 28 | |||||||||
- Capital Management Measure; See "Non-IFRS Financial Measures, Non-IFRS Financial Ratios and Capital Management Measures" Section of this MD&A.
- Non-IFRS Financial Ratio; See "Non-IFRS Financial Measures, Non-IFRS Financial Ratios and Capital Management Measures" Section of this MD&A.
- 资本管理措施；请参阅此 MD&A 的“非IFRS财务衡量标准、非IFRS财务比率和资本管理措施”部分。
- 非IFRS财务比率；请参阅本MD＆A的“非IFRS财务措施、非IFRS财务比率和资本管理措施”部分。
The Company will continue to assess uses of the free cash flow profile given the increase in asset performance paired with commodity levels, while balancing future land acquisitions and production acquisition opportunities.
随着资产表现和商品水平的提高，公司将继续评估自由现金流预测的用途，同时平衡未来土地收购和生产收购机会。
An updated corporate presentation can be found at
公司的最新企业介绍书可以在以下网址找到：
For further information please contact:
要了解更多信息，请联系：
Tenth Avenue Petroleum Corp.
Cameron MacDonald, President & CEO
Phone: (403) 585-9875
Email: cmacdonald@tenthavenuepetroleum.com
第十大街石油股份有限公司。
卡梅伦·麦克唐纳，总裁兼首席执行官。
电话：(403) 585-9875
电邮：cmacdonald@tenthavenuepetroleum.com
About Tenth Avenue Petroleum Corp.
关于第十大街石油股份有限公司。
Tenth Avenue Petroleum Corp. is a junior oil and gas exploration and production company with operations in Alberta.
第十大街石油股份有限公司是一家在阿尔伯塔省开展业务的Junior油气勘探和生产公司。
Forward-looking Information and Statements
前瞻性信息和声明
The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the inability of the Company to meet its commitments on its lands or on the lands it may acquire, the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves, changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling, completion and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's continuous disclosure documents which are available on SEDAR+ at .
本新闻稿中的信息包含某些前瞻性声明。这些声明涉及未来事件或我们未来的业绩。与历史事实不同，所有非历史事实语句都可能成为前瞻性陈述。前瞻性陈述通常使用“寻求”、“预计”、“计划”、“继续”、“估计”、“近似”、“期望”、“可能”、“将”、“项目”、“预测”、“潜力”、“瞄准”、“意图”、“可能”、“应该”、“相信”、“愿”等词语。这些声明涉及巨大的已知和未知的风险和不确定性，其中一些风险和不确定性超出了公司的掌控范围，包括：公司无法满足其对其土地或可能收购的土地的承诺，总体经济条件的影响；行业状况；法律法规的变化，包括新环境法规的采纳和如何解释和执法它们的变化；商品价格、汇率和利率的波动；股市波动和市场估值；石油和天然气市场价格的波动；石油和天然气业务的固有责任；估算石油和天然气储量的不确定性，所得到的收入税法律的变化或涉及石油和天然气行业的税法律和激励计划的变化；石油储量生产中存在的地质、技术、钻井、完井和加工问题以及其他生产石油储量的困难；获得监管机构所要求的批准。公司的实际结果、表现或成果可能与这些前瞻性陈述所预测的结果、表现或成果明显不同，因此无法保证前瞻性陈述预计的任何事件将发生或发生，或者如果它们中的任何一项发生，公司将从中获得的任何效益。这些声明受到特定风险和不确定性的影响，并且可能基于可能导致实际结果与预期的结果存在重大差异的假设。本新闻稿中的前瞻性陈述受到本警示声明的明确限制。除法律规定外，本公司不承担更新或修订前瞻性陈述的公开责任。投资者被鼓励查看和考虑本公司在SEDAR+上连续披露文件中阐述的额外风险因素。
Oil and Gas Advisories
油气咨询
Meaning of Boe
Boe的含义
The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.
“Boe”或油当量桶可能会误导，特别是如果孤立使用。一个以6立方英尺的天然气转化成一个油当量桶（6 Mcf：1 bbl）的油当量桶转化比率是基于一个主要应用于燃烧器端的能量等价转化方法，而不代表井口的价值等价。此外，鉴于基于当前原油价格与天然气的价值比率与6：1的能量等价显着不同；因此，使用6：1的转化比率可能会误导其价值。
Reserves Estimates
储量估计
The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.
单个资产的储备和未来净收入估计可能不反映与所有资产储备和未来净收入估计相同的置信水平，这是由于聚合效应所造成的影响。
Non-GAAP Measurements
非GAAP衡量标准
The Company utilizes certain measurements that do not have a standardized meaning or definition as prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable with the calculation of similar measures by other entities, including but not limited to operating netback, cash flow and working capital. Readers are referred to advisories and further discussion on non-GAAP measurements contained in the Company's continuous disclosure documents. Operating netback is a non‐GAAP measure calculated as the average per boe of the Company's oil and gas sales, less royalties and operating costs.
本公司利用某些没有国际财务报告准则（“IFRS”）规定的标准或定义的衡量标准，因此可能无法与其他实体（包括但不限于运营净价、现金流和工作资本）进行类似计算的衡量标准进行比较。阅读者请参阅本公司连续披露文件中涉及非GAAP衡量标准的风险警告和进一步讨论。运营净价是一种非GAAP经验，其计算方法为公司石油和天然气销售的每个油当量的平均值，减去特许权使用费和运营成本。
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TSX Venture Exchange及其监管服务提供商（如TSX Venture Exchange政策中所定义的那样）不对本发布的充分性或准确性负责。
SOURCE: Tenth Avenue Petroleum Corp.
SOURCE: 第十大街石油股份有限公司。
