(TheNewswire)
 | |||||||||
Calgary, Alberta – November 20, 2024 – TheNewswire - Avila Energy Corporation (“Avila” or “Company”), trading symbol, (CSE: VIK, OTCM: PTRVF and FRA:6HG0), announces that Donald Benson CEO & President of Avila Energy Corporation, on behalf of the Board of Directors, advises that the Company, in conjunction with its Auditor and the Alberta Securities Commission have concluded, that the Financial Statements for the year ending December 31, 2024. will have to be restated. Certain irregularities have come to the attention of the new executive and independent directors, which call into question how funds from a flow through financing were dispersed and whether assets of the Company are accurately accounted for.
“Too many things just don’t seem to be consistent with common sense practices,” said Mr. Benson. Accordingly, in accordance with the Affidavit of Mr. Benson, which will be presented on November 27 at the Court of King’s Bench hearing, the company will be conducting a forensic audit of the suspect transactions.
Upon the conclusion of the investigation the December 31, 2023 Financial Statements, will be amended accordingly and the requisite Material Change Report will be filed on Sedar.
For further information, please contact:
Donald Benson, President and CEO, or Lars Glimhagen, Secretary and CFO,
of Avila Energy Corporation.
Emails: Donald Benson – Donald.b@avilaenergy.com
Lars Glimhagen - Lars.g@avilaenergy.com
ON BEHALF OF THE BOARD
Lars Glimhagen
Corporate Secretary
Contact Phone Number: 1-403-451-2786 extension 202
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
TPP - Total Proved and Probable Reserves
IFRS - International Financial Reporting Standards as issued by the
International Accounting Standards Board
WTI - West Texas Intermediate, the reference price paid in U.S.
dollars at Cushing, Oklahoma for the crude oil standard grade
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 Avila Energy Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Avila Energy Corporation can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are 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 for 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 cost 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 U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Avila Energy Corporation should be considered highly speculative. Neither the Canadian Share Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Share Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company’s registered filings which are available at www.sedar.com.
Copyright (c) 2024 TheNewswire - All rights reserved.
