Avila Energy Reports Decreased Revenue and Reserves

Petro Viking Energy Inc. (TSE:VIK) has released an update.

Avila Energy Corporation reported a decrease in revenue by 26% for the year ended December 31, 2023, as compared to the previous year, despite a significant increase in production volume by 146%. The company experienced a substantial drop in the price per barrel of oil equivalent (BOE), with a 49% decrease from the prior year. Additionally, Avila saw a decline in total proven plus probable reserves by 43%, coupled with a decrease in their net present value.

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