Avila Energy Announces Results of Its Independent Reserves Evaluation

Avila Energy Corporation is pleased to announce the results of its Independent Reserves Evaluation and the Acquisition Completed November 1st, 2022, in East Central Alberta.

The Company's independent reserves evaluation (the "Evaluation), which was completed by Deloitte LLP, the Company's Qualified Reserve Evaluator ("Deloitte" or "QRE") of Calgary, Alberta, which was conducted in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluators Handbook ("COGEH") and National Instrument 51-101 - Standards for Disclosure of Oil and Gas Activities ("NI 51-101"). The reserve volumes are inclusive of 100% of the Company's recent and acquisitions and represents the corporate reserve volumes as of January 1, 2023.

Reserves Highlights
Avila Energy's reserves on a Proven + Probable basis (2P) for the Company is 5,256,100 BOE valued at $30.734 million future cash flows based on a net present value discounted 10% before income taxes (NPV10% BT). The $30.734 million is an estimate of future cash flows and do not necessarily represent fair market value and is supported by a sustainable capital program of CAD $10.432 million for proved reserves and CAD $17.517 million for proved plus probable reserves.