Advantagewon Oil Corp., Announces Completion Timing for the New Well Drilled, Releases Financial Results for Q1, 2019
Toronto, Ontario--(Newsfile Corp. - June 3, 2019) - Advantagewon Oil Corp., (CSE: AOC), (OTCQB: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that it had sourced equipment, and that it had completed making arrangements for the completion of the first well of the Corporation's 2019 drilling program, where drilling commenced on the first well back on March 19th, 2019 and was completed on April 3rd, 2019. Work is to commence on the completion of two Poth Sand zones in the first well during the week of June 3-7, 2019 with production testing to follow immediately. The Corporation also released today a summary of its financial results for the three months ended March 31st, 2019.
Key highlights include:
Total Revenue of $ 166,839 CDN in Q1 2019 was up from $ 157,062 CDN in Q4 2018 representing an increase of 6%.
Total General and Administrative Expenses were reduced to $ 138,837 for the three months ended March 31st, 2019, from General and Administrative expense of $ 452,764 in Q1 2018, and $ 215,435 in Q4 2018 representing decreases of 70% and 36% respectively.
Net loss for the three months ended March 31st, 2019 was reduced to $ 241,597 CDN vs. $ 744,803 CDN for the three months ended March 31st, 2018 representing a decrease of 68%.
Fully Diluted EPS for the three months ended March 31st, 2019 remained as $0.00 vs. $0.00 for the three months ended March 31st, 2018.
The Corporation's interim financials statements for the three months ended March 31st, 2019 are available to view in the financials section of the Corporation's website www.aoc-oil.com or alternatively the interim financials can be viewed on the Corporation's SEDAR archive page by visiting www.sedar.com.
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells in the State of Texas. AOC applies specialized expertise to increase oil recovery from 10-15% to up to 75% for each well. Once the enhanced recovery strategy is successfully applied, AOC will repeat the process throughout the oil pool to maximize output and minimize cost and risk. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange ("CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE:AOC). For more information please visit www.aoc-oil.com.
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Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45241