Advantagewon acquired its first interest in the LaVernia Area of Texas on May 30th, 2014 when it acquired Ainsle Oil Corp. Over the period of June 2014 to December 2018, Advantagewon expanded the LaVernia Property by acquiring additional leases. Currently, the LaVernia Area leases total over 3000 acres.
The LaVernia oil field was discovered in 1939. Management calculates the original oil in place at 1.3 billion barrels, and while the field has produced over 7 million barrels, this only represents a recovery of 5% of the original oil in place. Advantagewon believes that there many infill drilling and enhanced recovery opportunities on the LaVernia Properties.
In 2015, the Corporation drilled its first well on the LaVernia Property – the Wiseman 30 well. The Wiseman 30 well came on at over 24 BOPD and has estimated reserves of 13,600 BOE.
The Corporation commissioned an independent NI 51-101 report on the LaVernia Property prepared by MKM dated April 4, 2019, which indicates a NPV discounted at 10% of proven and probable reserves of $78,692,070 as of December 31, 2018.
"At A Glance" LaVernia Key Highlights
• Covers over 40,000 acres;
• Discovered in 1939;
• Original Oil in Place of approximately 1.3 Billion Barrels;
• Production recorded to date : 7 million BOE (Barrels of Oil Equivalent);
• Calculated oil recovery to date 5%
• First well drilled (Wiseman 30): has estimated reserves of 13,600 BOE.
NI 51-101 Independent Report
Effective Date Undiscounted NPV 10 NPV15
Dec 31, 2018 USD$174,339,690 USD$78,692,070 USD$57,433,520
Dec 31, 2017 USD$175,867,450 USD$74,618,070 USD$52,807,490
Dec 31, 2016 USD $98,712,300 USD$39,779,870 USD$26,311,820
• Many infill drilling opportunities in existing proven reservoirs;
• Multiple drilling locations possible in additional zones where oil has been tested but not developed.