LaVernia 

On Feb 4th, 2020 the Corporation announced that it hadsold all of its remaining US assets to Emerald Bay Energy Inc.,(TSXV: EBY), (“EBY”).

 

In consideration for its holdings, the Corporation will receive from EBY a cash payment of Fifty Thousand Dollars (“50,000.00”) USD and the Corporation also received Thirty-Nine Million and Twenty-Seven Thousand (“39,027,000”) Common Shares of EBY, subject to final TSX approval, which amounted to Three Hundred Thousand Dollars (“$300,000.00”) USD in valuation. The Common Shares the Corporation received will be held in trust by the Corporation’s assignee until Dec 31st, 2020 at which point, or prior to the Dec 31st 2020 deadline, EBY will purchase back the shares from the Corporation for a set price of $300,000.00 USD.

 

Should EBY elect not to purchase back the 39,027,000 Common Shares it issued to the Corporation, the 39,027,000 Common Shares will then be returned to EBY’s treasury and a Royalty Structure will be formed and will commence on Jan 1st, 2021. The royalty structure will pay the Corporation a maximum of Four Hundred Thousand Dollars (“$400,000.00”) USD and once the
Corporation has received the $400,000.00 USD from EBY, the royalty interests will revert fully to EBY. The Corporation will also receive the return of Two Hundred and Fifty Thousand Dollars (“$250,000.00”) USD from the Railroad Commission of Texas for the bond the Corporation had to post to the Commission so that it could commence operations in the State of Texas.

 

 Overview 

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.

 "At A Glance" LaVernia Key Highlights 

LaVernia Field

•    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%


Production

• 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


Upside

• Many infill drilling opportunities in existing proven reservoirs; 

• Multiple drilling locations possible in additional zones where oil has been tested but not developed.

 

 LaVernia NI 51-101 Report 

Click Here to View the 2018 

NI 51-101 Report

Click Here to View the 2017

NI 51-101 Report

Advantagewon Oil Corp.

Registered Office Address:

47 Colborne Street | Suite 307

Toronto, Ontario | M5E 1P8

T: (416) 318-6501

 

Listed both on the CSE & OTC Markets

 

 

 

 

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© 2017 - 2020 Advantagewon Oil Corp.