AvenEx Energy Corp.

AvenEx Energy Corp.

November 14, 2011 19:17 ET

AvenEx Energy Corp. Announces Third Quarter 2011 Results

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2011) -

AvenEx Energy Corp. ("AvenEx" or the "Company") (TSX:AVF) is pleased to announce the financial and operational results for the third quarter ended September 30, 2011 and to announce they have filed the complete Management Discussion and Analysis and Unaudited Interim Consolidated Financial Statements. Certain selected financial and operational information is set out below and should be read in conjunction with AvenEx's financial statements and related Management Discussion and Analysis. These filings will be available on the Corporation's SEDAR profile at www.sedar.com.

For the three months ended For the nine months ended
September 30 September 30
(in thousands of dollars except for per share amounts) 2011 2010 % Change 2011 2010 % Change
Total Revenue $ 281,797 $ 111,793 152 $ 731,062 $ 448,988 63
Funds From Continuing Operations (FFCO)1 $ 11,900 $ 9,148 30 $ 38,282 $ 29,692 29
FFCO1 Per Share - Basic $ 0.22 $ 0.21 5 $ 0.72 $ 0.70 3
Funds From Operations (FFO)1 $ 12,115 $ 9,608 26 $ 38,745 $ 31,341 24
FFO Per Share1 - Basic $ 0.23 $ 0.22 5 $ 0.73 $ 0.73 0
Dividends $ 7,211 $ 7,729 (7 ) $ 23,868 $ 23,087 3
Dividends Per Share - Basic $ 0.14 $ 0.18 (22 ) $ 0.45 $ 0.54 (17 )
Dividend Payout Ratio2 60 % 80 % 25 62 % 74 % 16
Net Income from Continuing Operations (NICO) $ 14,391 $ 1,933 644 $ 26,941 $ 3,214 738
NICO Per Share - Basic $ 0.27 $ 0.04 440 $ 0.51 $ 0.07 538
Net Income $ 14,592 $ 3,498 317 $ 27,323 $ 5,193 426
Net Income Per Share - Basic $ 0.27 $ 0.08 238 $ 0.52 $ 0.12 333
Total Assets $ 479,756 $ 331,463 45 $ 479,756 $ 331,463 45
Working Cap. excluding assets held for sale $ (31,338 ) $ 6,635 572 $ (31,338 ) $ 6,635 572
Mortgages (assets held for sale) $ 5,451 $ 11,909 54 $ 5,451 $ 11,909 54
Wtd. Avg. Shares Outstanding - Basic 53,356,576 42,923,483 24 53,034,857 42,720,126 24
Shares Outstanding 53,433,980 42,970,404 24 53,433,980 42,970,404 24

(1) Funds from continuing operations ("FFCO"), funds from continuing operations per share, funds from operations ("FFO"), Funds from Operations per share are not recognized measures under International Financial Reporting Standards (IFRS). Funds from Operations is calculated by taking cash provided by operating activities on the statement of cash flows adjusted for the effect of changes in non-cash working capital and asset retirement costs incurred. Management believes that these measures are useful supplemental measures to analyze operating performance as they demonstrate AvenEx's ability to generate the Funds from Operations necessary to fund future dividends and capital investments. AvenEx's method of calculating these measures may differ from other issuers, and accordingly, they may not be comparable to measures used by other issuers. Investors should be cautioned that these measures should not be construed as an alternative to net income, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS.

(2) Dividend Payout Ratio is calculated by dividing the Monthly Dividends by the Funds from Operations. During the first quarter of 2011 there were four dividends declared versus three in the first quarter of 2010.


The Corporation's third quarter 2011 results were significantly ahead of the prior year as the impact of the Great Plains acquisition in late 2010, higher oil prices and strong crude by rail activity offset production shut-ins and drilling and completion delays in the third quarter. For the quarter ended September 30, 2011, the Corporation had net income of $14.6 million, funds from operations of $12.1 million and distributions of 60% of funds from operations. This compares to the third quarter of the previous year, where the Corporation had net income of $3.5 million, funds from operations of $9.6 million and distributions of 80% of funds from operations. The payout ratio continues on track with our annual 60% ratio target. Of the third quarter 2011 funds from operations, the Oil and Gas Division provided 74%, with 24% coming from Elbow River, 1% from Real Estate and 1% from the Corporate Division.

In the Oil and Gas Division, third quarter 2011 production averaged 4,888 BOE per day up 31% from the 3,719 BOE per day in the corresponding quarter of 2010 largely as a result of the Great Plains acquisition in the fourth quarter of 2010. Production however, was down 4% from second quarter 2011 levels of 5,086 as volumes were impacted by third party facility turnarounds and shut-ins together with delays in completing and tie-ing in wells drilled in the third quarter. The 150 BOE per day of natural gas shut-in at Liege in June is expected to be permanently shut-in with compensation to take the form of royalty credits going forward. Quarterly production volumes were split 43% oil and NGL and 57% natural gas. Third quarter oil and NGL prices were $78.70 up 20% over the previous year but down 10% over the previous quarter. Natural gas prices were $4.05 per Mcf down 26% from the previous year and down 7% from the previous quarter. 2010 benefited from a natural gas hedging program at a significantly higher price than currently available and in place in 2011. Prices for the year have averaged $81.02 per barrel for oil and NGL and $4.33 per Mcf for natural gas. Given the continued weakness in the natural gas markets, the Corporation has protected its 2011 cashflow with about 25% of its natural gas production hedged at prices of above $5.75 per Mcf for the balance of the year. Operating netbacks decreased to $21.73 per BOE versus $23.41 in the comparable period last year as slightly higher commodity prices were more than offset by higher royalties and operating costs. The Great Plains properties acquired in late 2010 have higher royalties and incurred a large third party processing adjustment in the quarter that increased costs per BOE by about $1.11 for the quarter.

The 2011 oil & gas land and development capital budget has been increased to $40.1 million from $34.0 million. The increase is the result of a successful crown land sale in the third quarter where 4,480 hectares were purchased for $5.0 million to complement existing lands prospective for both Slave Point and Gilwood oil opportunities. The third quarter capital expenditure was $9.3 million excluding the aforementioned land sale purchase. Drilling activity was oil focused on the Beaverhill Lake, Viking and Cardium formations. Completion of three gross (two net) Pembina Cardium wells drilled in the quarter was delayed until the latter part of September due to problems accessing completion equipment. The three Cardium wells came on stream in mid-October at an average 190 BOE per day rate for the first 15 days. The Corporation continues to focus on horizontal oil projects for the balance of the fourth quarter and into the first quarter of 2012. Given the winter access only nature of some of the Corporation's oil projects, it is expected that the 2012 budget will be front end loaded into the first quarter in order to accelerate development of these opportunities. The 2011 capital program continues to be 90% focused on oil projects with a view to increasing the oil/natural gas ratio closer to a 50%/50% per BOE weighting by year end. Although AvenEx has significant natural gas upside, natural gas development continues to be closely managed in view of current low natural gas prices.

The Elbow River Marketing Group results of $4.2 million in funds from operations were significantly ahead of the prior year third quarter results of $2.0 million in what is seasonally usually one of Elbow River's weaker quarters. Funds from operations were ahead of management expectations as the quarter benefited from strong crude by rail shipments, improved butane demand and the receipt of ethanol credits. Crude oil overcame early quarter flood related rail disruptions and took advantage of the limited takeaway capacity in some markets and the wide differential between Brent and WTI pricing to have a very strong quarter. Strong quarterly numbers in condensate/natural gasoline and butane also offset seasonal weakness in the propane area. The quarter included unrealized gains of financial instruments of $10.7 million on its hedged forward sales as a result of changes in the underlying product commodity prices. The gain impacts net income but not funds from operations as the gains or losses reverse in the next period when the physical transactions occur. The coming fourth quarter is seasonally one of the stronger quarters for Elbow River and good early quarter crude oil demand bodes well but quarterly results generally depend on cold winter weather to support propane demand.

The Corporation continues with an active disposition process of its real estate portfolio in order to focus on its more energy related divisions. In November 2011, one theatre property sale closed and a second theatre property is scheduled to close on November 17, 2011 for gross proceeds of approximately $2.6 million before costs and mortgage repayment. Two portfolio properties remain, with an industrial property in Ontario and a Western Canadian theatre property. Sale funds generated will be used to pay down mortgages and the balance redeployed into growth opportunities in the energy divisions. The portfolio continues to be 100% leased and perform as expected.

In the third quarter, the Corporation redeemed 182,000 EnerVest Diversified Income Trust units being held for investment purposes. The proceeds were used to fund Oil and Gas Division capital expenditures. The EnerVest units currently yield around 8.7%, but will be disposed of as opportunities arise for the redeployment of the capital into one of the Corporation's core businesses. The Corporation continues to maintain a strong balance sheet post the Great Plains acquisition, with a debt to cashflow ratio of just over 1:1 (exclusive of mortgages), undrawn bank lines in the Oil and Gas Division and remaining mortgages of about $3.3 million in the Real Estate Division after planned November property sales..

The Corporation paid monthly dividends of $0.045 throughout the third quarter. The AvenEx Board of Directors reviews the dividend level monthly and based on current commodity prices, tax pool balances, operational forecast and balance sheet strength the current forecast 2011 dividend payout ratio is targeted at 60% of funds from operations. This compares to a 70%-80% target distribution payout ratio of funds from operations when AvenEx was a Trust.


Net income from continuing operations for the quarter ended September 30, 2011 was $14.4 million, up from $1.9 million in the quarter ended September 30 2010. Net income for the quarter ended September 30, 2011 was $14.6 million, up from a net income of $3.5 million for the quarter ended September 30, 2010.

Funds from continuing operations were $11.9 million for the quarter ended September 30, 2011, higher than $9.1 million in the comparable quarter in 2010. Funds from operations were $12.1 million for the quarter ended September 30, 2011, up from funds from operations for the quarter ended September 30, 2010 of $9.6 million.

AvenEx declared dividends of $7.2 million ($0.135 per share) for the quarter ended September 30, 2011 which is down from the $7.7 million ($0.18 per share) distributed for the quarter ended September 30, 2010, as the monthly dividend was lowered in conjunction with the conversion from a Trust to a Corporation due to the tax effected nature of the dividend. The third quarter payout ratio was 60% of funds from operations compared to 80% at September 30, 2010. The nine month dividend payout ratio of 62% was higher than long term targets of 60% due to an extra dividend being declared on January 4, 2011 as AvenEx transitioned to a corporation. This was followed by the normal monthly dividends for each of the first nine months of 2011. Without this additional dividend, the dividend payout ratio would have been 56%.

The Common Shares of AvenEx trade on the Toronto Stock Exchange (the "TSX") under the trading symbol AVF. Previous historical references to "unitholders", "distributions", "trust units" and "per unit' have now been replaced by "shareholders", "dividends", "common shares" and "per share", respectively, where applicable. Despite the change in legal structure from a trust to a dividend paying corporation, AvenEx's business activities and business strategy remain unchanged and all officers and directors remain the same.

Adoption of International Financial Reporting Standards ("IFRS")

On January 1, 2011, AvenEx adopted IFRS for financial reporting purposes, using a transition date of January 1, 2010. The unaudited interim condensed consolidated financial statements for the three and nine months ended June 30, 2011, including required comparative information, have been prepared in accordance with IAS 34, as issued by the IASB. Except as noted in the Selected Quarterly Information section of this MD&A, 2010 comparative information has been prepared in accordance with IFRS. Reconciliations between previous Canadian GAAP and IFRS can be found in Note 19 of the unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2011. The adoption of IFRS has not had an impact on the Corporation's operations, strategic decisions or cash flow. The most significant area of impact was the adoption of the IFRS accounting policies relating to property, plant and equipment, and income taxes. Further information on the impact of converting to IFRS is provided in the Critical Accounting Policies section of this MD&A, in Notes 3 and 23 of the Corporation's unaudited interim condensed consolidated financial statements for the three months ended March 31, 2011 and in Note 19 of the unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2011.

AvenEx Energy Corp. was created to provide stable, sustainable dividends to shareholders while providing modest growth. AvenEx is focused on energy with two distinct business units, namely Oil & Gas development and production and LPG marketing and logistics.

AvenEx trades on the TSX under the symbol AVF. For further information on AvenEx please go to our website at: www.avenexenergy.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward Looking Statements

Certain statements contained herein including, without limitation, financial and business prospects and financial outlook, the effect of government announcements, proposals and legislation, plans in its Oil and Gas Division regarding hedging, wells to be drilled, expected or anticipated production rates, timing of expected production increases, the weighting of production between different commodities, expected commodity prices, exchange rates, production expenses, transportation costs and other costs and expenses, maintenance of productive capacity and capital expenditures; plans in the Elbow River Marketing Limited Partnership ("Elbow River") business regarding plans for its ongoing Liquefied Petroleum Gas ("LPG") business and activities around the exit from marketing its bio-diesel product; plans in the Real Estate Division for the timing and completion of selling assets, repayment of mortgages on the assets and the nature of capital expenditures; and the timing and method of financing these businesses, may be forward looking statements. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", "targeted" and similar expressions may be used to identify these forward looking statements. These statements reflect management's current beliefs and are based on information currently available to management.

Forward looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including, but not limited to, risks associated with oil and gas exploration: development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and the inability to retain drilling rigs and other services; risks associated with its Elbow River business including, but not limited to, counterparty risk in default, operational risks, hedging, access to credit, competitor risk, seasonality and impact of the global recession on overall economic activity; and risks associated with the Real Estate Division including, but not limited to the impact the overall economy has on valuations, future delinquencies, access to mortgages and impact on interest rates; as well as the risks associated with AvenEx's incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources and the risk factors outlined under "Risk Factors" and elsewhere herein. The recovery and reserve estimates of AvenEx's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although AvenEx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because AvenEx can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which AvenEx operates; the timely receipt of any required regulatory approvals; the ability of AvenEx to obtain qualified staff, equipment and services in a timely and cost efficient manner; Divisional results; the ability of operators to operate the field in a safe, efficient and effective manner; the ability of AvenEx to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of AvenEx to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which AvenEx operates; and the ability of AvenEx to successfully market its products, fluctuations in foreign exchange or interest rates and stock market volatility, credit risk and the ability to realize on collateral in the event of default, failure of counter parties to perform on contracts, fluctuation in the value of real property, failure to produce income or revenue from real estate, failure of tenants to meet lease obligations, increase in property taxes and mortgage, maintenance, insurance, operating costs and decreases in occupancy and rental rates, and fixed costs in relation to variable revenue streams. Readers are cautioned that the foregoing list of factors is not exhausted.

Forward looking statements and other information contained herein concerning the Oil and Gas Division, Elbow River's business, the Real Estate Division and AvenEx's general expectations concerning these industries are based on estimates prepared by each Division's management and from using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of these industries which AvenEx believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While AvenEx is not aware of any misstatements regarding any industry data presented herein, these industries involve risks and uncertainties and are subject to change based on various factors.

These forward looking statements are made as of the date hereof and AvenEx assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.

AvenEx Energy Corp.
As at
September 30, 2011 December 31, 2010
(in thousands of dollars) $ $
Cash 1,028
Marketable securities 4,291 7,595
Accounts receivable 76,677 64,658
Prepaid expenses 3,967 3,514
Inventory 36,239 25,591
Risk management assets 28,020 4,950
Current assets 149,194 107,336
Assets held for sale – Real Estate 12,441 12,533
161,635 119,869
Exploration and evaluation 38,889 32,613
Property, plant and equipment 224,863 204,731
Intangibles and other assets 11,756 12,836
Goodwill 28,492 28,492
Deferred income taxes 14,121 24,492
479,756 423,033
Bank indebtedness 66,838 58,380
Accounts payable and accrued liabilities 108,908 73,410
Dividend payable 2,405
Risk management liabilities 2,381 5,461
Current liabilities 180,532 137,251
Liabilities of assets held for sale – Real Estate 5,551 5,862
186,083 143,113
Decommissioning liabilities 28,881 22,198
214,964 165,311
Shareholders' equity
Share capital 254,246 250,337
Contributed surplus 6,958 6,144
Retained earnings 3,320
Accumulated other comprehensive income 268 1,241
264,792 257,722
479,756 423,033

AvenEx Energy Corp.



For the Three months ended September 30 Nine months ended September 30,
2011 2010 2011 2010
(in thousands of dollars) $ $ $ $
Oil and gas revenue 21,634 15,761 71,678 46,619
Royalties (3,613 ) (1,958 ) (12,661 ) (6,156 )
Unrealized gain (loss) on financial instruments 4,467 (729 ) 4,357 225
Total oil and gas revenue 22,488 13,074 63,374 40,688
Elbow River revenue 247,972 98,212 644,932 423,836
Unrealized gain (loss) on financial instruments 10,684 (431 ) 21,793 (18,060 )
Total Elbow River revenue 258,656 97,781 666,725 405,776
Gain (loss) on sale of marketable securities 442 751 442 1,599
Interest and other revenue 211 187 521 925
Total revenue 281,797 111,793 731,062 448,988
Oil and gas operating 7,622 5,399 22,968 16,123
Oil and gas transportation costs 631 395 1,797 1,091
Elbow River operating 240,466 94,277 628,040 409,240
General and administrative 5,064 3,156 13,991 11,419
Share based compensation 463 995 2,215 2,767
Bad debt (recovery) (308 ) (291 ) (1,105 ) (607 )
Finance costs 587 1,046 1,515 1,379
Capital taxes 93 79 261 249
Exploration and evaluation 161 18 695 116
Depletion, depreciation and amortization 7,135 5,224 22,909 14,847
261,914 110,298 693,286 456,624
Income (loss) from continuing operations before income tax 19,883 1,495 37,776 (7,636 )
Income taxes:
Current income tax expense (317 ) (317 )
Deferred income tax recovery (expense) (5,175 ) 438 (10,518 ) 10,850
(5,492 ) 438 (10,835 ) 10,850
Net income from continuing operations 14,391 1,933 26,941 3,214
Net income from discontinued operations – Real Estate 201 1,565 382 1,979
Net income for the period 14,592 3,498 27,323 5,193
Other comprehensive income:
Change in fair value of marketable securities, net of tax (749 ) 21 (973 ) 80
Other comprehensive income (749 ) 21 (973 ) 80
Comprehensive income for the period 13,843 3,519 26,350 5,273
Net income from continuing operations per share
Basic 0.27 0.04 0.51 0.07
Diluted 0.27 0.04 0.50 0.07
Net income from discontinued operations per share
Basic and diluted 0.00 0.04 0.01 0.05
Net income per share
Basic 0.27 0.08 0.52 0.12
Diluted 0.27 0.08 0.51 0.12

AvenEx Energy Corp.



As at
Nine months ended Nine months ended
September 30, 2011 September 30, 2010
(in thousands of dollars) Number $ Number $
Share capital
Balance, beginning of period 52,783,690 250,337
Exercise of options 650,290 3,909
Balance, end of period 53,433,980 254,246
Unitholders' capital
Balance, beginning of period 42,110,678 421,270
Exercise of options 859,726 4,894
Balance, end of period 42,970,404 426,164
Contributed surplus
Balance, beginning of period 6,144
Exercise of options (1,502 )
Cash settlement of options (235 )
Share based compensation 2,551
Balance, end of period 6,958
Retained earnings (deficit)
Balance, beginning of period (187,550 )
Net income (loss) 27,323 5,193
Distributions (23,087 )
Dividends (24,003 )
Balance, end of period 3,320 (205,445 )
Accumulated other comprehensive income
Balance, beginning of period 1,241 578
Change in fair value of marketable securities, net of tax (973 ) 80
Balance, end of period 268 658
AvenEx Energy Corp.
For the
Three months ended Nine months ended
September 30 , September 30 ,
2011 2010 2011 2010
(in thousands of dollars) $ $ $ $
Net income from continuing operations 14,391 1,933 26,941 3,214
Add (deduct) non-cash items:
Share based compensation 463 995 2,215 2,767
Non-cash general and administrative 252 251 755 376
Exploration and evaluation 161 18 695 116
Depletion, depreciation and amortization 7,135 5,224 22,909 14,847
Accretion of decommissioning liabilities 451 289 1,323 859
Unrealized loss (gain) on financial instruments (15,151 ) 1,160 (26,150 ) 17,835
Unrealized foreign exchange (977 ) (284 ) (924 ) 528
Deferred income tax expense (recovery) 5,175 (438 ) 10,518 (10,850 )
Funds from continuing operations 11,900 9,148 38,282 29,692
Funds from discontinued operations – Real Estate 215 460 463 1,649
12,115 9,608 38,745 31,341
Asset retirement expenditures during period (269 ) (124 ) (769 ) (507 )
Net change in non-cash working capital 18,801 (8,153 ) 21,954 (3,986 )
Cash provided (used in) by operating activities 30,647 1,331 59,930 26,848
Issue of shares, net of issue costs 1,914 348 2,269 2,479
Cash settlement of options (141 ) (8 ) (235 ) (254 )
Dividends (7,211 ) (7,729 ) (23,868 ) (23,087 )
Real estate repayment of mortgages (61 ) (134 ) (183 ) (510 )
Net change in non-cash working capital (95 ) 6 (2,540 ) 52
Cash provided by (used in) financing activities (5,594 ) (7,517 ) (24,557 ) (21,320 )
Oil and gas property acquisitions (136 ) 30 (9,285 ) 54
Oil and gas property disposals 139 80 186 2,816
Oil and gas evaluation and exploration (5,007 ) (7,147 ) (197 )
Oil and gas development expenditures (9,338 ) (9,074 ) (26,552 ) (22,604 )
Purchase of other assets (114 ) (16 ) (423 ) (234 )
Purchase of financial services royalty (5,035 )
Real estate development expenditures (33 ) (33 )
Real estate dispositions (1 ) 1,098
Net change in non-cash working capital (158 ) 5,924 (1,663 ) 15,571
Cash provided by (used in) investing activities (14,647 ) (3,057 ) (44,917 ) (8,531 )
Increase (decrease) in cash and cash equivalents during the period 10,406 (9,243 ) (9,544 ) (3,003 )
Cash and cash equivalents (bank indebtedness), beginning of period (77,233 ) (4,030 ) (57,354 ) (10,152 )
Change in cash of assets held for sale (11 ) 120 60 2
Cash and cash equivalents (bank indebtedness), end of period (66,838 ) (13,153 ) (66,838 ) (13,153 )
Supplemental information:
Cash taxes paid 105 71 331 130
Cash interest paid 669 329 1,777 618

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • AvenEx Energy Corp.
    William Gallacher
    President & CEO
    (403) 237-9949
    (403) 237-0903 (FAX)

    AvenEx Energy Corp.
    Gary H. Dundas
    Vice-President, Finance and CFO
    (403) 237-9949
    (403) 237-0903 (FAX)

    AvenEx Energy Corp.
    Suite 300, 808 - 1st Street S.W.
    Calgary, Alberta T2P 1M9