AVG Avidian Gold Corp

Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) is pleased
to announce its third quarter 2012 financial results. Copies of the financial
statements and management discussion and analysis are available for review at
www.sedar.com and on our website at www.avatarenergy.ca.


Third Quarter 2012 Highlights



--  Stable production of 66 barrels of oil equivalent ("BOE") per day from
    operations. 
--  Successful collection of $114,000 bad debt. 



Extension Agreement

Avatar also announces that it has entered into a loan extension and amending
agreement ("Extension Agreement") with its lender. The Extension Agreement,
among other things, extends the maturity date of Avatar's credit facility to
December 17, 2012 (subject to any extension granted by the lender) for the
purpose of providing the Corporation with sufficient time to conclude the sale
of its working interest in properties located in the Pembina Strawberry Creek
area for cash gross proceeds of $3.12 million (the "Transaction"). The net
proceeds from the Transaction will be used to repay all indebtedness owing under
the credit facility, satisfy other liabilities and for general corporate
purposes.


On a post-Transaction basis, Avatar will continue to be listed on the TSXV and
will focus on its Pembina Brazeau properties while exploring other opportunities
in the Pembina Cardium light oil play that have long life high quality reserves
with repeatable drilling upside.


Forbearance Agreement

Avatar also announces that it has entered into a forbearance agreement (the
"Forbearance Agreement") with a partner of its Brazeau well. The Forbearance
Agreement provides that the partner will forebear from pursuing judgment against
Avatar until February 15, 2013 with respect to a statement of claim filed
against it by the partner for $664,159.20 (plus costs and interest). The amounts
claimed by the partner are reflected as trade payables in Avatar's most recent
financial statements.


FORWARD LOOKING STATEMENTS

This press release contains forward looking statements. More particularly, this
press release contains statements concerning the completion of the Transaction
and the amount and use of proceeds therefrom. Although the Corporation believes
that the expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because the Corporation
can give no assurance that they will prove to be correct. Since forward looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. The risks to which the Corporation is
subject include, but are not limited to, operational risks inherent in the
exploration, development and production of oil and gas; availability of
financing; general economic conditions and changes in the capital markets;
volatility of oil and gas prices; competition; changes in legislation and the
regulatory environment; and uncertainties involved in completion of the
Transaction, such as the satisfaction of any closing conditions any obtaining
any approvals that may be required from the TSXV. The forward looking statements
contained in this press release are made as of the date hereof and the
Corporation undertakes no obligations to update publicly or revise any forward
looking statements or information, whether as a result of new information,
future events or otherwise, unless required by applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Avatar Energy Ltd.
Mr. Alan D. Jack, P. Eng
President & Chief Executive Officer
(403) 517-8818


Avatar Energy Ltd.
Ms. Lorie J. Hynes, CA
Chief Financial Officer
(403) 517-8818
www.avatarenergy.ca

Avidian Gold (TSXV:AVG)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Avidian Gold (TSXV:AVG)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024