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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
AvenEx Energy Corp. Announces Third Quarter 2012 Results

CALGARY, ALBERTA -- (Marketwire) -- 11/15/12 --

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, 2012 and to announce they have filed the complete Management Discussion and Analysis and the unaudited Interim Condensed Consolidated Financial Statements. Certain selected financial and operational information is set out below and should be read in conjunction with AvenEx's unaudited Interim Condensed Consolidated Financial Statements and related Management Discussion and Analysis. These filings will be available on the Corporation's SEDAR profile at

                    TOTAL CONSOLIDATED FINANCIAL SUMMARY                    
                                             For the three months           
                                               ended September 30           
(in thousands of $ except for per                                         % 
share amounts)                                  2012         2011    Change 
Total Revenue                            $   311,586  $   281,797        11 
Funds from Operations (FFO)(1)           $     9,926  $    12,115       (18)
FFO Per Share(1) - Basic                 $      0.18  $      0.23       (22)
Dividends                                $     5,700  $     7,211       (21)
Dividends Per Share - Basic              $     0.105  $     0.135       (25)
Dividend Payout Ratio(2)                          57%          60%       (5)
Net Income (Loss)                        $     7,214  $    14,592       (51)
Net Income (Loss) Per Share -                                               
Basic                                    $      0.13  $      0.27       (52)
Total Assets                             $   451,419  $   479,756        (6)
Working Capital deficiency(3)            $   (64,417) $   (31,338)     (106)
Mortgages (assets held for sale)         $     3,017  $     5,451       (45)
Wtd. Avg. Shares Outstanding -                                              
Basic                                     54,281,954   53,356,576         2 
Shares Outstanding                        54,296,362   53,433,980         2 

                    TOTAL CONSOLIDATED FINANCIAL SUMMARY                    
                                                        For the nine months 
                                                         ended September 30 
(in thousands of $ except for per                                         % 
share amounts)                                  2012         2011    Change 
Total Revenue                            $   902,173  $   731,062        23 
Funds from Operations (FFO)(1)           $    29,626  $    38,745       (24)
FFO Per Share(1) - Basic                 $      0.55  $      0.73       (25)
Dividends                                $    18,667  $    23,868       (22)
Dividends Per Share - Basic              $     0.345  $      0.45       (23)
Dividend Payout Ratio(2)                          63%          62%        2 
Net Income (Loss)                        $   (10,382) $    27,323      (138)
Net Income (Loss) Per Share -                                               
Basic                                    $     (0.19) $      0.52      (137)
Total Assets                             $   451,419  $   479,756        (6)
Working Capital deficiency(3)            $   (64,417) $   (31,338)     (106)
Mortgages (assets held for sale)         $     3,017  $     5,451       (44)
Wtd. Avg. Shares Outstanding -                                              
Basic                                     54,106,419   53,034,857         2 
Shares Outstanding                        54,296,362   53,433,980         2 

(1) Funds from Operations ("FFO"), FFO per share are not recognized measures under International Financial Reporting Standards ("IFRS"). See "Non-IFRS Financial Measures" at the end of this press release.

(2) Dividend Payout Ratio is calculated by dividing the monthly dividends by the FFO.

(3) Working capital deficiency excludes (a) assets held for sale and (b) risk management assets and liabilities.


The Corporation's third quarter 2012 results were ahead of expectations largely on the strength of increased crude by rail business in the Elbow River Marketing Division. Funds from operations though were down 18% from third quarter of 2011 due to the impact of lower oil and natural gas prices and lower production volumes in the Oil & Gas Division. For the quarter ended September 30, 2012, the Corporation had net income of $7.2 million, funds from operations of $9.9 million and dividends of 57% of funds from operations. This dividend payout ratio is slightly ahead of our 60% dividend to funds from operations payout target. In the third quarter of 2011, the Corporation had net income of $14.6 million, funds from operations of $12.1 million and dividends of 60% of funds from operations. Of the third quarter 2012 funds from operations, the Oil & Gas Division provided 45%, with 55% coming from Elbow River, 1% from Real Estate and the Corporate Division used 1%.

The Oil & Gas Division's third quarter 2012 production averaged 3,745 BOE/D, relatively flat compared to a rate 3,834 BOE/D in the second quarter of 2012. This production level was however down 23% from the 4,888 BOE/D in the third quarter of 2011 with oil and NGL's down 10% and natural gas down 33%. Oil and NGL production was down from third quarter 2011 due to natural declines. Natural gas volumes are down due to declines and shut-ins as no new capital has been directed to natural gas projects over the past nine months. Quarterly production volumes were split 51% oil and NGL and 49% natural gas. Third quarter oil and NGL prices were $76.52 per Bbl, down 3% over the same period of the previous year. Natural gas prices were $2.89 per Mcf, down 29% from the third quarter of 2011. During the quarter natural gas prices recovered slightly from second quarter, from ten year low prices, and oil differentials narrowed in the latter half of the quarter increasing pricing over the prior quarter. Compared to the third quarter of 2011, operating netbacks decreased due to the lower crude oil and natural gas prices to $19.40 per BOE versus $21.73 per BOE. This was however an increase over the $17.25 per BOE in the prior quarter of 2012. With the higher oil and natural gas prices, quarterly net operating income for the Oil & Gas Division increased about $665,000 or 11% over the second quarter of 2012 despite recognizing a $375,000 third party prior period processing adjustment on a non-operated property.

The total capital expenditures for the third quarter of 2012 were $3.3 million with the capital program being limited to non-operated Viking projects in south west Saskatchewan and an operated Cardium well in Pembina. Capital expenditures, restricted for the balance of the year to Oil & Gas operating income less Oil & Gas dividend contribution, are forecast to total about $22 million for the full year 2012. For the remainder of the year, AvenEx will continue to focus on oil development programs in the core areas of North Randell and East Pembina, targeting the respective Slave Point and Cardium formations through horizontal drilling. With this level of spending, AvenEx is forecasting the oil and natural gas liquids production to remain flat at third quarter levels for the balance of 2012. With no natural gas development activity, the Oil & Gas Division expects natural gas production to continue to decline at about 5% per quarter.

The Elbow River results were well ahead of third quarter 2011 results with funds from operations of $5.4 million versus $4.3 million in the same quarter of 2011. The quarter benefited from strong crude oil and bitumen by rail shipments as Elbow River was able to take advantage of wide WTI/Brent differentials and continued market volatility. Heavy fuel oils were well above expectations while LPG sales were consistent with expectations and the prior year's LPG sales levels. Refined products were slightly behind the previous year's levels. The third quarter of 2012 will also mark Elbow River's initial physical asset ownership with an investment in a rail handling facility in north west Alberta. The facility, which began operations in August, has enabled Elbow River to initially ship up to 2,000 Bbls/d of heavy crude by rail. A phase two expansion of the facility is underway in the fourth quarter to potentially allow the handling of upwards of 10,000 Bbls/d if demand continues and rail cars can be sourced. The initial rail handling project is expected to pay off its cost in less than one year. The quarter's net income included unrealized gains on financial instruments of $10.8 million on Elbow River's hedged forward sales as a result of changes in the underlying product commodity prices. The gains impact net income but not funds from operations as the gains or losses reverse in the next period when the physical transactions occur. A portion of this gain can be attributed to the reversal of second quarter unrealized losses once the product was physically sold. The fourth quarter, traditionally one of Elbow River's strongest quarters, is expected to be very solid with results ahead of the same quarter of 2011 due to continued strong forecast demand for crude by rail. Further propane upside to 2011 levels is possible if we experience higher cold winter demand than the unusually warm 2011. Crude oil is now expected to be Elbow River's largest product sales segment, passing butane as the traditional sales leader.

During the quarter, the Corporation continued with the disposition of its real estate portfolio in order to focus on its energy related divisions. The Kelowna theatre property was sold in late August for net proceeds of approximately $2 million. Subsequent to September 30, 2012 the final Investment property was sold for net proceeds of approximately $5,800,000, which was used to discharge the $3 million outstanding mortgage and reduce the Oil & Gas Division's bank debt.

AvenEx sold its investment in EnerVest Diversified Income Trust units during the quarter for $4.1 million, with the net proceeds applied to reduce the Oil & Gas Division's bank debt.

We continue to see the benefits of the diversification of an energy marketing company, together with a traditional junior exploration and production company especially as the oil and gas industry deals with continued low natural gas prices and wide crude oil pricing differentials to WTI. However, given the continued low stock price and high trading yield management continues to review the value of its respective divisions to determine whether other structural alternatives may provide greater value to the AvenEx shareholders.


Net income for the quarter ended September 30, 2012 was $7.2 million, less than the net income of $14.6 million for the quarter ended September 30, 2011 as a result of lower realized natural gas prices, a decline in both oil and natural gas production volumes and the recognition of a $2.8 million unrealized loss on Oil & Gas Division's hedge position versus a $4.5 million unrealized gain in the third quarter of 2011. Weaker results in the Oil & Gas Division translated into lower funds from operations of $9.9 million for the quarter ended September 30, 2012, down from funds from operations for the quarter ended September 30, 2011 of $12.1 million.

AvenEx declared dividends of $5.7 million ($0.105 per share) for the quarter ended September 30, 2012 which is down from the $7.2 million ($0.135 per share) distributed for the quarter ended September 30, 2011. The third quarter 2012 payout ratio was 57% of funds from operations compared to 60% for the three months ended September 30, 2011 and in line with the Corporation's long term target of 60%. The nine month dividend payout ratio as at September 30, 2012 of 63% was similar to the 2011 comparative of 62%.

As of September 30, 2012 AvenEx had approximately 54.3 million common shares issued and outstanding. The common shares of AvenEx trade on the Toronto Stock Exchange (the "TSX") under the trading symbol "AVF".

AvenEx Energy Corp.                                                         
As at                                                                       
                                                September 30,  December 31, 
                                                         2012          2011 
(in thousands of dollars)                                   $             $ 
Marketable securities                                       -         4,182 
Accounts receivable                                    99,153       130,739 
Prepaid expenses                                        3,881         3,038 
Inventory                                              39,168        29,735 
Risk management assets                                  4,530         9,489 
                                                      146,732       177,183 
Assets held for sale - Real Estate                      6,486        10,517 
                                                      153,218       187,700 
Exploration and evaluation                             34,630        35,500 
Property, plant and equipment                         195,901       202,914 
Intangibles and other assets                           10,469        11,428 
Goodwill                                               28,603        28,603 
Deferred income taxes                                  28,598        25,135 
                                                      451,419       491,280 
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Bank indebtedness                                      97,403       102,608 
Accounts payable and accrued liabilities              107,316       120,170 
Dividend payable                                        1,900         2,406 
Risk management liabilities                             7,360         3,023 
                                                      213,979       228,207 
Liabilities of assets held for sale - Real                                  
 Estate                                                 3,179         3,258 
                                                      217,158       231,465 
Decommissioning liabilities                            31,883        31,630 
                                                      249,041       263,095 
Shareholders' equity                                                        
Share capital                                         259,122       254,500 
Contributed surplus                                     6,565         7,545 
Deficit                                               (63,309)      (34,032)
Accumulated other comprehensive income                      -           172 
                                                      202,378       228,185 
                                                      451,419       491,280 

AvenEx Energy Corp.                                                         
OPERATIONS AND COMPREHENSIVE LOSS                                           
For the                                    Three months   Nine months ended 
                                     ended September 30        September 30 
                                         2012      2011      2012      2011 
                                            $         $         $         $ 
(in thousands of dollars)                                                   
Oil and gas revenue                    16,311    21,634    51,144    71,678 
Royalties                              (2,390)   (3,613)   (7,378)  (12,661)
Unrealized gain (loss) on financial                                         
 instruments                           (2,813)    4,467       882     4,357 
Total oil and gas revenue              11,108    22,488    44,648    63,374 
Elbow River revenue                   289,433   247,972   867,074   644,932 
Unrealized gain (loss) on financial                                         
 instruments                           10,769    10,684   (10,179)   21,793 
Total Elbow River revenue             300,202   258,656   856,895   666,725 
Gain on sale of marketable                                                  
 securities                               179       442       179       442 
Interest and other revenue                 97       211       451       521 
Total revenue                         311,586   281,797   902,173   731,062 
Oil and gas operating                   6,681     7,622    20,142    22,968 
Oil and gas transportation costs          555       631     1,604     1,797 
Elbow River operating                 279,862   240,466   840,510   628,040 
General and administrative              6,706     5,064    17,709    13,991 
Share-based compensation                  364       463     1,691     2,215 
Bad debt expense (recovery)               (19)     (308)      (16)   (1,105)
Finance costs                           1,388       587     4,538     1,515 
Capital taxes                              83        93       263       261 
Exploration and evaluation expense        413       161     1,176       695 
Depletion, depreciation and                                                 
 amortization                           5,953     7,135    18,276    22,909 
Impairment                                  -         -     8,219         - 
                                      301,986   261,914   914,112   693,286 
Income (loss) from continuing                                               
 operations before income tax           9,600    19,883   (11,939)   37,776 
Income taxes:                                                               
Current income tax expense                  -      (317)        -      (317)
Deferred income tax recovery                                                
 (expense)                             (2,404)   (5,175)    2,392   (10,518)
                                       (2,404)   (5,492)    2,392   (10,835)
Net income (loss) from continuing                                           
 operations                             7,196    14,391    (9,547)   26,941 
Net income (loss) from discontinued                                         
 operations                                18       201      (835)      382 
Net income (loss) for the period        7,214    14,592   (10,382)   27,323 
Other comprehensive loss:                                                   
Change in fair value of marketable                                          
 securities, net of tax                   (98)     (749)     (172)     (973)
Other comprehensive loss                  (98)     (749)     (172)     (973)
Comprehensive income (loss) for the                                         
 period                                 7,116    13,843   (10,554)   26,350 
Net income (loss) from continuing                                           
 operations per share                                                       
  Basic                                  0.13      0.27     (0.18)     0.51 
  Diluted                                0.13      0.27     (0.18)     0.50 
Net income (loss) from discontinued                                         
 operations per share                                                       
Basic and diluted                        0.00      0.00     (0.01)     0.01 
Net income (loss) per share                                                 
  Basic                                  0.13      0.27     (0.19)     0.52 
  Diluted                                0.13      0.27     (0.18)     0.51 

AvenEx Energy Corp.                                                         
For the nine months ended                                                   
 September 30,                                                              
                                        2012                  2011          
(in thousands of dollars)             Number        $       Number        $ 
Share capital                                                               
Balance, beginning of period      53,475,546  254,500   52,783,690  250,337 
Exercise of options                  649,600    3,673      650,290    3,909 
Settlement of RSUs                   171,216      949            -        - 
Balance, end of period            54,296,362  259,122   53,433,980  254,246 
Contributed surplus                                                         
Balance, beginning of period                    7,545                 6,144 
Exercise of options                            (1,837)               (1,502)
Settlement of RSUs                               (952)                    - 
Cash settlement of options                       (122)                 (235)
Share based compensation                                                    
 capitalized                                      240                     - 
Share based compensation                                                    
 expensed                                       1,691                 2,551 
Balance, end of period                          6,565                 6,958 
Balance, beginning of period                  (34,032)                    - 
Net income (loss) for the period              (10,382)               27,323 
Dividends                                     (18,895)              (24,003)
Balance, end of period                        (63,309)               (3,320)
Accumulated other comprehensive                                             
Balance, beginning of period                      172                 1,241 
Change in fair value of                                                     
 marketable securities, net of                   (172)                 (973)
Balance, end of period                              -                   268 

AvenEx Energy Corp.                                                         
                                     Three months ended   Nine months ended 
For the                                    September 30        September 30 
                                         2012      2011      2012      2011 
(in thousands of dollars)                   $         $         $         $ 
OPERATING ACTIVITIES                                                        
Net income (loss) from continuing                                           
 operations                             7,196    14,391    (9,547)   26,941 
Add (deduct) non-cash items:                                                
  Share-based compensation                364       463     1,691     2,215 
  Non-cash general and                                                      
   administrative                         252       252       755       755 
  Exploration and evaluation expense      413       161     1,176       695 
  Depletion, depreciation and                                               
   amortization                         5,953     7,135    18,276    22,909 
  Impairment                                -         -     8,219         - 
  Accretion of decommissioning                                              
   liabilities                            467       451     1,372     1,323 
  Unrealized (gain) loss on                                                 
   financial instruments               (7,957)  (15,151)    9,297   (26,150)
  Unrealized (gain) loss on foreign                                         
   exchange                               704      (977)      420      (924)
  Deferred income tax expense                                               
   (recovery)                           2,404     5,175    (2,392)   10,518 
Funds from continuing operations        9,796    11,900    29,267    38,282 
Funds from discontinued operations -                                        
 Real Estate                              130       215       359       463 
                                        9,926    12,115    29,626    38,745 
Asset retirement expenditures during                                        
 period                                  (145)     (269)   (1,288)     (769)
Net change in non-cash working                                              
 capital                                 (267)   18,801    19,315    21,954 
Cash provided by operating                                                  
 activities                             9,514    30,647    47,653    59,930 
FINANCING ACTIVITIES                                                        
Issue of shares, net of issue costs        59     1,914     1,864     2,269 
Cash settlement of options and                                              
 restricted share units                    (9)     (141)     (124)     (235)
Dividends                              (5,700)   (7,211)  (18,667)  (23,868)
Increase (decrease) in bank                                                 
 indebtedness                           2,395   (10,395)   (5,205)    9,484 
Real estate repayment of mortgages        (42)      (61)     (124)     (183)
Net change in non-cash working                                              
 capital                                   58       (95)   (1,496)   (2,540)
Cash used in financing activities      (3,239)  (15,989)  (23,752)  (15,073)
INVESTING ACTIVITIES                                                        
Oil and gas property acquisitions          (6)     (136)      (61)   (9,285)
Oil and gas property disposals              -       139        47       186 
Oil and gas evaluation and                                                  
 exploration, net of divestitures           2    (5,007)     (555)   (7,147)
Oil and gas development expenditures   (3,338)   (9,338)  (16,977)  (26,552)
Elbow River rail terminal                                                   
 development expenditures              (1,274)        -    (1,542)        - 
Purchase of other assets                  (30)     (114)      (85)     (423)
Real estate dispositions                1,933         -     1,933         - 
Real estate development expenditures        -       (33)        -       (33)
Net change in non-cash working                                              
 capital                               (3,520)     (158)   (6,568)   (1,663)
Cash used in investing activities      (6,233)  (14,647)  (23,808)  (44,917)
Increase in cash during the period         42        11        93       (60)
Cash, beginning of period                   -         -         -         - 
Change in cash within assets held                                           
 for sale                                 (42)      (11)      (93)       60 
Cash, end of period                         -         -         -         - 
Supplemental information:                                                   
Cash taxes paid                           120        71     1,737       331 
Cash interest paid                      1,223       329     3,503     1,777 

An electronic copy of this press release may be obtained on AvenEx's SEDAR profile at

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 crude oil 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:

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 & Gas Division regarding hedging, wells to be drilled, drilling and completion plans, expected or anticipated production rates, suspension of development of the Corporation's gas properties, timing of expected production increases and results, the weighting of production between different commodities, expected commodity prices, exchange rates, production expenses, transportation costs, operating costs and other costs and expenses, maintenance of productive capacity, capital expenditures, focus of the Oil & Gas Division on oil development in the core areas of Randell, Cranberry and East Pembina; plans in the Elbow River Marketing Limited Partnership ("Elbow River") business regarding plans for its ongoing Liquefied Petroleum Gas ("LPG") business, anticipated results in Elbow River in the fourth quarter of 2012 and the first part of 2013 ; terms of investment in and capacity of the rail handling facility; expected pay off of cost from initial rail handling project; expected propane upside for Elbow River; Elbow River's largest expected sales segment; plans in the Real Estate Division for the timing and completion of selling assets (and proceeds to be received from such sales), repayment of the mortgages on the assets and the nature of capital expenditures; the timing and method of financing these businesses; anticipated target payout ratios and dividend policy 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; 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; ability to access sufficient capital from internal and external sources; and the risk factors outlined under "Risks and Uncertainties", elsewhere herein, and in AvenEx's Annual Information Form for the year ended December 31, 2011 which is available on SEDAR at 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 & 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.

Non-IFRS Financial Measures

Funds from continuing operations, funds from continuing operations per share, funds from operations, funds from operations per share, net back and working capital (deficiency) are not recognized measures under 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. Working capital (deficiency) is calculated by taking current assets less current liabilities excluding balances relating to assets held for sale. Operating netbacks per BOE equal total petroleum and natural gas revenue net of transportation expenses and realized gains on commodity contracts per BOE less royalties per BOE and operating expenses per BOE. Operating netbacks as used in the MD&A do not have any standardized meaning under IFRS and therefore may not be comparable with the calculation of similar measures of other entities. Operating netbacks are a useful measure to compare AvenEx's operations with those of its peers). Dividend Payout Ratio is calculated by dividing the dividends by the funds from operations. 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.

"BOE" means barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 Bbl of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf to 1 Bbl based on an energy equivalent conversion method primarily applicable at the burner top and does not represent a value equivalency at the well head. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly difference from the energy equivalency of 6 to 1, utilizing a conversion on 6 to 1 basis may be misleading as an indication of value.

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

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

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