Australis Oil and Gas (ASX:ATS) released their quarterly report to the market on the 28th of October

Australis Oil and Gas (ASX:ATS) released their quarterly report to the market on the 28th of October.  The Company continued to be financially self-sufficient with production from the field of 104,100 bbls which generated corporate EBITDA of US$1.1 million for the quarter.  Cash balance was US$9.9 million and net debt was reduced to US$7.1 million.  The Company advised that it continues to seek a partner to help develop the independently verified 170 million barrel recoverable acreage position it holds and believes that the improving business environment, stronger commodity prices and imminent commencement of third party drilling activity in the play were all positive factors.

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About the Company

Australis Oil and Gas is a US unconventional oil shale-focused company whose management has a strong track record of creating and monetizing value for shareholders.

Following a clearly defined strategy from IPO the Company has targeted the Tuscaloosa Marine Shale (TMS) in Mississippi and has focused on a core area, proven by previous operators and long term well production history, which is now one of the last high-quality but undeveloped oil shale plays in the USA.

Australis is ideally placed with existing profitable production covering all corporate costs and importantly holding a large strategic undeveloped acreage position from which it has been independently estimated at 170 million barrels of oil recoverable net (after royalties) to Australis.

In an environment of improving market sentiment, increasing competition for limited remaining quality inventory of future onshore drilling locations, Australis is seeking a partner to deploy capital in our position and commence field development. With a share price that reflects less than the value of the existing production and therefore has no value ascribed to the undeveloped oil resource position, Australis offers investors an entry point with significant leverage to the oil price.

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