CALGARY, AB, May 30, 2024 /CNW/ - NG Energy International Corp. ("NGE" or the "Company") (TSXV:GASX) (OTCQX:GASXF) is pleased to announce that it has filed its financial results for the three months ended March 31, 2024. The Company's consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2024 are available on the Company's profile on SEDAR+ (www.sedarplus.ca). Brian Paes-Braga, Co-Chairman and Chief Executive Officer, noted, "Q1 was another record quarter for the Company across all aspects of our business, highlighted by significant production growth and development progress across our assets, increased strength and liquidity on our balance sheet, hiring of new employees, as well as our continued work in the communities in which we operate. Notably, we successfully increased production from Maria Conchita, averaging (gross) 17.3 MMcf/d, as we continued to optimize our production, exiting Q1 with a March monthly average of 17.9 MMcf/d. We will be updating the market shortly on the results of our optimization work at Maria Conchita – we expect to increase production even further (to over 20.0 MMcf/d) as we continue to develop this field to its full potential. With this increased production and continued higher gas prices, the Company generated record cash flow from operating activities of US$7.3 million and a healthy operating netback of US$5.81 per MCF." Mr. Paes-Braga continued, "At Sinu-9, our pipeline partners, INFRAES, were able to make incredible progress in Q1 on the 32 km pipeline connecting Sinu-9 to the Jobo facility. At times during the development of Sinu-9, the Company and its partners have experienced blockades which have unfortunately been faced industry-wide. However, our partners and our team have done a remarkable job in managing through these realities, with the pipeline now at 94% completion and remaining on schedule for completion in H1 2024. As a consequence of the delays experienced, we expect production testing to commence in the next 45-60 days (Q3) as all our remaining works at site are completed, marking a transformational milestone for our Company and delivering much-needed new clean energy supply under the Colombian government's transition objectives. I want to personally thank INFRAES and Surenergy for being such reliable partners, as well as all our partners in the block, including Clean Energy, Oleum and First Global, for their collective efforts as a team throughout this development." Jorge Fonseca, Chief Financial Officer, noted, "With regard to our balance sheet, in Q1 we welcomed Macquarie as a key partner and financial pillar for our Company which resulted in a re-financing of short-term secured convertible debentures to a 5-year, up to US$100 million combined facility (US$40 million drawn to date), resulting in reduced debt, increased liquidity and providing us with maximum flexibility into the future as we continue to execute through our high growth phase." Financial Highlights – Q1 2024: The Company achieved record quarterly revenue of US$10.2 million versus US$2.1 million in Q1 2023, a 488% increase YOY. The Company achieved record quarterly cash flow from operations of US$7.3 million versus US$(0.5) million in Q1 2023. The Company achieved record quarterly funds flow from operations of US$5.8 million versus US$(0.4) million in Q1 2023. The Company achieved record average net production of 14.0 MMcf/d, a 211% increase versus average net production of 4.5 MMcf/d in Q1 2023. The Company achieved record operating netback of US$5.81 per MCF versus US$2.80 per MCF in Q1 2023. The Company incurred a one-time cost of $22.9 million due to the re-financing of the convertible debentures upon closing of the Macquarie facility. Macquarie Transaction and Growth Outlook: During the quarter, the Company closed a financing agreement of up to US$100 million with Macquarie Group with an initial advance of US$40 million, aligning the Company with a global financial institution. The proceeds of the transaction and optimization of the Company balance sheet have allowed the Company to make significant progress during the quarter on the Phase-1 Sinu-9 infrastructure projects and production maintenance and enhancement activities at Maria Conchita. Remaining 2024 Work Program and Objectives: Completion of ongoing Phase I infrastructure projects resulting in gathering, processing and transportation capacity of 30 MMcf/d (with an incremental 10 MMcf/d to be built following the commissioning of the initial 30 MMcf/d) and achieving full utilization of this capacity upon tie-in of Brujo-1x and Magico-1x. Completion of geophysics study on the H3/H4 fractured zones and an evaluation of various production growth development programs at Maria Conchita including the drilling of an additional development well in Q1 2025. Continued evaluation and planning of exploration and development growth objectives, including the drilling of Hechicero-1x at Sinu-9, a development well located on the same pad as Brujo-1x which encountered 783 feet of pay and tested 51 MMcf/d. Continued commitment to supporting the communities in which the Company operates. About NG Energy International Corp. NG Energy International Corp. is a growth-orientated natural gas exploration and production company focused on delivering long-term shareholder and stakeholder value through the discovery, delineation and development of large-scale natural gas fields in developing countries, supporting energy transition and economic growth. NGE's team has extensive technical and capital markets expertise with a proven track record of building companies and creating significant value in South America. In Colombia, the Company is executing on this mission with a rapidly growing production base and an industry-leading growth trajectory, delivering natural gas into the premium-priced Colombian marketplace (~US$8/MMBtu) with projected triple digit production growth over the next 2-3 years towards a production goal of 200 MMcf/d. The Company expects to achieve >150% increase in 2024 and has seen a 551% year-over-year increase in 3P reserves, 314% year-over-year increase in 2P reserves and 241% increase in 1P reserves. To date, over US$100 million has been invested in the exploration and development of Sinu-9 and Maria Conchita with significant contributions from insiders who currently own 42% of the Company. Recently, Macquarie Group provided financing of up to US$100 million, including initial committed funding of US$50 million, resulting in a fully-funded 2024/2025 development plan and aligning NGE with a global financial institution. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.ngenergyintl.com). Cautionary Statement Regarding Forward-Looking Information This news release contains "forward-looking information" and "forward-looking statements" ...