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FIRST QUARTER 2021 RESULTS May 13 , 2021 Calgary , May 13 , 2021 : Valeura Energy Inc. ( TSX : VLE , LSE : VLU ) ( the " Company " or " Valeura " ) , an upstream oil and gas company with assets in the Thrace Basin of Turkey , reports its unaudited financial and operating results for the three month period ended March 31 , 2021 . Highlights • Financial position - Cash position of US $ 29.4 million at March 31 , 2021 , expected to increase to approximately US $ 44 million , upon completion of the shallow gas business sale ; • - Operations Average Q1 production of 684 boe / d ; - • Shallow sale – All regulatory approvals have been received and currently working on final closing matters ; • Growth - Progress on inorganic growth opportunities is expected to increase in the near term with the closing of the sale of the shallow conventional gas business ; and • Deep play - Continuing efforts to farm out an interest in the Company's 20 Tcfe unrisked mean prospective resource deep , tight gas play . No material near term cost outlay required to maintain the leases in good standing . Sean Guest , President and CEO commented : " Having received all regulatory approvals for the sale of our shallow gas assets , we are now focused on closing matters and we expect the deal to complete in the coming weeks . With the anticipated sale proceeds of US $ 15.5 million , subject to normal closing adjustments , plus our March 31 cash balance of