Mr. Leonard Van Betuw reports

AVILA ENERGY CORPORATION AND INSIGHT ACQUISITION CORP. ANNOUNCE THEY HAVE MUTUALLY AGREED TO TERMINATE THEIR BUSINESS COMBINATION AGREEMENT

On Aug. 10, 2023, Avila Energy Corp. and Insight Acquisition Corp. mutually agreed to terminate, effective immediately, their previously announced business combination agreement by and among Insight Acquisition Corp., Avila Amalco Sub Inc. and Avila Energy Corp., dated as of April 3, 2023. As part of the termination of the BC agreement, Avila has agreed to pay Insight $300,000 (U.S.) as partial reimbursement of its costs relating to the Insight acquisition prior to April 1, 2024.

"Due primarily to the changes that have occurred in the SPAC market and the difficulties in arranging financing, Avila and Insight have determined that now is not the right time for Avila to list on Nasdaq. We look forward to continuing our business relationship with Insight's management team," said Leonard B. Van Betuw, the chief executive officer of Avila.

"While Insight has agreed to terminate the BC agreement with Avila, the Insight management team intends to maintain its professional relationship with Avila and monitor their progress," said Michael Singer, executive chairman of Insight Acquisition.

About Avila Energy Corp.

Avila is an emerging Canadian Securities Exchange listed corporation trading under the symbol (VIK) and, in combination with an expanding portfolio of 100-per-cent-owned-and-operated oil and natural gas production, pipelines and facilities, is a licensed producer, explorer and developer of energy in Canada. The company's long-term vision is to achieve, through the implementation of a closed system of carbon capture and sequestration, an established path toward the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work toward becoming a vertically integrated carbon-neutral energy producer. The company's goals are to be achieved by focusing on the application of proven geological, geophysical, engineering and production techniques in combination and the direct sale of energy to both residential and commercial consumers.

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