Tenth Avenue Petroleum Announces 2024 Year-End Results And Reserves

Associated Press

30-04-2025

CALGARY, AB / ACCESS Newswire / April 30, 2025 / Tenth Avenue Petroleum Corp. ('TPC' or the 'Company') (TSXV:TPC) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2024, as well as highlights of the Company's year-end reserves evaluation.
Selected financial and operational information is set out below and should be read in conjunction with the Company's audited consolidated annual financial statements and related management's discussion and analysis ('MD&A') for the years ended December 31, 2024, and 2023, which are filed on SEDAR+ at www.sedarplus.ca and are available on the Company's website at www.tenthavenuepetroleum.com. The highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers; please refer to additional information under the heading 'Reader Advisories - Non-GAAP Measures and Ratios'.
2024 FINANCIAL, OPERATING AND RESERVE HIGHLIGHTS
The following table summarizes the Company's financial and operating results for the fourth quarters and years ended December 31, 2024, and December 31, 2023.
2024 RESERVE HIGHLIGHTS
The Company is pleased to provide selected highlights from the results of its year-end independent oil and gas reserve evaluation as of December 31, 2024, as prepared by its independent qualified reserve evaluator, Trimble Engineering & Associates Ltd. (the 'Trimble Report').
The evaluation of Company's properties was prepared in accordance with the definitions, standards and procedures contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook ('COGEH') and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ('NI 51-101"). The Trimble Report is based on forecast prices and costs and applies the Sproule Associates Ltd. ('Sproule') December 31, 2024, forecast escalated commodity price deck and foreign exchange rate and inflation rate assumptions. Estimated future net revenue is stated without any provisions for interest costs, other debt service charges, or general and administrative expenses, and after the deduction of royalties, estimated operating costs, estimated abandonment and reclamation costs, and estimated future development costs.
Additional information regarding the Company's reserves data and other oil and gas information are included in the Company's Annual Information Form for the year ended December 31, 2024 (the 'AIF'), which is available on the Company's issuer profile on SEDAR at www.sedar.com.
See also the 'Cautionary Statements' below for further explanations and discussion.
Summary of Corporate Reserves
(1) As at December 31, 2024, the Company had 44,114,100 basic shares outstanding and 48,845,770 fully diluted.
(2) Oil equivalent amounts have been calculated using a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil. See 'Cautionary Statements - Barrels of oil equivalent' below.
The Company's reserve volumes and undiscounted future development costs ('FDC') as of December 31, 2024, are summarized below:
The following table summarizes the NPV of the Company's reserves (before-tax) as at December 31, 2024. The reserves value on a $/BOE basis, discounted at 10% per year, is also summarized for each category.
The Company's operations have been, and in the future may be, affected by political developments and by national, federal, provincial, stated and local laws and regulations such as restrictions on production, the imposition of tariffs, embargoes or export restrictions on the Company's products, including the tariffs on a variety of goods announced by the US government on March 4, 2025, and Canadian countermeasures subsequently announced, both of which are anticipated to evolve.
An updated corporate presentation can be found at www.tenthavenuepetroleum.com
For further information please contact:
Tenth Avenue Petroleum Corp.
Cameron MacDonald, President & CEO
Phone: [phone]
Email: [email protected]
www.tenthavenuepetroleum.com
About Tenth Avenue Petroleum Corp.
Tenth Avenue Petroleum Corp. is a junior oil and gas exploration and production company with operations in Alberta.
Forward-looking Information and Statements
The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'approximate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe', 'would' and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of the COVID-19 pandemic on the Company's business and operations (and the duration of the impacts thereof). the inability of the Company to meet its commitments on its lands or on the lands it may acquire, the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves, changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's continuous disclosure documents which are available on SEDAR at www.sedar.com.
Oil and Gas Advisories
This press release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate our performance, however, such measures are not reliable indicators of our future performance and future performance may not compare to our performance in previous periods and therefore such metrics should not be unduly relied upon. Specifically, this press release contains the following abbreviations:
Meaning of Boe
The term 'boe' or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.
Reserves Estimates
The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Reserves disclosed in this press release are based on an independent engineering evaluation of the oil, NGLs and natural gas interests attributable to the Company's assets prepared by Sproule Associates Ltd. effective December 31, 2024. The estimates of Sproule Associates Limited were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The recovery and reserve estimates of oil, NGLs and natural gas reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein.
Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub- classified based on development and production status. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
Non-GAAP Measurements
The Company utilizes certain measurements that do not have a standardized meaning or definition as prescribed by International Financial Reporting Standards ('IFRS') and therefore may not be comparable with the calculation of similar measures by other entities, including but not limited to operating netback, cash flow and working capital. Readers are referred to advisories and further discussion on non-GAAP measurements contained in the Company's continuous disclosure documents. Operating netback is a non‐GAAP measure calculated as the average per boe of the Company's oil and gas sales, less royalties and operating costs.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Tenth Avenue Petroleum Corp.
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