CALGARY, ALBERTA--(Newsfile Corp. - August 6, 2025) - Tenaz Energy Corp. ("Tenaz", "We", "Our", "Us" or the "Company") (TSX: TNZ) is pleased to announce financial and operating results for the three and six months ended June 30, 2025.
The unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") are available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com. Select financial and operating information for the three and six months ended June 30, 2025 appear below and should be read in conjunction with the related financial statements and MD&A.
HIGHLIGHTS
Corporate Update
- On May 1, 2025, we closed the acquisition of NAM Offshore B.V. ("NOBV"). The former NOBV staff is now with Tenaz Energy Netherlands B.V. ("TEN"). We believe that the experience and capability of our new team, combined with a deep portfolio of investment projects and underutilized infrastructure, sets Tenaz up for long-term success in the Netherlands.
Second Quarter Operating and Financial Results
Production volumes averaged 7,998 boe/d(1) in Q2 2025, up 176% from Q1 2025, reflecting two months of production from TEN. Results from TEN have been in line with our expectations, with current quarter production affected by planned annual turnarounds. Production from our non-operated pre-TEN assets was also affected, as expected, by Q2 turnarounds. Canadian production increased due to drilling earlier in the year.
Funds flow from operations(2) ("FFO") for the second quarter was $17.2 million ($0.61/share(3)) as compared to $1.0 million ($0.03/share) in Q1 2025. This increase was driven by two months of contribution from TEN, which contributed approximately $23.5 million to FFO, partially offset by $6.8 million of residual transaction costs associated with transition activities for the TEN acquisition.
Net income for Q2 2025 was $188.6 million ($6.73/share), as compared to $1.3 million ($0.05/share) in Q2 2024. The increase in net income was the result of the recognition of a $192.2 million gain on acquisition.
Tenaz ended Q2 2025 with a net debt position of $100.2 million. This balance largely pertains to the contingent earn-out consideration, of which $53.7 million has been recorded as a current liability and $35.6 million has been recorded as a long-term liability. These amounts represent Tenaz's current estimate of the payments due in Q1 2026 (for the 2025 portion of the earn-out) and for later periods, respectively. This estimate and the amount ultimately paid may change over time due to changes in commodity prices, activity levels, production and cost results, among other factors.
During 2025, up to June 30th, we have deployed $3.1 million for our Normal Course Issuer Bid ("NCIB") program, repurchasing and retiring 0.21 million shares at an average price of $14.83/share. In February 2025, we renewed our NCIB and obtained approval to purchase up to 2.5 million additional shares. Since the beginning of the NCIB program in Q3 2022, we have retired 2.3 million common shares (8.0% of basic common shares) at an average cost of $3.90/share.
FINANCIAL AND OPERATIONAL SUMMARY
| Three months ended | Six months ended | |||||||||||||||
| Jun 30 | Mar 31 | Jun 30 | Jun 30 | Jun 30 | ||||||||||||
| ($000 CAD, except per share and per boe amounts) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||
| FINANCIAL | ||||||||||||||||
| Petroleum and natural gas sales | 60,108 | 17,692 | 14,007 | 77,800 | 31,893 | |||||||||||
| Cash flow (used in) from operating activities | 49,837 | (3,811 | ) | (11,920 | ) | 46,026 | (5,702 | ) | ||||||||
| Funds flow from operations(2) | 17,214 | 953 | 5,822 | 18,167 | 12,865 | |||||||||||
| Per share - basic(2) | 0.61 | 0.03 | 0.22 | 0.65 | 0.48 | |||||||||||
| Per share - diluted(2) | 0.53 | 0.03 | 0.19 | 0.56 | 0.43 | |||||||||||
| Net income (loss) | 188,610 | (5,308 | ) | 1,335 | 183,302 | 778 | ||||||||||
| Per share - basic | 6.73 | (0.19 | ) | 0.05 | 6.59 | 0.03 | ||||||||||
| Per share - diluted | 5.77 | (0.19 | ) | 0.04 | 5.60 | 0.03 | ||||||||||
| Capital expenditures(2) | 10,834 | 9,320 | 2,501 | 20,154 | 6,317 | |||||||||||
| Net debt(2) | (100,248 | ) | (497 | ) | 44,343 | (100,248 | ) | 44,343 | ||||||||
| Common shares outstanding (000) | ||||||||||||||||
| End of period - basic | 28,391 | 27,550 | 27,345 | 28,391 | 27,345 | |||||||||||
| Weighted average for the period - basic | 28,017 | 27,595 | 26,734 | 27,806 | 26,756 | |||||||||||
| Weighted average for the period - diluted | 32,669 | 32,715 | 29,992 | 32,711 | 29,733 | |||||||||||
| OPERATING | ||||||||||||||||
| Average daily production | ||||||||||||||||
| Heavy crude oil (bbls/d) | 1,244 | 951 | 911 | 1,098 | 1,030 | |||||||||||
| Natural gas liquids (bbls/d) | 103 | 71 | 71 | 87 | 71 | |||||||||||
| Natural gas (Mcf/d) | 39,909 | 11,225 | 9,206 | 25,646 | 9,605 | |||||||||||
| Total (boe/d)(1) | 7,998 | 2,893 | 2,517 | 5,460 | 2,702 | |||||||||||
| Netbacks ($/boe) | ||||||||||||||||
| Petroleum and natural gas sales | 82.58 | 67.95 | 61.17 | 78.72 | 64.86 | |||||||||||
| Royalties | (2.33 | ) | (5.38 | ) | (6.18 | ) | (3.13 | ) | (5.99 | ) | ||||||
| Transportation expenses | (2.56 | ) | (3.09 | ) | (3.40 | ) | (2.70 | ) | (3.18 | ) | ||||||
| Operating expenses | (32.56 | ) | (28.45 | ) | (36.47 | ) | (31.48 | ) | (30.90 | ) | ||||||
| Midstream income(2) | 2.00 | 5.30 | 6.12 | 2.87 | 5.14 | |||||||||||
| Operating netback(2) | 47.13 | 36.33 | 21.24 | 44.28 | 29.93 | |||||||||||
| BENCHMARK COMMODITY PRICES | ||||||||||||||||
| WTI crude oil (US$/bbl)(4) | 63.71 | 71.42 | 80.55 | 67.55 | 78.76 | |||||||||||
| WCS ($/bbl) | 73.93 | 84.43 | 91.52 | 79.15 | 84.66 | |||||||||||
| AECO ($/Mcf)(5) | 1.69 | 2.13 | 1.18 | 1.91 | 1.84 | |||||||||||
| TTF ($/Mcf)(6) | 16.27 | 20.65 | 13.70 | 18.44 | 12.76 | |||||||||||
(1) The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section of this press release.
(2) This is a non-GAAP and other financial measure. Refer to "Non-GAAP and Other Financial Measures" in the section "Advisories".
(3) Per share metrics calculated using the weighted average common shares for the applicable period.
(4) WTI represents posting price of West Texas Intermediate ("WTI") crude oil.
(5) AECO is the natural gas price index for Alberta.
(6) TTF is the price for natural gas in the Netherlands.
PRESIDENT'S MESSAGE
Q2 2025 marks our first reporting period since closing the acquisition of NAM Offshore B.V. ("NOBV", now Tenaz Energy Netherlands or "TEN"). In this report, we have included two months of TEN operations and present our preliminary estimates of fair value of the acquired assets and liabilities.
We are encouraged by the commitment of the Netherlands to secure gas supply through responsible offshore development. Tenaz is grateful for support from other industry participants in this effort, including from Energie Beheer Nederland ("EBN"), which acts as a joint venture partner on behalf of the Dutch state. Our Tenaz strategy is well timed to advance Europe's objective to increase gas production, and we are fortunate to have an asset base that has the potential to contribute meaningfully.
Operations
During the quarter, we successfully completed a 21-day major turnaround at the Den Helder Gas Terminal on both the HiCal and LoCal gas plants. Approximately 65% of our production flows through the HiCal and LoCal plants. The NOGAT gas plant, also operated by Tenaz, continued to operate throughout the turnaround. This onshore downtime coincided with turnaround activity at the K14 offshore hub, which is our largest processing and compression platform complex. All facilities are now fully operational. As Tenaz's first major operating activity in the Netherlands, we are proud to announce that our team executed this complex set of turnarounds safely and within our forecasted timelines. Because the acquisition closed partway through the quarter, only two months of TEN production was counted toward our results, resulting in an addition of approximately 5,000 boe/d (99% gas) for Q2 2025, as we previously expected.
Our primary objective now is to mobilize the necessary services to convert our compelling opportunity set into executed projects. Our 2025 capital plan includes a barge campaign for workovers, well optimizations, and infrastructure life extension and maintenance activities. Our technical staff is focused on identifying the most effective options to rejuvenate the existing well stock which has had limited investment activity for a number of years. We also intend to initiate a new well drilling program and are in the process of contracting a jack-up rig. We continue to use an already-contracted "walk-to-work" vessel to access offshore platforms that are not continuously manned for other maintenance activities.
Early planned activities include re-wheeling a compressor to reduce suction pressure to improve production and add reserves by reducing abandonment pressure in certain gas fields. As we look to Q4 2025, we aim to have completed tender and permitting processes for the barge and jack-up to enable workover and drilling activity on multiple locations. Preparation for these campaigns requires meeting the Dutch North Sea's comprehensive permitting and procurement timelines, which include partner and regulator approvals, acquisition of long-lead items, and post-drill tie-in planning. We aim to have all permits in place to ensure uninterrupted activity once the well work and drilling campaigns begin.
Across the rest of our producing portfolio, production was also as expected. Our pre-existing non-operated assets in the Netherlands experienced typical seasonal planned downtime, with 18 days of maintenance at hubs connected to the NGT pipeline system in April and May. Production from our pre-NOBV Netherlands assets was 775 boe/d (99% gas) in Q2 2025, down 20% from Q1 2025 because of the maintenance downtime, and down 2% from Q2 2024 due to natural decline.
Canadian production was up 19% from Q1 2025 and 32% from Q2 2024, with little capital activity during the quarter. The three gross (2.4 net) wells drilled in Q1 2025 continue to have strong production performance with a current aggregate rate of approximately 1,000 boe/d gross (870 boe/d net at a 63% oil weighting). We plan to optimize production from the new wells with additional compression in Q3 2025. We have deep project inventory in multiple formations in our Canadian asset base and have begun to plan for our 2026 drilling program.
Commodity Environment
During Q2 2025, TTF gas prices averaged €35.37/MWh ($16.27/Mcf), which was €3.60/MWh higher than in Q2 2024. Pricing strength came from low end-of-season EU gas storage levels and a greater emphasis on LNG imports to offset reduced Russian pipeline gas supplies. This increased reliance on LNG resulted in EU imports of US LNG nearly doubling in Q2 2025 versus the prior year, with overall LNG imports reaching a record high. Absent this supply, European storage replenishment for the coming winter would have been severely challenged, highlighting not only the sustained reliance on spot LNG but also the region's displayed ability to absorb incremental imports.
Looking forward, the EU's shift away from Russian natural gas supply appears on track to be permanent, and replacing lost supply could rest heavily on US LNG export growth. An EU proposal to phase out Russian gas and oil imports by the end of 2027 is moving towards the final stages of approval, with some lawmakers pushing for an earlier timeline, perhaps as soon as the end of 2026. The outcome of this legally-binding ban would see a further reduction of Russian pipeline exports to the EU of approximately 1.5 Bcf/d, and a loss of approximately 2 Bcf/d in LNG imports. A loss of 3.5 Bcf/d in supply would need to be replaced by a combination of domestic production growth, other pipeline imports, and higher LNG imports in particular. US LNG growth is well-timed to fill an EU supply shortfall, with increased LNG trade included in energy import targets attached to current tariff negotiations. To put the loss of Russian gas supply in context of EU LNG imports, replacing 3.5 Bcf/d of lost supply would increase imports from other countries by approximately 50% above the past twelve-month average. To put 3.5 Bcf/d in context of the US LNG market, it is more than twice as high as volumes from the US EIA's LNG liquefaction projects under construction list for 2026 of 1.6 Bcf/d.
At present, the TTF marker price stands at approximately €32.40/MWh ($15.21/Mcf), with the price for the remainder of 2025 at €33.94/MWh ($15.95/Mcf). We have hedged approximately 50% of our 2025 Netherlands gas production at an average price of €35.45/MWh ($16.65/Mcf).
WCS differentials to WTI averaged approximately US$10/bbl during Q2 2025, a narrower level than typically realized historically. Differential strength was supported by excess downstream pipeline capacity, low WCSB storage levels and healthy demand from US and Asian refiners. We have hedged 21% of our exposure to WTI prices for the second half of 2025, using a collar with a floor price of US$60/bbl and ceiling of US$75/bbl (as compared to a forward market price of approximately US$63.75/bbl), but remained unhedged for WCS differential exposure.
AECO gas prices averaged $1.69/MMBtu in Q2 2025, with the low price reflecting a combination of high production, limited egress capacity and high AECO gas storage levels. We have hedged 18% of our AECO exposure for the second half of 2025 (hedge price of $2.56/MMBtu as compared to a forward market price of $1.96/MMBtu).
Corporate Update
Our balance sheet now reflects our post-NOBV company structure. As of Q2 2025, we have included the contingent earn-out obligation in our net debt measure. This obligation consists of payments to the seller based on free cash flow for the 2025-2027 period. Including our working capital, senior unsecured notes and the earn-out, we ended the quarter with a net debt position of approximately $100 million. Specifically, regarding the earn-out, $53.7 million has been recorded as a current liability and $35.6 million has been recorded as a long-term liability. These amounts represent Tenaz's current estimate of the payments due in Q1 2026 (for the 2025 portion of the earn-out) and for later periods, respectively. This estimate and the amount ultimately paid may change over time due to changes in commodity prices, activity levels, production and cost results, among other factors.
Net income for the year-to-date period was approximately $190 million, primarily due to a significant gain recorded on the NOBV acquisition. The gain on acquisition arose because the fair value of acquired property, plant and equipment, exploration and evaluation assets, net of asset retirement obligations, exceeded the total consideration paid. The gain on acquisition was partially offset by transaction costs incurred in connection with the transition activities leading up to the May 1, 2025 completion date.
We are pleased to announce the appointment of Mirzeta Delkic to the position of Vice President of Human Resources and Sustainability. Ms. Delkic joined Tenaz in 2023 as Director of Human Resources. Prior to Tenaz, she held management roles in human resources and corporate governance at Vermilion Energy and Viterra. Ms. Delkic has a Bachelor of Arts degree in Law and Society with a minor in Political Science and an MBA (finance specialization) from the University of Calgary.
We are often asked when our next acquisition will be announced and what types of assets we are targeting. While we do not comment on specific opportunities, we continue to see strong potential to expand our asset portfolio. International deal processes involve complex negotiations, evolving seller expectations, and shifts in commodity pricing, so each transaction can take a long time to consummate. Our geographic focus remains the same, primarily Europe but also Latin America, with optionality in MENA and Canada. We are open to either natural gas or oil assets, driven by the expected returns in a given project. If expected risk-adjusted returns were equal, we would probably prefer an international gas project over an oil project, based on our macro view of the two commodities.
We remain aligned throughout our organization to the creation of shareholder value. Our NCIB program continues to return capital to shareholders, and we are committed to disciplined execution of it in 2025 and beyond. We would like to extend our gratitude to our shareholders for their continued confidence in Tenaz. Shareholder trust is instrumental as we navigate key operational milestones, strengthen our corporate systems and organization, and seek to deliver our strategic objectives. We are honoured that year-to-date total shareholder return ("TSR") from Tenaz shares is 32%, and that TSR since the recapitalization in 2021 is 946%.
/s/ Anthony Marino
President and Chief Executive Officer
August 6, 2025
About Tenaz Energy Corp.
Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the second largest operator of natural gas assets in the Dutch sector of the North Sea and develops crude oil and natural gas at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and at www.tenazenergy.com. Tenaz's Common Shares are listed for trading on the Toronto Stock Exchange under the symbol "TNZ".
ADVISORIES
Non-GAAP and Other Financial Measures
This press release contains the terms funds flow from operations and capital expenditures which are considered "non-GAAP financial measures" and operating netback which is considered a "non-GAAP financial ratio". These terms do not have a standardized meaning prescribed by GAAP. In addition, this press release contains the term adjusted working capital (net debt), which is considered a "capital management measure". Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.
Funds flow from operations ("FFO")
Tenaz considers funds flow from operations to be a key measure of performance as it demonstrates the Company's ability to generate the necessary funds for sustaining capital, future growth through capital investment, and settling liabilities. Funds flow from operations is calculated as cash flow from operating activities plus income from associate and before changes in non-cash operating working capital and decommissioning liabilities settled. Funds flow from operations is not intended to represent cash flows from operating activities. A summary of the reconciliation of cash flow from operating activities to funds flow from operations, is set forth below:
| ($000) | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | |||||||||||
| Cash flow from (used in) operating activities | 49,837 | (3,811) | (11,920) | 46,026 | (5,702) | |||||||||||
| Change in non-cash operating working capital | (34,623 | ) | 2,895 | 14,896 | (31,728 | ) | 11,996 | |||||||||
| Decommissioning liabilities settled | 613 | 585 | 1,445 | 1,198 | 4,042 | |||||||||||
| Midstream income | 1,454 | 1,381 | 1,401 | 2,835 | 2,529 | |||||||||||
| Amortization of deferred financing costs | (67 | ) | (97 | ) | - | (164 | ) | - | ||||||||
| Funds flow from operations | 17,214 | 953 | 5,822 | 18,167 | 12,865 |
(1) FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method. For the periods presented, FFO per share was as follows: Q2 2025: $0.61 basic, $0.53 diluted; Q1 2025: $0.03 basic, $0.03 diluted; Q2 2024: $0.22 basic, $0.19 diluted; YTD 2025: $0.65 basic, $0.56 diluted; YTD 2024: $0.48 basic, $0.43 diluted.
Capital Expenditures
Tenaz considers capital expenditures to be a useful measure of the Company's investment in its existing asset base calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. The reconciliation to primary financial statement measures is set forth below:
| ($000) | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | |||||||||||
| Exploration and evaluation | 198 | 311 | 467 | 509 | 985 | |||||||||||
| Property, plant and equipment | 10,636 | 9,009 | 2,034 | 19,645 | 5,332 | |||||||||||
| Capital expenditures | 10,834 | 9,320 | 2,501 | 20,154 | 6,317 |
Free Cash Flow ("FCF")
Tenaz considers free cash flow to be a key measure of performance as it demonstrates the Company's excess funds generated after capital expenditures for potential shareholder returns, acquisitions, or growth in available liquidity. FCF is a non-GAAP financial measure and is comprised of funds flow from operations less capital expenditures. A summary of the reconciliation of the measure, is set forth below:
| ($000) | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | |||||||||||
| Funds flow from operations | 17,214 | 953 | 5,822 | 18,167 | 12,865 | |||||||||||
| Less: Capital expenditures | (10,834 | ) | (9,320 | ) | (2,501 | ) | (20,154 | ) | (6,317 | ) | ||||||
| Free cash flow | 6,380 | (8,367 | ) | 3,321 | (1,987 | ) | 6,548 |
Midstream Income
Tenaz considers midstream income an integral part of determining operating netbacks. Operating netbacks assists management and investors with evaluating operating performance. Tenaz's midstream income consists of the income from its associate, Noordtgastransport B.V. and excludes the amortization of fair value increment of NGT that is included in the equity investment on the balance sheet. Under IFRS Accounting Standards, investments in associates are accounted for using the equity method of accounting. Income from associate is Tenaz's share of the investee's net income and comprehensive income.
| ($000) | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | |||||||||||
| Income from associate | 1,214 | 1,144 | 1,160 | 2,358 | 2,048 | |||||||||||
| Plus: Amortization of fair value increment of NGT | 240 | 237 | 241 | 477 | 481 | |||||||||||
| Midstream income | 1,454 | 1,381 | 1,401 | 2,835 | 2,529 |
Net debt
Management views net debt as a key industry benchmark and measure to assess the Company's financial position and liquidity. Net debt is calculated as current assets less current liabilities and long term debt, excluding the fair value of derivative instruments. If positive, the amount is referred to as adjusted working capital. Tenaz's net debt as at June 30, 2025 and December 31, 2024 is summarized below:
| June 30 | December 31 | ||||||
| ($000) | 2025 | 2024 | |||||
| Current assets | 335,024 | 188,537 | |||||
| Current liabilities | (261,087 | ) | (40,304 | ) | |||
| Net current assets | 73,937 | 148,233 | |||||
| Fair value of net derivative instruments | (132 | ) | (5 | ) | |||
| Long-term debt | (138,439 | ) | (138,275 | ) | |||
| Contingent consideration, non-current portion | (35,614 | ) | - | ||||
| Net debt | (100,248 | ) | 9,953 |
Operating Netback
Tenaz calculates operating netback on a dollar or per boe basis, as petroleum and natural gas sales less royalties, operating costs and transportation costs, plus midstream income. Operating netback is a key industry benchmark and a measure of performance for Tenaz that provides investors with information that is commonly used by other crude oil and natural gas producers. The measurement on a per boe basis assists management and investors with evaluating operating performance on a comparable basis.
Per Share Ratios
FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method.
Barrels of Oil Equivalent
The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Forward-looking Information
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "budget", "forecast", "guidance", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "potential", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to our beliefs about liquidity; Europe's objective to increase gas production and our potential to contribute meaningfully; Tenaz's opportunity set, project inventory and capital plans; activities and budget for 2025, and our anticipated operational and financial performance; the estimated contingent earn-out consideration; expected well performance; potential and planned workover and drilling opportunities; the anticipated timing of the tender and permitting processes for the barge and jack-up drilling rig; our production and capital guidance including forecast average production volumes and capital expenditures for 2025; the ability to grow our assets domestically and internationally; and the Company's strategy including our potential to expand our asset portfolio, our geographic focus and preferred projects.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Tenaz including, without limitation: the continued performance of Tenaz's oil and gas properties in a manner consistent with its past experiences; that Tenaz will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty, tariff and regulatory regimes; expectations regarding future acquisition opportunities; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures.
Tenaz believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.
The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tenaz's products; unanticipated operating results or production declines; changes in tax or environmental laws, tariffs, royalty rates or other regulatory matters; changes in development plans of Tenaz or by third party operators of Tenaz's properties; increased debt levels or debt service requirements; inaccurate estimation of Tenaz's oil and gas reserve volumes or resources; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; a failure to obtain necessary approvals as proposed or at all and certain other risks detailed from time to time in Tenaz's public documents.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Tenaz does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
For further information, contact:
Tenaz Energy Corp.
investors@tenazenergy.com
Anthony Marino
President and Chief Executive Officer
Direct: 587 330 1983
Bradley Bennett
Chief Financial Officer
Direct: 587 330 1714
/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
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SOURCE: Tenaz Energy Corp.
