Tenth Avenue Petroleum Announces First Quarter 2024 Financial & Operating Results

Calgary, AB / ACCESSWIRE / May 28, 2024 / Tenth Avenue Petroleum Corp. ("TPC" or the "Company") (TSXV:TPC) has released its financial and operating results for the three months ended March 31, 2024. The full details are available on www.sedarplus.ca and www.tenthavenuepetroleum.com.

The Company achieved an average production of 122 boe/d, matching Q4/23 levels. Revenues before derivatives stood at $775,247, a slight drop from Q4/23. After derivatives, revenues reached $832,913. Net production expenses saw a 12% decline to $565,051. Operating netbacks before derivatives surged 175% to $12.59/boe.

TPC continued its waterflood program, contributing to a 36% rise in reserves as of December 31, 2023. Regulatory approval for converting a shut-in well to an injection well was also obtained, expected to boost recovery rates. The Company projects 15 bbls/d of shut-in production to resume by early June 2024.

Key financial metrics showed mixed results: cash flow from operations was negative at $126,561, while adjusted funds flow was $46,039. The Company concluded Q1/24 with a working capital surplus of $64,846.