Tenth Avenue Petroleum Acquires Natural Gas Assets in Alberta

Tenth Avenue Petroleum Corp. (TPC), based in Calgary, announced a definitive agreement to acquire natural gas assets in Southern Alberta. The acquisition involves approximately 82 boe/d of low-decline, long-life production northeast of Brooks, Alberta. The assets include two non-operated units and eight non-unit wells, with TPC holding significant working interests in both.

The company highlights the strategic benefits of this acquisition with multi-zone potential across 32 sections. This move aligns with TPC’s strategy of expanding its platform in the Southern Alberta Mannville oil fairway, complementing its existing operations in Murray Lake, Vulcan, and Hays.

The purchase price of $50,000 will be settled through the issuance of 500,000 company shares. Closing is expected by November 29, 2024, pending customary conditions, including no third-party refusals and regulatory approvals.