from Tenth Avenue Petroleum Corp. (isin : CA88075A1021)
Tenth Avenue Petroleum Announces 2024 Year-End Results And Reserves
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
Production averaged 92 Boe/d (91% Oil) in 2024 and exited Q4/24 at approximately 175 Boe/d (49% Oil) including the 82 boe/d Patricia Acquisition, which closed December 31, 2024.
The Company successfully executed a capital program of $691,151 in 2024, a 43% increase from $482,554 in 2023, while increasing PDP reserves by 43%, TP reserves by 162% and TPP reserves by 109% . The Company continued to invest in upgrading facilities, pipelines and equipment at its Hays and Murray Lake operations to further support third party volumes and ongoing waterflood program and optimization activities.
As at December 31, 2024, the Company had $24.1million in tax pools, of which $18.0 million are non-capital losses (NCL).
On December 31, 2024, the Company closed an acquisition of certain oil and gas assets in the Patricia area located northeast of Brooks, Alberta with production of approximately 82 Boe/d (100% gas) at the time of closing. The assets comprised of a non-operated 49% Unit Participation plus 25% working interest in 8 non-unit wells in southern Alberta with 10,240 net acres for a total cash consideration of $247,799 after estimating closing adjustments (the "Patricia Acquisition").
Proved developed and producing reserves ("PDP") increased by 43% (17% per share, diluted), total proved reserves ("TP") increased by 162% (158% per share, diluted basis), and total proved plus probable reserves ("TPP") increased by 109% (71% per share, diluted).
The Company's before tax net present value ("NPV") reserves, discounted at 10%, decreased by 21% on a proved developed and producing reserves ("PDP"), increased total proved reserves ("TP") by 67% and increased its total proved plus probable reserves ("TPP") by 36% year over year.
The following table summarizes the Company's financial and operating results for the fourth quarters and years ended December 31, 2024, and December 31, 2023.
Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||||||
($) | 2024 | 2023 | % change | 2024 | 2023 | % change | ||||||||||||||
Total oil, natural gas and processing revenue | 533,746 | 829,426 | (36 | ) | 2,810,020 | 3,853,361 | (27 | ) | ||||||||||||
Cash flow from operating activities | (235,056 | ) | 384,247 | (161 | ) | 124,785 | 411,985 | (70 | ) | |||||||||||
Per share - basic | (0.01 | ) | 0.01 | (200 | ) | - | 0.01 | (100 | ) | |||||||||||
Per share - diluted | (0.01 | ) | 0.01 | (200 | ) | - | 0.01 | (100 | ) | |||||||||||
Adjusted funds flow (1) | (270,379 | ) | (4,976 | ) | (5334 | ) | (396,998 | ) | (13,677 | ) | (2803 | ) | ||||||||
Per share - basic (2) | - | - | - | (0.01 | ) | - | (100 | ) | ||||||||||||
Per share - diluted (2) | - | - | - | (0.01 | ) | - | (100 | ) | ||||||||||||
Net loss | (837,125 | ) | (489,919 | ) | (71 | ) | (1,531,126 | ) | (1,410,865 | ) | (9 | ) | ||||||||
Per share - basic | (0.02 | ) | (0.01 | ) | (100 | ) | (0.04 | ) | (0.04 | ) | - | |||||||||
Per share - diluted | (0.02 | ) | (0.01 | ) | (100 | ) | (0.04 | ) | (0.04 | ) | - | |||||||||
Working capital debt (surplus) (1) | 858,406 | (99,971 | ) | (959 | ) | 858,406 | (99,971 | ) | (959 | ) | ||||||||||
Capital expenditures | 168,700 | 15,627 | 980 | 691,151 | 482,554 | 43 | ||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||
Basic | 42,392,912 | 39,944,100 | 6 | 40,640,466 | 39,930,949 | 2 | ||||||||||||||
Diluted | 42,392,912 | 39,944,100 | 6 | 40,640,466 | 39,930,949 | 2 | ||||||||||||||
Share Trading | ||||||||||||||||||||
High | $ | 0.14 | $ | 0.15 | (7 | ) | $ | 0.16 | $ | 0.27 | (41 | ) | ||||||||
Low | $ | 0.06 | $ | 0.10 | (40 | ) | $ | 0.06 | $ | 0.10 | (40 | ) | ||||||||
Trading volume | 1,775,477 | 1,210,092 | 47 | 3,582,419 | 6,235,826 | (43 | ) | |||||||||||||
Average daily production | ||||||||||||||||||||
Oil (bbls/d) | 71 | 96 | (26 | ) | 83 | 112 | (26 | ) | ||||||||||||
NGL (bbls/d) | 1 | 4 | (75 | ) | 1 | 3 | (67 | ) | ||||||||||||
Natural Gas (mcf/d) | 27 | 114 | (76 | ) | 41 | 173 | (76 | ) | ||||||||||||
Total (boe/d) | 76 | 119 | (36 | ) | 92 | 144 | (36 | ) | ||||||||||||
Average realized sale prices | ||||||||||||||||||||
Oil ($/bbls) | 77.67 | 87.33 | (11 | ) | 86.52 | 85.64 | 1 | |||||||||||||
Natural gas liquids ($/bbls) | (136.04 | ) | 28.39 | (579 | ) | 2.82 | 36.73 | (92 | ) | |||||||||||
Natural Gas ($/mcf) | 2.09 | 2.49 | (11 | ) | 3.62 | 3.30 | 10 | |||||||||||||
Operating netback, after derivatives ($/boe) | (2.93 | ) | 8.70 | (134 | ) | 10.67 | 11.39 | (6 | ) | |||||||||||
Adjusted funds flow ($/boe) | (38.71 | ) | (0.46 | ) | (8315 | ) | (11.85 | ) | (0.26 | ) | (4458 | ) | ||||||||
Capital Management Measure; See "Non-IFRS Financial Measures, Non-IFRS Financial Ratios and Capital Management Measures" Section of this MD&A.
Non-IFRS Financial Ratio; See "Non-IFRS Financial Measures, Non-IFRS Financial Ratios and Capital Management Measures" Section of this MD&A.
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
RESERVE HIGHLIGHTS | December 31, 2024 | December 31, 2023 | % change | % Change | % Change Per Share | |||||||||||
Reserve Volume (MBOE) (2) | ||||||||||||||||
Proved developed producing ("PDP") | 304.9 | 213.6 | 43 | % | 29 | % | 17 | % | ||||||||
Total Proved ("TP") | 655.0 | 249.6 | 162 | % | ||||||||||||