Tenth Avenue Petroleum Corp. Reports Increase in 2023 Production and Reserves

CALGARY, AB – Tenth Avenue Petroleum Corp. (TSXV:TPC) announced significant growth in production and reserves for the year ending December 31, 2023. The company reported a 24% increase in average daily production, rising from 116 barrels of oil equivalent per day (boe/d) in 2022 to 144 boe/d in 2023. This growth was primarily driven by enhanced operations at the Murray Lake and Hays properties.

Despite a modest capital investment of $482,554 in 2023, the company managed to scale up production while also dealing with operational challenges such as a saltwater disposal line failure at Murray Lake. This incident temporarily curtailed production by approximately 15 boe/d. However, with recent regulatory approvals to convert an existing well into an injection well, Tenth Avenue expects to resume full production levels mid-2024.

In terms of reserves, the year-end evaluation highlighted a significant uptick with 2P reserve volumes at Murray Lake and Hays increasing by 36% and 35%, respectively. Notably, the Net Present Value (10% discount rate) of these reserves also saw considerable rises of 59% at Murray Lake and 42% at Hays.

Financially, Tenth Avenue faced a slight downturn with a 2% decrease in gross revenues from $3,923,501 in 2022 to $3,853,361 in 2023. This occurred against a backdrop of a 23% drop in commodity prices over the same period. Additionally, the company entered 2023 with significant tax pools and non-capital losses, potentially providing some financial flexibility moving forward.