The Company's key achievements in the third quarter of 2022 included the following:
October production was 158 boe/d based on field estimates.
Achieved production average of 120 boe/d (93% Oil and NGLs) in Q3/22 (1).
Closed an acquisition on
Cash flow from operating activities was
Adjusted funds flow was
Exited the third quarter with no debt and a working capital surplus of
Executed the Company's annual maintenance program
1. The acquisition of Danzig assets was accounted for under IFRS 3 Business Combinations. The Company did not recognize any of the production, income or expenses during the period, however the assets and liabilities have been accounted for during the third quarter.
2. On
3. The Company has commenced pipeline construction and the tie-in of its 85% working interest gas well at 02/6-11-15-26W4 which was included in the Danzig acquisition. The tie-in will be funded from existing cash on hand and is expected to be on production by the end of November.
4. The Company continues to execute on its strategy of delivering disciplined and accretive per share growth. TPC will continue to balance organic growth with future acquisitions opportunities as cash flows fluctuate due to commodity price volatility.
5. An updated corporate presentation can be found at www.tenthavenuepetroleum.com
6. For further information please contact:
Contact:
Phone: (403) 585-9875
Email: cmacdonald@tenthavenuepetroleum.com
WEB: www.tenthavenuepetroleum.com
About
Forward-looking Information and Statements
The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'approximate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe', 'would' and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of the COVID-19 pandemic on the Company's business and operations (and the duration of the impacts thereof). the inability of the Company to meet its commitments on its lands or on the lands it may acquire, the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves, changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's continuous disclosure documents which are available on SEDAR at www.sedar.com.
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