Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 mcf) of natural gas to one barrel (1 bbl) of crude oil. The term barrels of oil equivalent ('boe') may be misleading, particularly if used in isolation. Refer to 'Non-GAAP and Other Financial Measures' included in the 'Advisories' section of this press release. This is a non-GAAP and other financial measure. Weighted average for the period – diluted ($000 CAD, except per share and per boe amounts)

As of the end of April 2023, we have retired 926,200 shares at an average cost of $1.95 per share. Our Normal Course Issuer Bid ('NCIB') program retired 360,100 common shares (1.3% of basic common shares) at an average cost of $2.27 per share during the first quarter of 2023. We ended the quarter with positive adjusted working capital 2 of $18.8 million, an increase of $4.7 million over year-end 2022 as a result of the free cash flow 2 generated in Q1 2023. Q1 2023 net income was lower than net income of $3.5 million in Q1 2022, due to a $4.2 million impairment reversal which occurred in Q1 2022. Net income for Q1 2023 was $2.9 million, as compared to $0.7 million in Q4 2022, an increase that was the result of both higher operating netback 2 and higher production. The improvement was driven by contributions from both our Netherlands and Canadian assets. Higher 2023 funds flow from operations resulted from contributions from the new Netherlands assets.įree cash flow 2 in Q1 2023 was $6.6 million, compared to negative free cash flow of $1.8 million in Q4 2022. The production increase was due to the acquisition of Netherlands assets at the end of 2022 and continued organic growth in our Canadian assets.įunds flow from operations ('FFO') 2 for the first quarter was $7.3 million, up 125% from Q4 2022 and 633% from Q1 2022. The unaudited interim condensed consolidated financial statements and related management's discussion and analysis ('MD&A') are available on SEDAR at on Tenaz's website at Selected financial and operating information for the three months ended Maappear below and should be read in conjunction with the related financial statements and MD&A.Ī webcast presentation to accompany this release is available on Tenaz's website at HIGHLIGHTSįirst Quarter Operating and Financial Results

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