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Tenth Avenue Petroleum Continues Southern Alberta Consolidation Strategy by Signing LOI to Acquire 23 Section of Lands, 154 Boe/d of Production and Infrastructure
(TheNewswire) CALGARY, AB – TheNewswire - June 18, 2025 – Tenth Avenu...
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[{"type":"text","content":"Tenth Avenue Petroleum Continues Southern Alberta Consolidation Strategy by Signing LOI to Acquire 23 Section of Lands, 154 Boe/d of Production and Infrastructure\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n CALGARY, AB –\n \n\n TheNewswire -\n \n\n June 18, 2025 – Tenth Avenue Petroleum\nCorp. (“TPC”\n \n or the\n \n “Company”) (TSXV:TPC)\n \n is pleased to announce that the\nCompany has signed a Letter of Intent (“\n \n LOI\n \n “) to acquire a transformative\nacquisition (the “\n \n Bantry\nAcquisition\n \n ”) targeting several horizons including Mannville\n(Basal Quartz, Glauc, Sunburst, Milk River and Medicine Hat)\nformations  located, which further advances its previously stated\ngrowth strategy. The Bantry Acquisition is located in a\nwell-established industry active area near Brooks, Alberta, which has\nseen a significant increase in new oil development, supported by\nconstantly improving completions techniques resulting in high oil\ndeliverability and top quartile economics. The Bantry Acquisition\nstrategically located with access to all oilfield services, year-round\naccess and includes 23 gross sections of land with existing\nfacilities, infrastructure, future low risk drilling inventory along\nwith associated production.\n \n\n\n HIGHLIGHTS\n \n\n\n\n\n\n 48% Increase in Production:\n \n The Bantry Acquisition increased corporate production to\napproximately 320-330 boe/dwith acquired assets producing 154\nboe/d\n \n (1).\n \n\n\n\n\n\n Low decline:\n \n historically\nproduction profile of less than a 6% decline rate, with minimal\nmaintenance capital paired with long life reserves characteristics.\n \n\n\n\n\n Highly Accretive Acquisition\nMetrics:\n \n Purchase completed less than 1.0x Q4/25 NOI\n \n (1)(2)\n \n .\n \n\n\n\n\n Significant land position:\n \n Bantry Acquisition is comprised of 23 gross sections multi-zone\nasset in Southeast Alberta.\n \n\n\n\n\n Low risk drilling inventory\n \n : 8\nidentified Mannville Basal Quartz (“BQ”) future drilling locations\nsupported by an existing offsetting production plus 60 re-entries and\nworkovers gas targets in the Belly River/Medicine Hat formation.\n \n\n\n\n\n Existing infrastructure\n \n :\nexisting key battery / facilities to generate additional ...