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CORRECTION FROM SOURCE: TENAZ ENERGY CORP. ANNOUNCES Q1 2025 RESULTS
/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITU...
About this update from Tenaz Energy Corp
[{"type":"text","content":"CORRECTION FROM SOURCE: TENAZ ENERGY CORP. ANNOUNCES Q1 2025 RESULTS/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW// CLERICAL ERROR IN PREVIOUS RELEASE OMITTED NON-MATERIAL INFORMATION /CALGARY, ALBERTA--(Newsfile Corp. - May 7, 2025) - Tenaz Energy Corp. (\"Tenaz\", \"We\", \"Our\", \"Us\" or the \"Company\") (TSX: TNZ) is pleased to announce financial and operating results for the three months ended March 31, 2025.The unaudited interim condensed consolidated financial statements and related management's discussion and analysis (\"MD&A\") are available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com. Select financial and operating information for the three months ended March 31, 2025 appear below and should be read in conjunction with the related financial statements and MD&A.HIGHLIGHTSCorporate UpdateWe completed the previously announced acquisition of NAM Offshore B.V. (\"NOBV\") on May 1, 2025 (the \"Acquisition\"). Concurrent with closing of the Acquisition, NOBV was renamed Tenaz Energy Netherlands B.V. (\"TEN\"). As a result of free cash flow and other purchase price adjustments from the effective date of January 1, 2024 until closing on May 1, 2025, Tenaz Energy received approximately €15 million at completion. Based on preliminary estimates, net working capital of our TEN subsidiary at close is approximately neutral, excluding the current portion of any future contingent earn-out payments. First Quarter Operating and Financial ResultsProduction volumes averaged 2,893 boe/d(1) in Q1 2025, up 3% from Q4 2024, reflecting lower downtime from our non-operated assets in the Netherlands and initial contributions from Canadian drilling. We drilled three gross (2.4 net) wells in Canada, which produced at an initial net rate of approximately 870 boe/d (45% crude oil). Capital cost of the program was $8.3 million net to Tenaz.Funds flow from operations(2) (\"FFO\") for the first quarter was $1.0 million ($0.03/share(2)) as compared to $8.3 million ($0.30/share) in Q4 2024, primarily due to higher interest and transaction costs and the absence of a prior period tax adjustment recorded in Q4 2024. Net loss for Q1 2025 was $5.3 million ($0.19/share), as compared to net loss of $0.5 million (...