Tenth Avenue Petroleum Announces Second Quarter 2024 Financial & Operating Results

Tenth Avenue Petroleum Corp. (TPC) has disclosed its financial and operational outcomes for Q2 2024. The key figures show an average production of 93 boe/d, predominantly oil and NGLs. Operating cash flow reached $440,416, surpassing Q4 2023's record of $384,247 by 15%. Net hedging gains amounted to $51,598, while capital expenditures totaled $280,693. However, TPC reported a net loss of $228,772 with a working capital deficit of $255,782.

Revenues experienced a 2% decrease to $761,221 from Q1 2024. Declining Alberta natural gas prices led to the shut-in of the 6-11 gas well in Vulcan/Parkland, which previously added around 47 mcf/d. Turnarounds at Hays and Murray Lake further impacted production but have since been resolved.

The enhanced oil recovery program at Murray Lake saw the successful conversion of a 5-36 horizontal injection well. The conversion costs were approximately $159,000, and the well is injecting at rates above management’s expectations. Additionally, infrastructure improvements were completed at Hays and Vulcan operations.