Tenth Avenue Petroleum Completes Acquisition and Financing

Tenth Avenue Petroleum Corp. (TPC) announced the closure of its acquisition of natural gas assets near Brooks, Alberta. This acquisition includes about 82 boe/d of low-decline, long-life natural gas production. The assets, consolidating high-quality gas within a 32-section land area, promise optimization and cost reduction opportunities to enhance future margins.

This acquisition aligns with TPC's strategy to bolster production growth and reserves, focusing on high cash flow potential amid market recovery. The transaction was finalized for 500,000 TPC shares at $0.10 each, also subject to TSX Venture Exchange approval.

Simultaneously, TPC completed a non-brokered private placement, raising $417,000 through 4,170,000 units priced at $0.10 each. This funding initiative is aimed at strengthening the company's financial position and was concluded with no additional tranches planned.