Tenth Avenue Petroleum Reveals 2024 Year-End Financials and Reserves

Tenth Avenue Petroleum Corp. has reported its financial results for the year ending December 31, 2024. The company managed to increase production notably, averaging 92 Boe/d, with significant growth observed in Q4/24, reaching approximately 175 Boe/d. This was bolstered by the Patricia Acquisition which added 82 Boe/d.

The capital spending rose to $691,151, marking a 43% increase from the previous year. As a result, PDP reserves saw a 43% increase, while TP and TPP reserves surged by 162% and 109% respectively.

Financial assessments show a decline in revenue with a 36% drop from Q4 2023, and a 9% increase in net loss compared to the previous year. The company's diluted shares outstanding rose marginally by 2%, while the share price experienced a 41% decline.

Despite these financial challenges, the company's asset base strengthened with key acquisitions, enhancing its operational capacity in the Alberta region.