Tenth Avenue Petroleum Reports Q3 2024 Financial and Operational Results

Tenth Avenue Petroleum Corp. has released its financial and operational results for the third quarter ending September 30, 2024. The quarter saw the execution of a Purchase and Sales Agreement for natural gas assets, aiming to acquire approximately 82 boe/d, payable in full by shares, with an expected closure on November 29.

The company recorded a decrease in total revenue by 35% for the quarter and 25% for nine months compared to 2023, driven by lower production and market prices. Quarterly production averaged 75 boe/d, significantly down from the previous year, largely due to maintenance and low gas prices.

Cash flow from operations improved notably, reaching $45,986 this quarter, whereas adjusted funds flow saw a downturn. The company's net loss expanded to $244,907 for Q3, attributed to increased expenses and lower revenue.