Tenth Avenue Petroleum Announces First Quarter 2025 Financial & Operating Results

Core Insights - Tenth Avenue Petroleum Corp. reported financial and operational results for Q1 2025, highlighting significant improvements in revenue and production metrics compared to previous quarters and the same period last year [1][4]. Financial Performance - Total oil, natural gas, and processing revenue for Q1 2025 was $844,349, a 6% increase from $796,139 in Q1 2024 [3]. - Cash flow from operating activities reached $77,816, marking a 161% increase compared to Q1 2024 [3][4]. - Adjusted funds flow was $55,316, a 20% increase from $46,039 in Q1 2024 [3][4]. - Net income (loss) for Q1 2025 was $(268,245), a 22% decline from $(220,322) in Q1 2024 [3]. Production Metrics - The company achieved record production of 187 barrels of oil equivalent per day (boe/d), a 146% increase from Q4 2024 and a 53% increase from Q1 2024 [4]. - Oil and gas sales increased to $818,394 in Q1 2025, a 63% increase from $501,738 in Q4 2024 [4]. - Average realized sale prices for oil were $83.83 per barrel, an 8% increase from $77.45 in Q1 2024 [5]. Operational Highlights - Net production expenses per boe decreased by 56% to $30.61 in Q1 2025 from $70.10 in Q4 2024 [4]. - Total capital expenditures decreased by 91% to $15,323 in Q1 2025 from $168,700 in Q4 2024 [4]. - The company experienced a 194% increase in gas production due to the Patricia acquisition and a 30% increase in oil production from the Murray Lake operations [4]. Challenges - A mandatory shut-in at Swan Hills Unit No. 1 due to a local evacuation is expected to temporarily impact production by 18 boe/d [6][7].