Calgary, Alberta--(Newsfile Corp. - March 12, 2026) - Tenaz Energy Corp. ("Tenaz", "We", "Our", "Us" or the "Company") (TSX: TNZ) is pleased to announce financial and operating results for the fourth quarter and year ended December 31, 2025.

The audited consolidated Financial Statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025 and Annual Information Form ("AIF") are available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com.

HIGHLIGHTS

2025 Acquisitions

• In May 2025, we completed the acquisition of NAM Offshore B.V. and renamed the entity Tenaz Energy Netherlands B.V. ("TEN"). As of the closing date, cash consideration was $9.2 million, with deferred contingent consideration depending on future free cash flows, exploration success, and natural gas pricing.

• During the year, we initiated a multi-year organic growth initiative on the TEN assets with the start of drilling and barge workover activities. Subsequent to the end of Q4 2025, we made an exploratory discovery on our first well at K07-FB-103 (45.6% working interest), which tested at a gross peak rate of 23 MMcf/d with a condensate-gas ratio of 13 bbl/MMscf at a 1,015 psi flowing wellhead pressure⁽¹⁾.

• In October 2025, we signed and closed the acquisition of Hansa Hydrocarbons Limited, obtaining non-operated interests in the Gateway to the Ems ("GEMS") project on the boundary of the Dutch and German sectors of the North Sea. Purchase price was US$244 million ($339 million), comprised of US$232 million ($323 million) in cash and US$12 million ($17 million) in Tenaz common shares, with contingent consideration based on the success of future exploration projects. This transaction added near-term organic growth and substantial long-term inventory of both development and exploration projects.

Fourth Quarter and Year-end 2025 Results

• Production volumes averaged 15,556 boe/d⁽²⁾ in Q4 2025, up 32% from Q3 2025. Higher production was driven by contributions from the GEMS assets and increased production from TEN after completing Q3 2025 turnarounds and our first barge workovers. Full year production of 9,609 boe/d was 257% higher than in 2024, reflecting partial year contributions from both acquisitions in 2025.

• Funds flow from operations⁽³⁾ ("FFO") for the fourth quarter was $62.1 million ($2.12/share⁽³⁾) as compared to $40.2 million ($1.42/share⁽³⁾) in Q3 2025. FFO increased due to the GEMS acquisition and lower current taxes as a result of an increase in capital spending during Q4. Full-year FFO totalled $120.4 million, nearly five times higher than $24.5 million in 2024, reflecting contributions from the two acquisitions.

• Net income for Q4 2025 was $107.6 million ($3.67/share) as compared to a net loss of $6.0 million ($0.22/share) in Q4 2024. For full-year 2025, net income was $315.6 million ($11.18/share) as compared to a net loss of $7.7 million ($0.28/share) in the prior year. The increases resulted from net income contributions from TEN and the GEMS assets, a $192.2 million gain on acquisition recorded in Q2 2025, and $69.7 million recorded on the remeasurement of contingent consideration in Q4 2025.

• Tenaz ended 2025 with net debt⁽³⁾ of $345.2 million, an increase from $55.0 million at Q3 2025, and an adjusted working capital⁽³⁾ position of $10.0 million at Q4 2024. The increase in net debt during the year primarily resulted from the GEMS acquisition and the recognition of contingent earn-out consideration for the TEN acquisition. Net debt to funds flow from operations ratio⁽³⁾ for Q4 2025 was 1.4x, as compared to 0.3x as at Q3 2025 and negative net debt as at Q4 2024.

Corporate Updates

• Concurrent with the GEMS acquisition, we announced the closing of an additional issuance under our November 2024 Senior Unsecured Notes with gross proceeds of $178.9 million at a 9.5% effective interest rate.

• Also concurrent with the GEMS acquisition, we established new credit facilities with a commitment amount of $115 million from a syndicate comprised of National Bank, Canadian Imperial Bank of Commerce, and Goldman Sachs. Subsequent to year-end 2025 we increased these credit facilities to a new commitment amount of $150 million, with a new institution (DNB Bank ASA) joining the lending syndicate.

• During 2025, Tenaz repurchased a total of 336,000 shares at a weighted average price of $18.25 per share under the Normal Course Issuer Bid ("NCIB"). Thus far in 2026, Tenaz has repurchased a total of 43,600 shares at a weighted average price of $35.84 per share. Since the NCIB was first established in August of 2022, Tenaz has repurchased a total of 2.5 million shares at a weighted average price of $5.45 per share.

• We are pleased to announce that Kyle Preston will be joining Tenaz as Vice President of Investor Relations. He replaces David Burghardt, who is retiring from Tenaz.

Capital Activity and Outlook

• Capital expenditures of $84.2 million during Q4 2025 were primarily for our organic development program on our TEN assets. Capital was deployed in a barge workover and production optimization program, drilling activities on our first operated well, and commencement of non-operated drilling at GEMS and L10.

• In addition, we elected to make an advanced payment for Ocean Bottom Node ("OBN") 3D seismic data, which will be valuable for developing our main operated licenses. The advance payment also avoids premium charges for the data had we deferred payment. As a result of the election to make advanced payment, our full year capital expenditures of $117.4 million exceeded our guidance range of $101.7 million to $111.7 million.

• Our 2026 Development and Drilling ("D&D") capital budget is $250 to $275 million. We have commenced both our Canadian program, with three planned horizontal wells (2.6 net), and our TEN operated program, where we expect to drill three to four gross wells and continue our workover campaign. On our non-operated GEMS assets, ONE-Dyas has begun a planned four (1.4 net) well drilling program. At our non-operated L10 license, Eni Netherlands is completing one (0.2 net) new well at the Malachite project.

Year-End 2025 Reserves and Resources⁽⁴⁾

• Based on an independent engineering reserves evaluation by McDaniel & Associates Consultants Ltd. ("McDaniel") dated March 11, 2026 and effective December 31, 2025, Proved Developed Producing ("PDP") reserves increased 839% from 3.8 million boe ("MMboe") to 32.3 MMboe due to the 2025 acquisitions and organic activities, resulting in a 913% reserve replacement ratio.

• Total Proved ("1P") reserves increased 499% from 10.2 MMboe to 57.4 MMboe, resulting in a 1,471% reserve replacement ratio.

• Total Proved plus Probable ("2P") reserves increased 472% from 16.6 MMboe to 91.7 MMboe, resulting in a 2,358% reserve replacement ratio.

• PDP Finding, Developing and Acquisition ("FD&A") costs (including future development costs ("FDC") ⁽⁵⁾, were $16.76/boe, resulting in a 2.8x recycle ratio. FD&A costs (including FDC) were $16.68/boe and $13.97/boe at the 1P and 2P levels, generating recycle ratios of 2.8x and 3.4x, respectively.

• Reserve life indices are 5.7 years, 10.1 years, and 16.2 years, respectively, for PDP, 1P and 2P reserves, based on our Q4 2025 annualized production rate.

• Based on the January 1, 2026 Consultant Average Price Forecast and the year-end Euro to Canadian exchange rate, PDP, 1P, and 2P reserves have been evaluated at after-tax net present values⁽⁶⁾ discounted at 10% of $0.62, $1.07, and $1.68 billion, respectively.

• Tenaz's contingent and prospective resources in the North Sea were also independently evaluated by McDaniel. Contingent resource volumes were assigned to 15 fields with unrisked low (1C), best (2C), and high (3C) estimates of 24.1, 38.0, and 53.4 MMboe, respectively, with a risked best estimate of 24.1 MMboe. A subset of 11 of these fields were economically evaluated, indicating risked after-tax net present value discounted at 10% of $150 million.

• Prospective resource volumes were assigned to 96 fields with low, mean, and high estimates of 128.3, 329.2, and 603.5 MMboe, respectively, with a risked mean estimate of 101.1 MMboe after applying chance of discovery and chance of development on a prospect-by-prospect basis. A subset of 23 fields were economically evaluated, indicating risked best estimate after-tax net present value discounted at 10% of $734 million.

⁽¹⁾ Production test of the Slochteren formation conducted over 16 hours. The peak rate was part of a step rate test and pressure build-up and may differ from stabilized daily production rates. We expect to produce the well at lower production rates relative to the reported test rate.
⁽²⁾ The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
⁽³⁾ This is a non-GAAP and other financial measure. Refer to "Non-GAAP and Other Financial Measures" included in the "Advisories" section.
⁽⁴⁾ Reserves and resources evaluated by McDaniel in reports dated March 11, 2026 and effective December 31, 2025. Refer to "Reserves and Resources" included in the "Advisories" section.
⁽⁵⁾ "FD&A Cost" and "Recycle Ratio" do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. Refer to "Reserves and Resources" included in the "Advisories" section.
⁽⁶⁾ Euro amounts from the independent engineering reserves and resource evaluations prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

FINANCIAL AND OPERATIONAL SUMMARY

(1) This is a non-GAAP measure. Refer to "Non-GAAP and Other Financial Measures" included in the "Advisories" section.
(2) The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(3) WTI represents posting price of West Texas Intermediate ("WTI") crude oil.
(4) AECO is the natural gas price index for Alberta.
(5) TTF is the price for natural gas in the Netherlands.

PRESIDENT'S MESSAGE

As we release our Q4 and year-end 2025 results, we find that our disclosure occurs in the context of a world at war. Our primary base of operations is Europe, where for more than four years a revisionist autocratic state has waged unprovoked and irrational war on a key democratic country. Now, less than two weeks before the publication of this report, another dangerous conflict has engulfed one of the major energy-producing regions of the world. These sobering circumstances underscore our company's fundamental mission to supply Europe with secure, sustainable, domestically-produced energy.

Tenaz is fortunate and honoured to have its main assets in two NATO and EU stalwarts, the Netherlands and Germany. We are also fortunate to have our corporate headquarters and oil assets in Canada, also a contributor to NATO and to the war effort in Ukraine. I can assure you that we will do all we can to increase supplies of energy, particularly natural gas in Europe, during this time of war-induced shortage.

As we look ahead to the opportunities of 2026, let me begin by thanking the entire Tenaz staff for a landmark year in 2025. Our progress resulted from the collective efforts of our operations, technical, finance and corporate teams, all working toward the synergistic goals of providing secure energy and building shareholder value.

During the past year, we expanded the scale of our business, strengthened our asset base, and established a clear path for future growth. With this solid foundation established, we will pursue a multi-year development program that we believe can deliver meaningful production growth and increasing free cash flow in the years ahead.

2025 Acquisitions

In 2025, we closed two significant acquisitions that greatly enhanced our Netherlands business in operational scale and future growth potential. Establishing adequate operational scale is an essential element in reducing unit costs, maximizing operating margins, and improving returns on our organic investment program. In so doing, we not only improve profitability, but also increase the reliability of our cash flows and reduce our overall enterprise risk.

On May 1, 2025, Tenaz completed the acquisition of NAM Offshore B.V. ("NOBV"), assumed operatorship, and renamed the entity Tenaz Energy Netherlands B.V. ("TEN"). The transaction converted Tenaz into a Dutch North Sea ("DNS") operator with direct control over capital allocation, operational execution, and development planning. The acquisition closed ahead of schedule, with an operational transition that was executed without any HSE incidents. The transaction provided valuable access to extensive offshore infrastructure, an essential element for TEN's large inventory of exploration and development ("E&D") opportunities. Our technical team began to devise and implement a multi-year E&D strategy shortly after closing.

As a result of free cash flow and purchase price adjustments from the effective date through closing, the total cash consideration measured at closing of the acquisition, before working capital adjustments, was $9.2 million. Furthermore, net working capital at close was approximately neutral excluding future contingent earn-out obligations.

We accrued the estimated contingent earn-out obligations, which are based on free cash flow attributable to TEN for the period from 2025 to 2027, as liabilities on our balance sheet at closing. This estimate has been updated using our current plan for increased capital investment, with a new estimate of €12.6 million ($20.3 million) as compared to the initial estimate of €48.0 million ($87.1 million) recorded upon closing in May 2025. The estimate is subject to change based on realized revenues and costs during the remaining earn-out period.

On October 6, 2025, Tenaz completed the acquisition of Hansa Hydrocarbons Limited, which holds interests in the Gateway to the Ems ("GEMS") asset located on the maritime border of the Dutch and German sectors of the North Sea. This acquisition added production and additional high-quality drilling inventory in a new core area of the basin. GEMS includes the N05-A platform, which began production in March 2025 at a rate of 75 MMcf/d gross (25 MMcf/d net to Tenaz) from a single well and maintains similar rates today. Notably, the N05-A platform is entirely powered by the Riffgat Wind Farm in German waters, giving GEMS one of the lowest emissions profiles of any hydrocarbon development in the world. The GEMS acquisition complements our operated TEN assets and strengthens our TTF position with near-term production growth, low operating costs, and significant long-term E&D opportunities.

Capital Investment Review

Our 2025 capital program initiated what we intend to be a long-term development program for the acquired assets. Total capital spending was approximately $117 million, including:

• Capital-efficient Canadian drilling, continuing Leduc-Woodbend's growth path
• Netherlands workover and production optimization campaign to take advantage of existing well stock
• Commencement of our operated Netherlands drilling program
• Non-operated initial drilling activity at GEMS and L10
• Investments in OBN seismic data and long-lead items to support future operated drilling

These investments position Tenaz for a step change in production and free cash flow over the coming years. Importantly, the capital deployed in 2025 established the foundation for larger development programs in 2026 and beyond, which we in turn expect to translate into materially higher free cash flow as our project stream comes online.

2025 Year-End Reserves and Resources

Our independent year-end reserves and resource reports are addressed in greater detail later in this report. In summary, these evaluations reflect the significant expansion of our asset base resulting from the acquisitions completed during 2025.

Proved Developed Producing reserves increased to 32.3 MMboe, up from 3.8 MMboe in 2024, while Total Proved plus Probable reserves increased to 91.7 MMboe, up from 16.6 MMboe. These increases were driven primarily by the 2025 acquisitions, complemented by our organic reserve additions from development activities. Reflecting high quality and deep project inventory, our 2P reserve life index remains at 16.2 years based on Q4 2025 annualized production.

In addition to booked reserves, Tenaz holds substantial contingent and prospective resource potential in the North Sea. Our independent evaluation recognizes contingent resources in 15 fields and prospective resources comprising 96 exploration opportunities, illustrating significant long-term growth potential embedded within our offshore portfolio. These identified resources, combined with existing infrastructure and support from the Dutch government for offshore development, allow for relatively short timelines from planning to production compared with many other jurisdictions.

Netherlands Operations

Following the TEN acquisition, we initiated a multi-year workover and drilling program designed to increase production from our existing well stock and from new wells using available platform slots. During Q4 2025, the Seafox 4 jack-up barge began workover operations, successfully restoring approximately 13 MMcf/d of gross production from previously shut-in or intermittent wells at the K15-K platform (45.6% working interest). Additional production optimization activities were completed on several platforms, reducing operating pressures by improving gas compression. The Seafox 4 barge is continuing workover operations in 2026 with another campaign on the K15-A platform.

In parallel, we initiated an operated drilling program on an aggressive timeline through the diligent work of our technical and operations teams. Rapid initiation of drilling generates earlier production times and optimizes the earnout calculation for TEN. In addition, we are participating in two non-operated drilling campaigns. In total, three drilling rigs are active on properties where Tenaz holds an interest.

On our operated assets, we expect the Shelf Drilling Winner to drill throughout 2026, for a total of three-to-four gross wells this year. The first well at K07-FB-103 (45.6% working interest) is an exploratory discovery that was drilled from an existing platform to an untested fault block. It was drilled on budget and on schedule at a gross Drilling, Completion, Equip and Tie-In Cost ("DCET") estimated to be approximately €43 million. Total measured depth is 5,136 meters (3,360 meters true vertical depth "TVD"). The initial well test had a peak gross production rate of 23 MMcf/d with a condensate-gas ratio of 13 bbl/MMscf at a 1,015 psi flowing wellhead pressure during a 16-hour well test from the Slochteren sandstone. Hook-up operations are ongoing, with the well expected to be online during Q2 2026. We expect to produce the well at lower production rates relative to the reported test rate.

The K07-FB-103 location is included in our 2025 prospective resource report, but not in our year-end reserves report because the well test occurred during 2026. We believe our exploration success at this location speaks to the quality of the projects that are included in our contingent and prospective resource portfolio.

The Shelf Drilling Winner has moved to the K17-FA (60% working interest) platform to drill on the southeast portion of this field. The planned well offsets an existing producer and will target a less-drained area with a planned 1,200 meter high-angle lateral. We have the option to stimulate this well to potentially connect a larger vertical column of gas to the lateral. The on-stream date for this well is targeted for Q4 2026, with the actual date dependent on stimulation, if warranted.

At our non-operated GEMS asset, the Borr Prospector-1 drilling rig will drill up to four gross wells in 2026. The rig is currently completing the N05-A-03 development well (33.3% working interest). This well was drilled to its target measured depth of 4,795 meters (4,003 meters TVD), coming in higher on structure than prognosed, which modestly increased gross thickness of the gas column versus pre-drill expectations. It is expected to commence production during Q2 2026. The next well will be another development well in a different part of the N05-A pool. We expect operator ONE-Dyas to conduct extension and exploratory drilling at GEMS during the second half of 2026.

At our Eni operated L10 license (21.4% working interest), the Noble Resolute jack-up drilled the Malachite structure to a measured depth of 4,719 meters (3,714 meters TVD). The well encountered gas-bearing reservoir and will be tested in the coming weeks before being tied in to produce from the L10-M platform. The Noble Resolute will subsequently move to other activities, but is expected to return later in the year to drill another Tenaz-interest well within the K12 block (12.3% working interest).

Canada Operations

During 2025, we drilled three gross (2.4 net) horizontal wells targeting oil-bearing pools, adding approximately 600 boe/d net on $10 million net drilling and development capital expenditures. The 2025 drilling program continued our record of capital-efficient growth while reinvesting 50% of the cash flow from our Canadian asset.

Our capital program for 2026 of two open hole Ellerslie multilateral wells and a horizontal multi-stage frac well in the Sparky formation is in progress. Leduc-Woodbend continues to be a valuable and worthwhile part of Tenaz, providing oil exposure, growth and reliable cash flow. Our Canadian asset has a 2P reserve life index of 16.8 years as at our year-end 2025 reserves report.

Financial Position

Maintaining a strong balance sheet is an essential priority. Balance sheet strength and ample liquidity, in combination with a robust hedge position, provides a solid base for self-funded capital programs and opportunistic M&A. We exited 2025 with a net debt position of $345.2 million, which is approximately one times forecasted 2026 FFO at the current commodity strip. Our 2026 capital program is funded well within FFO at current commodity prices and our commodity hedging program provides significant downside protection.

Net debt is primarily comprised of our outstanding Senior Unsecured Notes, of which the second of two tranches was issued to finance the GEMS acquisition. Total principal outstanding is $305 million. Additional available liquidity is accessible from our revolving reserve-based loan ("RBL") with a total commitment amount of $150 million. The RBL was upsized from $115 million to $150 million on March 6, 2026 through the addition of DNB Bank ASA as a new institution to the lending syndicate. The RBL was undrawn as at the end of 2025.

We continue to allocate a portion of our free cash flow to our NCIB program. During 2025, Tenaz repurchased a total of 336,000 shares at a weighted average price of $18.25 per share. Thus far in 2026, Tenaz has repurchased a total of 43,600 shares at a weighted average price of $35.84 per share. Since the inception of the program in 2022, we have retired 2.5 million shares at an average cost per share of $5.45. We renewed our NCIB program for another year on February 17, 2026.

Commodity Prices

Tenaz is highly concentrated in TTF natural gas, with an approximately 90% weighting to this product on an oil-equivalent basis. At the current strip, and taking into account our hedge book, TTF would provide approximately 92% of our revenue in 2026.

There was considerable TTF price volatility in 2025 during periods of high seasonal demand, demonstrating Europe's delicate market balance and heavy reliance on gas imports. LNG supply to Europe has been increasing from the US Gulf Coast, which may or may not be considered a reliable source of supply depending on future geopolitical conditions. Global LNG availability has also benefitted from slower demand growth in China, caused by increased Russian pipeline gas imports and growing domestic Chinese gas production. Despite these contributors to looser market conditions, European storage incurred some of the largest withdrawal rates on record this winter to meet periods of colder-than-normal weather. Current EU storage is at the lowest level since 2022.

It was against this backdrop that the Middle East conflagration was initiated. The conflict has created near-term uncertainty and disruption to the global energy market for both crude oil and LNG. At present, safe vessel passage through the Strait of Hormuz is not possible. Qatar's Ras Laffan gas complex, which supplied approximately 20% of global LNG, has suspended production and declared force majeure to customers. While the duration and outcome of this significant event is uncertain, European spot and near-term prices have surged to reflect increased competition for available LNG cargos. European gas markets in particular rely on spot or short-term LNG purchases as opposed to long-term contracts.

Looking forward, the situation may well become more difficult until sometime after the Middle East war is resolved. Prior to this winter, EU-directed storage targets of 90% were not met by some member countries. Enforcing these targets for the upcoming gas year would be supportive to the coming summer's gas prices. Conversely, in the absence of mandated storage levels, storage going into next winter's withdrawal season may be inadequate, because the current backwardated term structure of TTF prices does not incentivize storage. Moreover, because of the undesirability and unreliability of Russian gas, the EU has wisely mandated that imports from Russia will cease in 2027.

In our view, these recent events are an unfortunate but vivid illustration of the ongoing benefit of gas production in the Netherlands and Germany. Domestically produced natural gas is the safest, cleanest, most reliable and most sustainable source possible for the EU. Furthermore, domestic production has incontrovertible economic benefits through high-value employment, capital investment, multiplier effects, reduced product prices, and fiscal contributions. At this important juncture, Tenaz will do its utmost to contribute to energy supply in Europe. We also believe that our long-term E&D program will contribute to the EU's resilience to future, as yet unknown, energy supply shocks.

Commodity price hedging is a key element of our risk management program. As of today, we are 51% hedged for full-year 2026 for all products on an oil-equivalent basis, with 54% of TTF exposure, 28% of our WTI exposure, and 63% of AECO exposure hedged. Approximately 43% of projected revenue for 2026 is currently protected via hedging. We continue to monitor commodity prices and will layer in additional revenue protection for 2026 and beyond to protect payout of capital projects and manage cash flow volatility.

Organizational Update

We are pleased to announce that Kyle Preston will be joining Tenaz as Vice President of Investor Relations. He replaces David Burghardt, who is retiring from Tenaz. We thank Mr. Burghardt for his contribution to Tenaz, most notably his role on the Board of Directors of Altura Energy at the time of our recapitalization transaction.

Mr. Preston has more than twenty years of experience in energy-related capital markets. He most recently served as Vice President of Investor Relations at Vermilion Energy. Prior to that, he was an equity analyst covering the energy sector at several investment banks, including National Bank of Canada and Canaccord Genuity Group. Earlier in his career, he gained valuable industry experience working at ExxonMobil and Shell in various financial roles. Mr. Preston has a Bachelor of Commerce degree from the University of Manitoba and is a CFA charterholder.

Summary

We are proud of the performance of our team in initiating a high-quality organic investment program. Nonetheless, we continue to pursue potentially valuable M&A opportunities in parallel to our organic program. Our objective is to augment organic growth when acquisitions provide high returns on capital, are significantly accretive to existing shareholders, and enhance our asset quality. While we like our current transaction pipeline, as always, there is no guarantee that any further transactions will come to pass.

In December 2025, directors and officers exercised 1.7 million warrants and 1.2 million stock options, resulting in the issuance of 2.9 million shares, increasing basic insider ownership from 11.0% to 16.3%. Alignment is an important element of our culture and creates the opportunity for shared success between the Company, employees, and our shareholders who trust us with their capital.

We are honoured and humbled by the recognition of Tenaz' business model in the capital markets. Measured since the date of our recapitalization announcement on August 30, 2021, Tenaz shares have returned more than 3,000%, placing Tenaz in the top percentile of all TSX issuers during this period. This kind of market performance does not happen very often. We know that no market entity will go straight up forever, especially one in a commodity business. However, there are ways to add real value in this industry, and we have a highly skilled, aligned and motivated workforce that has created the basis for our outperformance to date.

We are aware that continued outperformance becomes more of a challenge the bigger and more successful our enterprise becomes. We accept this challenge. It motivates us, as does our responsibility to contribute to energy security in the free world.

/s/ Anthony Marino
President and Chief Executive Officer
March 11, 2026

RESERVES

The independent engineering reserves evaluation of certain oil, natural gas liquid ("NGL") and natural gas interests of the Company by McDaniel dated March 11, 2026 and effective December 31, 2025 ("Reserves Report") was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional reserves and other oil and gas information is included in the AIF available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com.

The following tables are a summary of Tenaz's crude oil, NGLs and natural gas reserves, as evaluated by McDaniel in the Reserves Report. Under NI 51-101, Tenaz is required to report its reserves and net present value estimates using forecast pricing and costs. The forecast prices reflected in the net present values are based on an average of the price decks of three independent engineering firms, GLJ Ltd., Sproule Associates Limited and McDaniel & Associates Consultants Ltd. (the "Consultant Average Price Forecast") at January 1, 2026 (see the Company's AIF). It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no assurance the estimated reserves will be recovered. Actual reserves may be greater or less than the estimates. Reserves information may not add up due to rounding. The Reserves Report includes abandonment, decommissioning and reclamation obligations ("ADR") for properties and associated wells, pipelines, facilities, and surface leases with attributed reserves, as provided for under NI 51-101. All ADR is included in decommissioning liability described in the MD&A.

Information relating to reserves contains forward-looking statements. See "Forward-looking Information" included in the "Advisories" section.

Summary of Reserves

(1) Gross reserves are Company working interest reserves before royalty deductions.
(2) Based on the January 1, 2026 Consultant Average Price Forecast.
(3) Numbers may not add due to rounding.
(4) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.

Summary of Net Present Value of Future Net Revenue

Benchmark crude oil and NGL prices used are adjusted for quality of crude oil or NGL produced, and for transportation costs. The calculated after-tax net present values ("NPVs") are based on the Consultant Average Price Forecast at January 1, 2026. The NPVs include ADR but do not include a provision for interest, debt service charges and general and administrative expenses. It should not be assumed that the NPV estimate represents the fair market value of the reserves.

(1) Based on the January 1, 2026 Consultant Average Price Forecast.
(2) Includes abandonment and reclamation costs as defined in NI 51-101.
(3) Numbers may not add due to rounding.
(4) Euro amounts from the independent engineering reserves evaluation prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

Reconciliation of Reserves

(1) Gross reserves are Company working interest reserves before royalty deductions.
(2) Based on the January 1, 2026 Consultant Average Price Forecast.
(3) Extensions and improved recovery includes all new Ellerslie and Glauconite wells drilled and additional new locations booked at Leduc-Woodbend and Watelet.
(4) Technical revisions were realized in all reserve categories. The revisions were driven by performance deviations from earlier estimates.
(5) Discoveries are related to additional infill and sidetrack well bookings in the Netherlands, transferred from Contingent Resources to 2P Reserves.
(6) Numbers may not add due to rounding.
(7) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.

Finding and Development Costs and Recycle Ratios

Finding and development costs ("FDC") reflects the future capital costs, as provided by the Company and included in the Reserves Report, to bring Tenaz's reserves on production. Changes in forecasted FDC occur annually as a result of development activities, acquisition and disposition activities, changes in capital cost estimates based on improvements in well design and performance, and changes in service costs.

Tenaz incurred the following finding, development and acquisition ("FD&A")⁽³⁾ costs including FDC.

(1) The calculation of FD&A costs includes the change in FDC required to bring reserves into production. FD&A is calculated by dividing the identified capital expenditures by the applicable reserve additions including extensions, infills, revisions, acquisitions and disposals, and economic factors, after changes in FDC costs.
(2) Recycle Ratio is calculated by dividing operating netback (a non-GAAP measure) by the cost of adding reserves ("FD&A Cost").
(3) "FD&A Cost" and "Recycle Ratio" do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. Refer to "Reserves and Resources" included in the "Advisories" section.

CONTINGENT RESOURCES AND PROSPECTIVE RESOURCES

McDaniel prepared an independent engineering resources evaluation on the resource potential of the Company's offshore assets dated March 11, 2026 and effective December 31, 2025 ("Resource Report"). The Resource Report was prepared by McDaniel in accordance with the COGE Handbook and NI 51-101.

Contingent and prospective resources evaluated in the Resource Report are located offshore in the Netherlands and German portions of the North Sea. Resources have not been evaluated for our Canadian assets.

The Resource Report summarizes estimates of contingent resources and prospective resources of the Company. Contingent resource volumes are reflective of resources evaluated in 15 fields, and the net present value represents both the risked and unrisked values of best estimate contingent resources (2C) for a subset of 11 of these fields using forecast prices and costs. Prospective resource volumes are reflective of resources evaluated in 96 fields, and the net present value represents the risked values of the mean prospective estimate ("PU Mean") for a subset of 23 of these fields using forecast prices and costs.

An estimate of risked net present value of future net revenue of contingent resources and prospective resources is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the Company proceeding with the required investment. It includes contingent resources and prospective resources that are considered too uncertain with respect to the chance of development and chance of discovery to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized.

Information relating to resources contains forward-looking statements. See "Forward-looking Information" included in the "Advisories" section.

Contingent Resources

Contingent Resources - Company Gross Values

(1) Gross values are Company working interest resources. Company gross contingent resources are based on the working interest share of the property gross resources.
(2) There is no certainty that it will be commercially viable to produce any portion of the resources.
(3) The risked 2C contingent resources have been risked for the chance of development. The chance of development is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) These are contingent resources and are sub-classified in terms of maturity as development on hold.
(5) Based on Mcf to boe conversion of 6 to 1. A boe conversion of 6 to 1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(6) Denotes Contingent - Low estimate ("1C"), Contingent - Best estimate ("2C") and Contingent - High estimate ("3C"). Refer to "Reserves and Resources" included in the "Advisories" section.
(7) This includes 15 contingent fields.

Contingent Resources - Net Present Value of Future Net Revenue

(1) Based on the January 1, 2026 Consultant Average Price Forecast.
(2) There is no certainty that it will be commercially viable to produce any portion of the resources.
(3) The risked 2C contingent resources have been risked for the chance of development. The chance of development is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) This includes 11 contingent fields.
(5) Euro amounts from the independent engineering resources evaluation prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

Prospective Resources

Prospective Resources - Company Gross Values

(1) Gross values are Company working interest resources.
(2) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources.
(3) The risked mean prospective resources have been risked for the chance of discovery and for the chance of development. The chance of discovery is the estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum. The chance of development is the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) Subtotal groupings and Total based on the probabilistic aggregation of zones within a prospect and arithmetic aggregation of the individual prospects to the Subtotal grouping and Total level.
(5) The unrisked Total is not representative of the portfolio unrisked total and is provided to give an indication of the resources range assuming all the prospects are successful.
(6) Volumes listed are full life volumes, prior to any cutoffs due to economics.
(7) Based on a Mcf to boe conversion of 6 to 1. A boe conversion of 6 to 1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(8) Refer to "Reserves and Resources" included in the "Advisories" section.
(9) This includes 96 prospective fields.

Prospective Resources - Net Present Value of Future Net Revenue

(1) Based on the January 1, 2026 Consultant Average Price Forecast.
(2) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources.
(3) The risked mean prospective resources have been risked for the chance of discovery and for the chance of development. The chance of discovery is the estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum. The chance of development is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) This includes 23 prospective fields
(5) Euro amounts from the independent engineering resources evaluation prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

About Tenaz Energy Corp.

Tenaz Energy Corp. is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the largest gas producer in the Dutch sector of the North Sea and develops crude oil and natural gas at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and at www.tenazenergy.com. Tenaz's Common Shares are listed for trading on the Toronto Stock Exchange under the symbol "TNZ".

ADVISORIES

Non‐GAAP and Other Financial Measures

This press release contains the terms funds flow from operations and capital expenditures which are considered "non-GAAP financial measures" and operating netback which is considered a "non-GAAP financial ratio". These terms do not have a standardized meaning prescribed by GAAP. In addition, this press release contains the term net debt, which is considered a "capital management measure". Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.

Funds flow from operations ("FFO")

Tenaz considers funds flow from operations to be a key measure of performance as it demonstrates the Company's ability to generate the necessary funds for sustaining capital, future growth through capital investment, and settling liabilities. Funds flow from operations is calculated as cash flow from operating activities plus income from associate and before non-cash financing costs, changes in non-cash operating working capital and decommissioning liabilities settled. Funds flow from operations is not intended to represent cash flows from operating activities. A summary of the reconciliation of cash flow from operating activities to funds flow from operations is set forth below:

(1) FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method. For the periods presented, FFO per share was as follows: Q4 2025: $2.12 basic, $1.92 diluted; Q3 2025: $1.42 basic, $1.22 diluted; Q4 2024: $0.30 basic, $0.26 diluted; year ended 2025: $4.27 basic, $3.82 diluted; year ended 2024: $0.90 basic, $0.79 diluted.

Capital Expenditures

Tenaz considers capital expenditures to be a useful measure of the Company's investment in its existing asset base calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. The reconciliation to primary financial statement measures is set forth below:

Free Cash Flow ("FCF")

Tenaz considers free cash flow to be a key measure of performance as it demonstrates the Company's excess funds generated after capital expenditures for potential shareholder returns, acquisitions, or growth in available liquidity. FCF is a non-GAAP financial measure and is comprised of funds flow from operations less capital expenditures. A summary of the reconciliation of the measure is set forth below.

Midstream Income

Tenaz considers midstream income an integral part of determining operating netbacks. Operating netbacks assists management and investors with evaluating operating performance. Tenaz's midstream income consists of the income from its associate, Noordgastransport B.V. ("NGT"), and excludes the amortization of fair value increment of NGT that is included in the equity investment on the balance sheet. Under IFRS Accounting Standards, investments in associates are accounted for using the equity method of accounting. Income from associate is Tenaz's share of the investee's net income and comprehensive income:

Net debt

Management views net debt as a key industry benchmark and measure to assess the Company's financial position and liquidity. Net debt is calculated as current assets less current liabilities, non-current portion of contingent consideration, and long-term debt, excluding the fair value of derivative instruments. If negative, the amount is referred to as adjusted working capital.

Net debt to funds flow from operations ratio is calculated as net debt divided by funds flow from operations. Net debt to quarterly annualized funds flow from operations ratio is calculated as net debt divided by funds flow from operations for the respective quarter, annualized by multiplying by four. Management views these ratios as measures to assess the Company's financial leverage. Funds flow from operations is a non-GAAP measure. Refer to "Funds flow from operations" included in this "Advisories" section.

Operating Netback

Tenaz calculates operating netback on a dollar or per boe basis, as petroleum and natural gas sales less royalties, operating costs and transportation costs, plus midstream income. Operating netback is a key industry benchmark and a measure of performance for Tenaz that provides investors with information that is commonly used by other crude oil and natural gas producers. The measurement on a per boe basis assists management and investors with evaluating operating performance on a comparable basis.

Per Share Ratios

FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method.

Reserves and Resources

This press release contains metrics commonly used in the oil and natural gas industry, such as "reserve life indices", "recycle ratio", "finding, development and acquisition (FD&A) costs", and "operating netback". Each of these metrics is determined by Tenaz as set forth in this press release. These terms do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Such metrics have been included to provide readers with additional information to evaluate the Company's performance, however such metrics should not be unduly relied upon for investment or other purposes. Management uses these metrics for its own performance measurements and to provide readers with measures to compare Tenaz's performance over time. Such measures are not reliable indicators of the Company's future performance and future performance may not compare to performance in prior periods. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes. FD&A costs take into account reserves revisions during the year on a per boe basis. The aggregate of the costs incurred in the financial year and changes during that year in estimated FDC may not reflect total FD&A costs related to reserves additions for that year.

A summary of Tenaz's crude oil, NGLs and natural gas reserves, and contingent resources and prospective resources, as evaluated by McDaniel in the Reserves Report and the Resource Report (collectively, the "McDaniel Reports"), is contained within the Company's AIF. The AIF is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.tenazenergy.com.

All amounts in this press release are stated in Canadian dollars unless otherwise specified. Euro amounts from the McDaniel Reports have been translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to reserves estimated by McDaniel represent the fair market value of those reserves. The recovery and reserve estimates of crude oil, NGLs and natural gas reserves are estimates only and there is no assurance the estimated reserves will be recovered. Actual reserves may be greater or less than the estimates provided herein.

The resources estimates in this press release are derived from the Resource Report. The following provides the definitions of the various resource categories used in this press release as set out in the COGE Handbook. "Contingent resource" and "prospective resource" are not, and should not be confused with, petroleum and natural gas reserves.

Contingent resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

The primary contingencies which currently prevent the classification of contingent resources as reserves include but are not limited to: preparation of firm development plans, including determination of the specific scope and timing of the project; project sanction; access to capital markets; stakeholder and regulatory approvals; access to required services and field development infrastructure; crude oil and natural gas prices internationally in jurisdictions in which Tenaz operates; demonstration of economic viability; future drilling program and testing results; further reservoir delineation and studies; facility design work; corporate commitment; limitations to development based on adverse topography or other surface restrictions; and the uncertainty regarding marketing and transportation of petroleum from development areas.

Prospective resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have two risk components, the chance of discovery and the chance of development. There is no certainty that the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources. Application of any geological and economic chance factor does not equate prospective resources to contingent resources or reserves.

Low estimate prospective resource is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best estimate prospective resource is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High estimate prospective resource is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Mean estimate prospective resource is the arithmetic average from the probabilistic assessment.

Although the Company has identified prospective resources, there are numerous uncertainties inherent in estimating oil and gas resources, including many factors beyond the Company's control and no assurance can be given that the indicated level of resources or recovery of hydrocarbons will be realized. In general, estimates of recoverable resources are based upon a number of factors and assumptions made as of the date on which the resource estimates were determined, such as geological and engineering estimates which have inherent uncertainties and the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs, all of which may vary considerably from actual results. There are several significant negative factors relating to the prospective resource estimate which include (i) structural events that are well defined seismically and are low risk, however, reservoir quality, seal, hydrocarbon migration and associated hydrocarbon column estimates are more at risk than the former, (ii) well costs are very high due to the exploratory nature of the initial group of wells, (iii) due to limited infrastructure proximate to the prospects, gas discoveries may be stranded for some time until infrastructure is in place, which may take some time due to the remoteness of the prospects and costs associated with same, and (iv) other factors which are not within the control of the Company.

There is no certainty that any portion of the resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or prospective resources or that Tenaz will produce any portion of the volumes currently classified as contingent resources or prospective resources. All contingent resources and prospective resources evaluated by McDaniel were deemed economic at the effective date of December 31, 2025. The estimates of contingent resources and prospective resources involve implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated and that the resources can be profitably produced in the future.

The risked net present value of the future net revenue from the contingent resources and prospective resources does not represent the fair market value. Actual contingent resources and prospective resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein.

The resource estimates are estimates only and there is no guarantee that the estimated resources will be recovered.

Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Forward‐looking Information

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "budget", "forecast", "guidance", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "potential", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to: our efforts to contribute to increased energy supply in Europe; Tenaz's inventory of exploration and development opportunities and projects; capital plans, activities and budget for 2026 including workover and drilling opportunities; our anticipated operational and financial performance including expected well performance, production growth and free cash flow; our multi-year development program; estimated contingent earn-out consideration; share buybacks; commodity prices; statements relating to reserves, resources and future net revenue; and the Company's strategy.

The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Tenaz including, without limitation: the continued performance of Tenaz's oil and gas properties in a manner consistent with its past experiences; that Tenaz will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty, tariff and regulatory regimes; expectations regarding future acquisition opportunities; the accuracy of the estimates of the Company's reserves, resources and future net revenue; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures.

Tenaz believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tenaz's products; unanticipated operating results or production declines; changes in tax or environmental laws, tariffs, royalty rates or other regulatory matters; changes in development plans of Tenaz or by third party operators of Tenaz's properties; increased debt levels or debt service requirements; inaccurate estimation of reserves or resources; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; a failure to obtain necessary approvals as proposed or at all and certain other risks detailed from time to time in Tenaz's public documents.

The forward-looking information and statements contained in this press release speak only as of the date of this press release and, except as may be required pursuant to applicable laws, Tenaz does not assume any obligation to publicly update or revise them to reflect new events or circumstances.

For further information, contact:

Tenaz Energy Corp.

investors@tenazenergy.com

/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/

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Source: Tenaz Energy Corp.