SEDAR Interim Financial Statements

[
  {
    "companyName": "Tenaz Energy Corp.",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": "Deloitte LLP",
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 213787,
      "restrictedCash": 40020,
      "accountsReceivable": 73050,
      "prepaidExpensesAndDeposits": 31477,
      "derivativeInstruments": 1205,
      "totalCurrentAssets": 359539,
      "prepaidExpenses": 2970,
      "depositOnAcquisition": 0,
      "investmentInAssociate": 24941,
      "rightOfUseAssets": 32083,
      "explorationAndEvaluationAssets": 91075,
      "propertyPlantAndEquipment": 1733353,
      "totalAssets": 2243961,
      "accountsPayableAndAccruedLiabilities": 116966,
      "taxesPayable": 68407,
      "contingentConsiderationCurrent": 47761,
      "decommissioningLiabilityCurrent": 5611,
      "leaseLiabilitiesCurrent": 10753,
      "derivativeInstrumentsLiabilities": 245,
      "totalCurrentLiabilities": 249743,
      "contingentConsiderationNonCurrent": 25369,
      "longTermDebt": 138508,
      "leaseLiabilitiesNonCurrent": 20545,
      "decommissioningLiabilityNonCurrent": 333130,
      "deferredTaxes": 1164075,
      "totalLiabilities": 1931370,
      "shareCapital": 66039,
      "warrantsEquity": 2539,
      "contributedSurplus": 12669,
      "retainedEarnings": 217698,
      "accumulatedOtherComprehensiveIncome": 13646,
      "totalShareholdersEquity": 312591,
      "totalLiabilitiesAndShareholdersEquity": 2243961,
      "cashPerShare": 7.5325,
      "workingCapitalPerShare": 3.8691
    },
    "incomeStatement": {
      "petroleumAndNaturalGasSales": 173436,
      "royalties": -4950,
      "petroleumAndNaturalGasRevenue": 168486,
      "transportation": 5008,
      "operating": 70868,
      "incomeFromAssociate": -3855,
      "generalAndAdministrative": 6549,
      "transactionCosts": 12414,
      "interestExpenseIncome": 10153,
      "foreignExchangeGainLoss": -1746,
      "gainOnDerivativeInstruments": -2283,
      "shareBasedCompensation": 5481,
      "depletionDepreciationAndAmortization": 63856,
      "accretionOfDecommissioningLiability": 16211,
      "gainOnAcquisition": -192247,
      "remeasurementOfContingentConsideration": -17716,
      "totalExpenses": -27307,
      "netIncomeLossBeforeIncomeTaxes": 195793,
      "currentIncomeTaxExpenseRecovery": 11155,
      "deferredIncomeTaxRecovery": -23420,
      "totalIncomeTaxes": -12265,
      "netIncomeLoss": 208058,
      "currencyTranslationAdjustments": 12696,
      "comprehensiveIncomeLoss": 220754,
      "basicNetIncomeLossPerShare": 7.43,
      "dilutedNetIncomeLossPerShare": 6.36,
      "weightedAverageSharesOutstanding": 27998
    },
    "cashFlowStatement": {
      "netIncomeLoss": 208058,
      "incomeFromAssociate": -3855,
      "deferredTaxes": -23420,
      "depletionDepreciationAndAmortization": 63856,
      "accretionOfDecommissioningLiability": 16211,
      "shareBasedCompensation": 5481,
      "unrealizedGainLossOnDerivativeInstruments": -954,
      "unrealizedForeignExchangeGainLoss": -1631,
      "amortizationOfDeferredFinancingCosts": 233,
      "gainOnAcquisition": -192247,
      "remeasurementOfContingentConsideration": -17716,
      "decommissioningLiabilitiesSettled": -1385,
      "changeInNonCashWorkingCapital": 27982,
      "cashFlowFromOperatingActivities": 80613,
      "propertyAndEquipmentAssetExpenditures": -32456,
      "explorationAndEvaluationAssetExpenditures": -794,
      "cashReceivedOnAcquisition": 24785,
      "propertyAcquisition": 0,
      "restrictedCashForSecurityArrangements": 3858,
      "dividendFromAssociate": 2364,
      "depositOnAcquisition": 0,
      "changeInNonCashWorkingCapitalInvesting": 3355,
      "cashFlowUsedInInvestingActivities": -4391,
      "repaymentOfRevolvingCreditFacility": 0,
      "letterOfCreditPosting": 0,
      "exerciseOfStockOptions": 0,
      "exerciseOfWarrants": 235,
      "normalCourseIssuerBid": -3821,
      "principalPaymentsOnLeaseLiabilities": -3128,
      "cashFlowUsedInFromFinancingActivities": -6714,
      "foreignExchangeGainLoss": 4373,
      "changeInCash": 73881,
      "cashBeginningOfPeriod": 139906,
      "cashEndOfPeriod": 213787,
      "cashInterestPaid": 9440,
      "cashTaxesPaidRefunded": 33357
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investment in Associate",
        "description": "Investment in associate company",
        "ownershipPercentage": null,
        "value": 24941,
        "notes": "Included in balance sheet"
      },
      {
        "type": "Joint Venture",
        "description": "Acquisition of NAM Offshore B.V. (Tenaz Energy Netherlands B.V.) - upstream and midstream assets in Dutch North Sea",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Acquired from NAM, a joint venture between Shell PLC and ExxonMobil. Consideration includes contingent payments."
      },
      {
        "type": "Mineral/Resource Properties",
        "description": "Exploration and evaluation assets",
        "ownershipPercentage": null,
        "value": 91075,
        "notes": "Includes assets from TEN acquisition and other exploration activities"
      },
      {
        "type": "Right-of-Use Assets",
        "description": "Lease obligations, primarily Walk-to-Work vessel services contract",
        "ownershipPercentage": null,
        "value": 32083,
        "notes": "Acquired as part of TEN Acquisition"
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 28374,
      "classesOfShares": ["Common Shares"],
      "warrants": [
        {
          "number": 2400,
          "exercisePrice": null,
          "expiryDate": null
        }
      ],
      "options": [
        {
          "number": 1205,
          "exercisePrice": 2.70,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": [],
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": []
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-06",
        "description": "Acquisition of issued and outstanding shares of Hansa Hydrocarbons Limited, with interests in the GEMS project in the Dutch and German North Sea. Purchase price US$244 million ($340 million), with contingent consideration up to US$60 million ($83 million).",
        "impactValue": 340000
      },
      {
        "eventDate": "2025-10-06",
        "description": "Established a new secured revolving reserve based lending arrangement (RBL Facility) of $115 million with a syndicate of lenders.",
        "impactValue": 115000
      }
    ]
  }
]