None
SEDAR Interim Financial Statements
TPZ · Price
[
{
"companyName": "TOPAZ ENERGY CORP.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"asAtSept302025": {
"cash": 431,
"accountsReceivable": 46060,
"prepaidsAndDeposits": 355,
"fairValueOfFinancialInstrumentsCurrent": 6715,
"totalCurrentAssets": 53561,
"fairValueOfFinancialInstrumentsNonCurrent": 865,
"petroleumAndNaturalGasInterests": 1792934,
"totalAssets": 1847360,
"accountsPayableAndAccruedLiabilities": 77619,
"fairValueOfFinancialInstrumentsCurrentLiability": 2575,
"totalCurrentLiabilities": 80194,
"fairValueOfFinancialInstrumentsNonCurrentLiability": 1245,
"deferredIncomeTaxLiability": 37995,
"bankDebt": 504639,
"decommissioningObligation": 5621,
"totalLiabilities": 629694,
"shareCapital": 1741045,
"contributedSurplus": 62098,
"deficit": -585477,
"totalShareholdersEquity": 1217666,
"totalLiabilitiesAndShareholdersEquity": 1847360,
"cashPerShare": 0.0028,
"workingCapitalPerShare": -0.1732
},
"asAtDec312024": {
"cash": 147,
"accountsReceivable": 52485,
"prepaidsAndDeposits": 786,
"fairValueOfFinancialInstrumentsCurrent": 10603,
"totalCurrentAssets": 64021,
"fairValueOfFinancialInstrumentsNonCurrent": 2335,
"petroleumAndNaturalGasInterests": 1828258,
"totalAssets": 1894614,
"accountsPayableAndAccruedLiabilities": 6274,
"fairValueOfFinancialInstrumentsCurrentLiability": 5989,
"totalCurrentLiabilities": 12263,
"fairValueOfFinancialInstrumentsNonCurrentLiability": 4913,
"deferredIncomeTaxLiability": 15338,
"bankDebt": 540396,
"decommissioningObligation": 5419,
"totalLiabilities": 578329,
"shareCapital": 1734408,
"contributedSurplus": 63827,
"deficit": -481950,
"totalShareholdersEquity": 1316285,
"totalLiabilitiesAndShareholdersEquity": 1894614
}
},
"incomeStatement": {
"threeMonthsSept302025": {
"royaltyProductionRevenue": 52291,
"processingRevenue": 21221,
"otherIncome": 2931,
"realizedGainOnFinancialInstruments": 8737,
"unrealizedGainLossOnFinancialInstruments": -4764,
"totalRevenueAndGains": 80416,
"operatingExpense": 1545,
"marketingExpense": 307,
"generalAndAdministrativeExpense": 1864,
"shareBasedCompensationExpense": 1350,
"financeExpense": 6824,
"depletionAndDepreciationExpense": 52197,
"totalExpenses": 64087,
"netIncomeBeforeTaxes": 16329,
"deferredTaxExpense": 4972,
"netIncomeAndComprehensiveIncome": 11357,
"netIncomePerCommonShareBasic": 0.07,
"netIncomePerCommonShareDiluted": 0.07,
"weightedAverageSharesOutstandingBasic": 153793917,
"weightedAverageSharesOutstandingDiluted": 154441606
},
"threeMonthsSept302024": {
"royaltyProductionRevenue": 52692,
"processingRevenue": 18279,
"otherIncome": 2626,
"realizedGainOnFinancialInstruments": 4716,
"unrealizedGainLossOnFinancialInstruments": 9788,
"totalRevenueAndGains": 88101,
"operatingExpense": 2209,
"marketingExpense": 279,
"generalAndAdministrativeExpense": 1730,
"shareBasedCompensationExpense": 1143,
"financeExpense": 7263,
"depletionAndDepreciationExpense": 49678,
"totalExpenses": 62302,
"netIncomeBeforeTaxes": 25799,
"deferredTaxExpense": 7759,
"netIncomeAndComprehensiveIncome": 18040,
"netIncomePerCommonShareBasic": 0.12,
"netIncomePerCommonShareDiluted": 0.12,
"weightedAverageSharesOutstandingBasic": 144908512,
"weightedAverageSharesOutstandingDiluted": 145622194
},
"nineMonthsSept302025": {
"royaltyProductionRevenue": 179342,
"processingRevenue": 60977,
"otherIncome": 9467,
"realizedGainOnFinancialInstruments": 14724,
"unrealizedGainLossOnFinancialInstruments": 1724,
"totalRevenueAndGains": 266234,
"operatingExpense": 5503,
"marketingExpense": 1122,
"generalAndAdministrativeExpense": 5936,
"shareBasedCompensationExpense": 2973,
"financeExpense": 20309,
"depletionAndDepreciationExpense": 157247,
"totalExpenses": 193090,
"netIncomeBeforeTaxes": 73144,
"deferredTaxExpense": 21340,
"netIncomeAndComprehensiveIncome": 51804,
"netIncomePerCommonShareBasic": 0.34,
"netIncomePerCommonShareDiluted": 0.34,
"weightedAverageSharesOutstandingBasic": 153779389,
"weightedAverageSharesOutstandingDiluted": 154412524
},
"nineMonthsSept302024": {
"royaltyProductionRevenue": 173192,
"processingRevenue": 47539,
"otherIncome": 9488,
"realizedGainOnFinancialInstruments": 7852,
"unrealizedGainLossOnFinancialInstruments": 4889,
"totalRevenueAndGains": 242960,
"operatingExpense": 5749,
"marketingExpense": 1004,
"generalAndAdministrativeExpense": 5326,
"shareBasedCompensationExpense": 2364,
"financeExpense": 20995,
"depletionAndDepreciationExpense": 148070,
"totalExpenses": 183508,
"netIncomeBeforeTaxes": 59452,
"deferredTaxExpense": 17492,
"netIncomeAndComprehensiveIncome": 41960,
"netIncomePerCommonShareBasic": 0.29,
"netIncomePerCommonShareDiluted": 0.29,
"weightedAverageSharesOutstandingBasic": 144875419,
"weightedAverageSharesOutstandingDiluted": 145462072
}
},
"cashFlowStatement": {
"threeMonthsSept302025": {
"netIncome": 11357,
"unrealizedGainLossOnFinancialInstruments": 4764,
"accretionExpense": 50,
"shareBasedCompensation": 1350,
"amortizationOfDebtTransactionCosts": 154,
"depletionAndDepreciation": 52197,
"deferredIncomeTaxExpense": 4972,
"cashFlow": 74844,
"netChangeInNonCashWorkingCapital": 3303,
"cashFromOperatingActivities": 78147,
"exerciseOfShareBasedAwards": 964,
"borrowingsRepaymentsOnBankDebt": -21000,
"debtTransactionCosts": 0,
"dividendsPaid": -52303,
"netChangeInNonCashWorkingCapitalFinancing": -3620,
"cashUsedInFinancingActivities": -75959,
"petroleumAndNaturalGasInterests": -1864,
"workInProgressCapitalCosts": 0,
"propertyAndInfrastructureAcquisitions": -71733,
"netChangeInNonCashWorkingCapitalInvesting": 71534,
"cashUsedInInvestingActivities": -2063,
"increaseDecreaseInCash": 125,
"cashAndCashEquivalentsBeginning": 306,
"cashAndCashEquivalentsEnd": 431
},
"threeMonthsSept302024": {
"netIncome": 18040,
"unrealizedGainLossOnFinancialInstruments": -9788,
"accretionExpense": 40,
"shareBasedCompensation": 1143,
"amortizationOfDebtTransactionCosts": 100,
"depletionAndDepreciation": 49678,
"deferredIncomeTaxExpense": 7759,
"cashFlow": 66972,
"netChangeInNonCashWorkingCapital": 4281,
"cashFromOperatingActivities": 71253,
"exerciseOfShareBasedAwards": 550,
"borrowingsRepaymentsOnBankDebt": -22824,
"debtTransactionCosts": -13,
"dividendsPaid": -47827,
"netChangeInNonCashWorkingCapitalFinancing": 0,
"cashUsedInFinancingActivities": -70114,
"petroleumAndNaturalGasInterests": -2183,
"workInProgressCapitalCosts": -5585,
"propertyAndInfrastructureAcquisitions": 0,
"netChangeInNonCashWorkingCapitalInvesting": 6629,
"cashUsedInInvestingActivities": -1139,
"increaseDecreaseInCash": 0,
"cashAndCashEquivalentsBeginning": 0,
"cashAndCashEquivalentsEnd": 0
},
"nineMonthsSept302025": {
"netIncome": 51804,
"unrealizedGainLossOnFinancialInstruments": -1724,
"accretionExpense": 145,
"shareBasedCompensation": 2973,
"amortizationOfDebtTransactionCosts": 423,
"depletionAndDepreciation": 157247,
"deferredIncomeTaxExpense": 21340,
"cashFlow": 232208,
"netChangeInNonCashWorkingCapital": 7409,
"cashFromOperatingActivities": 239617,
"exerciseOfShareBasedAwards": 964,
"borrowingsRepaymentsOnBankDebt": -34500,
"debtTransactionCosts": -1680,
"dividendsPaid": -155331,
"netChangeInNonCashWorkingCapitalFinancing": 52,
"cashUsedInFinancingActivities": -190495,
"petroleumAndNaturalGasInterests": -4374,
"workInProgressCapitalCosts": 0,
"propertyAndInfrastructureAcquisitions": -115204,
"netChangeInNonCashWorkingCapitalInvesting": 70740,
"cashUsedInInvestingActivities": -48838,
"increaseDecreaseInCash": 284,
"cashAndCashEquivalentsBeginning": 147,
"cashAndCashEquivalentsEnd": 431
},
"nineMonthsSept302024": {
"netIncome": 41960,
"unrealizedGainLossOnFinancialInstruments": -4889,
"accretionExpense": 116,
"shareBasedCompensation": 2364,
"amortizationOfDebtTransactionCosts": 353,
"depletionAndDepreciation": 148070,
"deferredIncomeTaxExpense": 17492,
"cashFlow": 205466,
"netChangeInNonCashWorkingCapital": 5875,
"cashFromOperatingActivities": 211341,
"exerciseOfShareBasedAwards": 1367,
"borrowingsRepaymentsOnBankDebt": 27540,
"debtTransactionCosts": -13,
"dividendsPaid": -140550,
"netChangeInNonCashWorkingCapitalFinancing": 0,
"cashUsedInFinancingActivities": -111656,
"petroleumAndNaturalGasInterests": -4912,
"workInProgressCapitalCosts": -21295,
"propertyAndInfrastructureAcquisitions": -99189,
"netChangeInNonCashWorkingCapitalInvesting": 22250,
"cashUsedInInvestingActivities": -103146,
"increaseDecreaseInCash": -3461,
"cashAndCashEquivalentsBeginning": 3461,
"cashAndCashEquivalentsEnd": 0
}
},
"investmentsAndOtherAssets": [
{
"type": "Mineral/Resource Properties",
"description": "Petroleum and natural gas interests",
"ownershipPercentage": null,
"value": 1792934,
"notes": "Net book value as at September 30, 2025"
},
{
"type": "Joint Venture",
"description": "35% working interest in an Alberta Montney natural gas processing facility",
"ownershipPercentage": 35,
"value": null,
"notes": "Acquired on January 31, 2025. The Facility is supported by contractual commitments that provide the Company with fixed take-or-pay revenue for a 15-year period."
},
{
"type": "Joint Venture",
"description": "50% non-operated working interest in the Musreau natural gas and condensate facility",
"ownershipPercentage": 50,
"value": null,
"notes": "Acquired on June 24, 2024. The Musreau Facility is supported by contractual commitments that provide the Company with fixed take-or-pay revenue for a 10-year term and preferential capacity dedication for a subsequent 7-year term."
}
],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 153830754,
"classesOfShares": ["Common voting shares"],
"warrants": [],
"options": [
{
"number": 713332,
"exercisePrice": 10.42,
"expiryDate": null
},
{
"number": 297500,
"exercisePrice": 14.33,
"expiryDate": null
},
{
"number": 525000,
"exercisePrice": 20.71,
"expiryDate": null
}
],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"threeMonthsSept302025": {
"shareBasedCompensation": 1350
},
"threeMonthsSept302024": {
"shareBasedCompensation": 1143
},
"nineMonthsSept302025": {
"shareBasedCompensation": 2973
},
"nineMonthsSept302024": {
"shareBasedCompensation": 2364
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Tourmaline Oil Corp.",
"description": "Accounts receivable due from Tourmaline",
"amount": 18600,
"period": "As at September 30, 2025"
},
{
"counterparty": "Tourmaline Oil Corp.",
"description": "Royalty production revenue generated from Tourmaline (three months ended Sept 30, 2025)",
"amount": null,
"period": "Three months ended September 30, 2025"
},
{
"counterparty": "Tourmaline Oil Corp.",
"description": "Processing revenue generated from Tourmaline (three months ended Sept 30, 2025)",
"amount": null,
"period": "Three months ended September 30, 2025"
},
{
"counterparty": "Tourmaline Oil Corp.",
"description": "Accounts payable due to Tourmaline for September 30, 2025 royalty acquisition",
"amount": 71700,
"period": "As at September 30, 2025"
},
{
"counterparty": "Tourmaline Oil Corp.",
"description": "Marketing fees paid to Tourmaline (three months ended Sept 30, 2025)",
"amount": 200,
"period": "Three months ended September 30, 2025"
},
{
"counterparty": "Tourmaline Oil Corp.",
"description": "Rent expense paid to Tourmaline (three months ended Sept 30, 2025)",
"amount": 60,
"period": "Three months ended September 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": null,
"description": "Entered into additional AECO (5A) fixed price commodity derivative contracts for Q2 2026, Q3 2026 and beyond.",
"impactValue": null
},
{
"eventDate": "2025-11-03",
"description": "Tourmaline Oil Corp. sold 9.2 million common shares of Topaz, reducing its ownership interest from 21.3% to 15.3%.",
"impactValue": null
}
]
}
]
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