Tuktu Resources Ltd. Announces Third Quarter 2025 Results and Operations Update

Executive Summary

• Tuktu Resources reported Q3 2025 petroleum and natural gas sales of C$1.7 M, with production averaging 450 boe/d (52% natural gas, 48% crude oil).
• Net loss for the quarter was C$1.33 M, a 29% improvement versus Q3 2024, while cash flow from operating activities turned negative at –C$14.6 K.
• Working capital stood at C$1.5 M as of September 30 2025, supporting a targeted fourth‑quarter optimization program; the company continues development of its light‑oil play in the upper Banff and Big Valley formations.

Key Details

• Petroleum & Natural Gas Sales: C$1,694,832 (Q3 2025) vs. C$2,513,981 (Q3 2024) – down 33%; nine‑month sales up 102% to C$7.41 M.
• Cash Flow from Operating Activities: –C$14,551 (Q3 2025) vs. +C$652,976 (Q3 2024); nine‑month cash flow positive at C$626,461 versus –C$1.39 M a year earlier (+145%).
• Adjusted Funds Flow from Operations: –C$1,017,147 (Q3 2025) vs. +C$442,328 (Q3 2024); nine‑month figure improved 49% to –C$744,622 versus –C$1.47 M.
• Net Loss: C$1,331,016 (Q3 2025) vs. C$1,886,337 (Q3 2024) – down 29%; nine‑month loss narrowed 30% to C$2.13 M.
• Capital Expenditures: C$154,216 (Q3 2025) vs. C$596,880 (Q3 2024) – down 74%; nine‑month capex rose 161% to C$6.72 M.
• Adjusted Working Capital: C$1,495,583 (Q3 2025) vs. –C$382,381 (Q3 2024) – up 491%; nine‑month figure unchanged at C$1.50 M.
• Common Shares Outstanding (end of period): 265,563,547 (Q3 2025) vs. 144,706,858 (Q3 2024) – up 84%.
• Production Volumes:
• Crude oil: 215 bbl/d (Q3 2025) vs. 305 bbl/d (Q3 2024) – down 30%; nine‑month average 290 bbl/d (+148%).
• Natural gas: 1,408 mcf/d (Q3 2025) vs. 1,819 mcf/d (Q3 2024) – down 23%; nine‑month average 1,808 mcf/d (–12%).
• Total production: 450 boe/d (Q3 2025) vs. 608 boe/d (Q3 2024) – down 26%; nine‑month average 591 boe/d (+28%).
• Realized Prices:
• Crude oil $79.51/bbl (Q3 2025) vs. $84.88/bbl (Q3 2024) – down 6%; nine‑month $82.79/bbl (–5%).
• Natural gas $0.94/mcf (Q3 2025) vs. $0.79/mcf (Q3 2024) – up 19%; nine‑month $1.73/mcf (+10%).
• Petroleum & Natural Gas Sales Price per Boe: $40.97 (Q3 2025) vs. $44.93 (Q3 2024) – down 9%; nine‑month $45.89 (+57%).
• Royalties: –C$11.07 (Q3 2025) vs. –C$14.09 (Q3 2024) – down 21%; nine‑month royalties improved 86% to –C$13.40.
• Operating Expenses: –C$30.33 (Q3 2025) vs. –C$15.91 (Q3 2024) – up 91%; nine‑month expenses rose 63% to –C$23.20.
• Transportation Expenses: –C$0.64 (Q3 2025) vs. –C$0.61 (Q3 2024); nine‑month –C$0.94 vs. –C$0.95.
• Operating Netback: –C$1.07/boe (Q3 2025) vs. +C$14.32/boe (Q3 2024) – swing of 107%; nine‑month netback improved 23% to C$8.35/boe.
• Operations Update:
• Discovery well in the Alberta Deep Basin producing ~125 bbl/d, >100,000 bbl cumulative production; Tuktu holds 80% working interest.
• Offset horizontal well (drilled Q1 2025) currently shut‑in for pressure build‑up; under monitoring.
• Management executing a fourth‑quarter optimization program aimed at increasing production and reducing costs.

Notable Quotes

“Our Q3 results demonstrate progress in stabilizing cash flow while we continue to advance our light‑oil play and execute cost‑optimization initiatives,” said Jeremy Hodder, President & CEO.