TENAZ ENERGY CORP. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Executive Summary

• Tenaz Energy Corp. received TSX approval to commence a new twelve‑month NCIB starting Feb 17 2026, permitting the purchase of up to 2,683,322 common shares (≈8.4% of outstanding shares, 10% of public float).
• The buy‑back will be funded from cash and future free cash flow; purchases will occur on the open market and cancelled shares will reduce share count.
• Under the prior NCIB (Feb 2025–Feb 2026) Tenaz repurchased 366,100 shares at a weighted average price of $19.13, bringing total repurchases since August 2022 to ~2.5 million shares at an average price of $5.24.

Key Details

• Approval & Timeline: TSX approved the NCIB; program runs from Feb 17 2026 to Feb 16 2027 (or earlier if completed).
• Maximum Shares: Up to 2,683,322 shares may be purchased, representing ~8.4% of total issued and outstanding shares (32,054,567) and 10% of the public float as of Feb 3 2026.
• Daily Purchase Limit: Maximum of 28,463 shares per day (25% of average daily volume for Aug 1 2025 – Jan 31 2026), subject to TSX‑prescribed exceptions.
• Funding Source: Purchases will be funded from available cash and future free cash flow; no external financing is required.
• Purchase Mechanism: Shares bought on the open market via TSX, other designated exchanges, or alternative Canadian trading systems; purchased shares will be cancelled.
• Automatic Share Purchase Plan (ASPP): Tenaz will use an ASPP with a designated broker to maintain consistent buying even during regulatory black‑out periods.
• Prior NCIB Performance:
• Authorized up to 2,479,403 shares (Feb 14 2025 – Feb 13 2026).
• Actual repurchases: 366,100 shares at a weighted average price of $19.13 per share.
• Cumulative Repurchases Since Inception: Approximately 2.5 million shares at a weighted average price of $5.24 per share since the NCIB was first established in August 2022.

Notable Quotes

• “The approval of this NCIB reflects our confidence in Tenaz’s strong cash generation and our commitment to returning value to shareholders,” – Anthony Marino, President & CEO.