Tenaz Energy

Tenaz Energy Corp. is an energy company headquartered in Calgary, Alberta that focuses on the acquisition and sustainable development of international oil and gas assets. The company has domestic operations in Canada alongside offshore natural gas and midstream assets in Europe. In Canada, Tenaz develops crude oil and natural gas at Leduc-Woodbend in central Alberta through semi-conventional and conventional projects in the Mannville Group, including a semi-conventional oil project targeting the Rex member. These Canadian oil assets provide production growth, oil exposure and cash flow with a proved plus probable reserve life index of 16.8 years as of year‑end 2025. Internationally, Tenaz has built a cornerstone business in the Dutch sector of the North Sea and adjacent German waters. It is described as the largest operator and producer of natural gas in the Dutch North Sea, with offshore natural gas production and an ownership interest in Noordgastransport B.V., which operates one of the largest gas gathering and processing networks in the basin. In 2025 Tenaz acquired NAM Offshore B.V., now Tenaz Energy Netherlands B.V., becoming a Dutch North Sea operator with direct control over capital allocation and development, and Hansa Hydrocarbons Limited, which holds interests in the Gateway to the Ems (GEMS) gas asset on the Dutch‑German maritime border. The GEMS N05‑A platform, powered entirely by the Riffgat offshore wind farm, contributes to a low‑emissions profile. Tenaz’s 2025 capital program and subsequent multi‑year drilling and workover campaigns in the Netherlands target significant organic growth, supported by proved developed producing reserves of 32.3 MMboe and total proved plus probable reserves of 91.7 MMboe, and are underpinned by a focus on free cash flow, balance sheet strength, commodity price hedging and ongoing share repurchases.