Mr. Anthony Marino reports

TENAZ ENERGY CORP. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Tenaz Energy Corp. has received Toronto Stock Exchange (TSX) approval of its notice of intention to make a normal course issuer bid (NCIB). The NCIB will commence on Aug. 23, 2023, and end on Aug. 22, 2024, or such earlier date as the company may determine or may complete purchases pursuant to the NCIB.

The purpose of the NCIB is to deploy cash resources from current cash on hand and future free cash flow to purchase Tenaz Energy common shares in the open market. Repurchasing shares while the company perceives its equity valuation to be relatively low as compared with the value of its underlying business and financial position is an appropriate use of corporate funds.

Tenaz Energy has received TSX approval to purchase the maximum allowable number of shares over the next 12-month period, being 2,473,464 shares, representing approximately 9.1 per cent of the outstanding shares and 10 per cent of the public float of shares as at Aug. 10, 2023. The actual number of shares ultimately purchased pursuant to the NCIB will be a function of several factors, including, but not limited to, the market price of the shares, the maximum daily allowable repurchase volume under TSX rules, the commodity price outlook, and other factors deemed relevant by Tenaz. Purchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX or through alternative Canadian trading systems. Shares purchased pursuant to the NCIB will be cancelled. The number of shares that can be purchased pursuant to the NCIB is subject to a daily maximum of 18,926 shares, which is 25 per cent of the average daily trading volume for the shares on the TSX for the period of Feb. 1, 2023, to July 31, 2023, subject to certain prescribed exceptions.

Tenaz Energy will employ an automatic share purchase plan (ASPP) with a designated broker, which will allow for continued and consistent purchases of shares at predetermined levels. The ASPP will allow for the purchase of shares pursuant to the NCIB at times when Tenaz would not be active in the market due to applicable regulatory restrictions or internal trading blackout periods.

About Tenaz Energy Corp.

Tenaz is an energy company focused on the acquisition and sustainable development of international oil-and-gas assets capable of returning free cash flow to shareholders. Tenaz has domestic operations in Canada along with offshore natural gas assets in the Netherlands. The domestic operations consist of a semi-conventional oil project in the Rex member of the Upper Mannville group at Leduc-Woodbend in central Alberta. The Netherlands natural gas assets are located in the Dutch sector of the North Sea.

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