Mr. Anthony Marino reports

TENAZ ENERGY CORP. ANNOUNCES EXPECTED CLOSING OF NOBV ACQUISITION

Tenaz Energy Corp. has completed nearly all of the required transition activities to assume operatorship and to close the previously announced acquisition of NAM Offshore BV from Nederlandse Aardolie Maatschappij BV, a joint venture between Shell PLC and ExxonMobil Corp. Based on Tenaz's most recent timeline, closing of the NOBV acquisition is expected to occur on May 1, 2025, at which time Tenaz will acquire 100 per cent of the issued and outstanding shares of NOBV.

Tenaz and NAM have executed the transition activities approximately two months ahead of the original target date. Upon closing, former NAM offshore staff will become part of Tenaz Energy Netherlands BV. Tenaz believes the experience and capability of its new team, combined with a deep portfolio of investment projects and underutilized operated infrastructure, set Tenaz up for long-term success in the Netherlands. Tenaz will provide updated capital and production guidance upon closing of the acquisition.

About Tenaz Energy Corp.

Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz has operations in Canada and non-operated offshore natural gas and mid-stream assets in the Netherlands. Tenaz produces crude oil and natural gas from a number of formations within the Mannville group at Leduc-Woodbend in central Alberta. Its Dutch natural gas assets are located in the Dutch sector of the North Sea.

Tenaz's common shares are listed for trading on the Toronto Stock Exchange under the symbol TNZ.

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