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 the company's notice of intention to make a normal course issuer bid (NCIB). The NCIB will commence on Feb. 17, 2026, and end on Feb. 16, 2027, or such earlier date as the company may determine or it may complete purchases pursuant to the NCIB. The NCIB will be financed from available cash and future free cash flow to purchase the company's common shares in the open market.

Tenaz has received TSX approval to purchase up to 2,683,322 shares over the next 12-month period, representing approximately 8.4 per cent of the issued and outstanding shares of 32,054,567 and 10 per cent of the public float of shares as at Feb. 3, 2026. 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 daily maximum repurchase volume under TSX rules, commodity prices, capital activity, business outlook and other factors deemed relevant by Tenaz.

Purchases made pursuant to the NCIB will be made on the open market through the facilities of the TSX, other designated exchanges and (or) 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 28,463 shares which is 25 per cent of the average daily trading volume for the shares on the TSX for the period of Aug. 1, 2025, to Jan. 31, 2026, subject to certain prescribed exceptions.

The company will employ an automatic share purchase plan (the 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.

Under the company's prior NCIB, which commenced on Feb. 14, 2025, and terminates on Feb. 13, 2026, Tenaz was permitted to purchase up to 2,479,403 shares. Tenaz repurchased a total of 366,100 shares at a weighted average price of $19.13 per share. Tenaz purchased all shares in the open market through the facilities of the TSX, other designated exchanges and (or) alternative Canadian trading systems. Since the NCIB was first established in August of 2022, Tenaz has repurchased a total of 2.5 million shares at a weighted average price of $5.24 per share.

About Tenaz Energy Corp.

Tenaz Energy is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the largest natural gas producer in the Dutch sector of the North Sea, and develops crude oil and natural gas at Leduc-Woodbend in Alberta. Tenaz's common shares are listed for trading on the Toronto Stock Exchange under the symbol TNZ.

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