Tenaz Energy — Greenberg Enterprises

Company Overview

Balanced Production Across Canada & Europe

Tenaz Energy Corp. is the largest natural gas producer in the Dutch sector of the North Sea and a growing crude oil producer at Leduc-Woodbend in Alberta. Following two transformative acquisitions in 2025 — including the GEMS North Sea gas assets in October — the company has scaled dramatically, delivering CAD $284 million in full-year 2025 revenue and production exceeding 16,000 boe/d.

The company's 2026 guidance targets 19,500–22,500 boe/d average production with a potential exit rate as high as 27,000 boe/d, supported by a CAD $250–275 million capital program across three offshore drilling rigs in the Netherlands and ongoing Alberta development. With a market capitalization approaching CAD $2 billion and approximately 90% revenue weighting to European TTF natural gas pricing, Tenaz is positioned as a uniquely scaled, infrastructure-advantaged producer.

Investment Perspective

Our Position

Tenaz combines geographic diversification with infrastructure ownership and disciplined capital allocation.

Geographic Diversification

With operations in both Alberta, Canada and the Netherlands, Tenaz benefits from diversified geographic positioning that reduces single-market exposure and accesses different commodity price dynamics.

Transformative Revenue Growth

Full-year 2025 revenue of CAD $284 million — up from CAD $57.7 million in 2024 — reflects the transformative impact of two major North Sea acquisitions and consistent Alberta production growth.

Infrastructure Ownership

Ownership of critical energy infrastructure enhances operational efficiency and creates competitive moats. Infrastructure control reduces third-party dependency and improves margin profiles across operations.

Largest Dutch North Sea Producer

Tenaz is now the largest gas producer in the Dutch sector of the North Sea, with approximately 90% revenue weighting to TTF natural gas. Three offshore drilling rigs are currently operating with multiple wells in progress.

Acquisition-Driven Strategy

Tenaz's growth model centers on targeted acquisitions of undervalued or underdeveloped assets, supported by strategic financing structures that preserve balance sheet flexibility while adding production scale.

Semi-Conventional Oil Focus

Alberta's semi-conventional oil projects offer predictable, high-margin production with well-understood geology and established infrastructure networks, supporting reliable cash flow generation.

Progress

Latest Developments & Upcoming Catalysts

FY2025 Results — CAD $284M Revenue

March 2026 — Full-year 2025 revenue of CAD $284 million with Q4 2025 revenue of CAD $115.6 million. EPS of CAD $11.18 for the year.

GEMS North Sea Acquisition

October 2025 — Acquired additional offshore natural gas assets in the Dutch North Sea, making Tenaz the largest gas producer in the Dutch sector.

2026 Production Guidance

December 2025 — Guidance of 19,500–22,500 boe/d with potential exit rate of 27,000 boe/d. CAD $250–275M capital program approved.

Production Milestone — 16,000+ boe/d

Current production rate exceeds 16,000 boe/d, nearly five times higher than a year ago, driven by Netherlands acquisitions and record Canadian output.

NCIB Renewed

February 2026 — Normal Course Issuer Bid renewed for another year, supporting shareholder returns.

Upcoming Catalysts

Production ramp toward 27,000 boe/d exit rate by year-end 2026

Three offshore drilling rigs delivering Netherlands production growth

Targeted acquisition opportunities in the North Sea and Western Canada

Infrastructure investment to reduce per-unit operating costs

Major 2027 production growth impact from current drilling program