Tenth Avenue Petroleum Posts Strong 2023 Performance

Tenth Avenue Petroleum (TSE:TPC) has released an update.

Tenth Avenue Petroleum Corp. reported a 24% increase in production for 2023, achieving an average of 144 boe/d, despite a temporary setback due to a saltwater disposal line failure. The company’s year-end reserves saw significant increases of 36% and 35% in two of its core properties, with corresponding net present value jumps, though some reserves were negatively revised due to lower productivity and projections. Investments in waterflood improvements and a workover program were key drivers in bolstering production and reserve volumes, with plans to restore curtailed production and further reduce operating costs in the coming year.

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