/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
CALGARY,
AB, August 21,
2023 /CNW/ - Tenaz Energy Corp. ("Tenaz", "Our", "We", or
the "Company") (TSX: TNZ) is pleased to announce that we have
received Toronto Stock Exchange ("TSX") approval of our notice of
intention to make a Normal Course Issuer Bid ("NCIB"). The NCIB
will commence on August 23, 2023 and end on August 22,
2024, or such earlier date as we may determine or we 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 our common
shares (the "Shares") in the open market. Repurchasing Shares while
we perceive our equity valuation to be relatively low as compared
to the value of our underlying business and financial position is
an appropriate use of corporate funds.
We have 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% of the outstanding
Shares and 10% of the public float of Shares as at August 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% of the
average daily trading volume for the Shares on the TSX for the
period of February 1, 2023 to July 31, 2023, subject to
certain prescribed exceptions.
We will employ an automatic share purchase plan (the "ASPP")
with a designated broker which will allow for continued and
consistent purchases of Shares at pre-determined 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 black-out 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.
Additional information regarding Tenaz is available on SEDAR+
and Tenaz's website at www.tenazenergy.com. Further information on
Noordgastransport B.V. ("NGT") can be found at
https://noordgastransport.nl. Tenaz's Common Shares are listed for
trading on the Toronto Stock Exchange under the symbol
"TNZ".
ADVISORIES
Forward-looking Information and Statements
This press release contains certain forward-looking
information and statements within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends",
"strategy" and similar expressions are intended to identify
forward-looking information or statements. In particular, but
without limiting the foregoing, this press release contains
forward-looking information and statements pertaining to the NCIB
and expected share buybacks thereunder and the Company's
strategy.
The forward-looking information and statements contained in
this press release reflect several material factors and
expectations and assumptions of the Company including, without
limitation: the completion of transactions as proposed from time to
time, the continued performance of the Company's oil and gas
properties in a manner consistent with its past experiences; that
the Company will continue to conduct its operations in a manner
consistent with past operations; the general continuance of current
industry conditions; the continuance of existing (and in certain
circumstances, the implementation of proposed) tax, royalty and
regulatory regimes; the accuracy of the estimates of the Company's
reserves and resource volumes; certain commodity price and other
cost assumptions; the continued availability of oilfield services;
and the continued availability of adequate debt and equity
financing and cash flow from operations to fund its planned
expenditures. The Company believes the material factors,
expectations and assumptions reflected in the forward-looking
information and statements are reasonable, but no assurance can be
given that these factors, expectations, and assumptions will prove
to be correct.
The forward-looking information and statements included in
this press release are not guarantees of future performance and
should not be unduly relied upon. Such information and statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking information or statements
including, without limitation: changes in commodity prices; changes
in the demand for or supply of the Company's products;
unanticipated operating results or production declines; changes in
tax or environmental laws, royalty rates or other regulatory
matters; changes in development plans of the Company or by third
party operators of the Company's properties, increased debt levels
or debt service requirements; inaccurate estimation of the
Company's oil and gas reserve volumes; limited, unfavorable or a
lack of access to capital markets; increased costs; a lack of
adequate insurance coverage; the impact of competitors; a failure
to obtain necessary approvals as proposed or at all and certain
other risks detailed from time to time in the Company's public
documents.
The forward-looking information and statements contained in
this press release speak only as of the date of this press release,
and the Company does not assume any obligation to publicly update
or revise them to reflect new events or circumstances, except as
may be required pursuant to applicable laws.
SOURCE Tenaz Energy Corp.