Mr. Cameron MacDonald reports

TENTH AVENUE PETROLEUM ANNOUNCES FIRST QUARTER 2023 FINANCIAL & OPERATING RESULTS

Tenth Avenue Petroleum Corp. has released its financial and operating results for the three months ended March 31, 2023. The associated management's discussion and analysis ("MD&A") and unaudited interim statements as at the three months ended March 31, 2023 and 2022 can be found at www.sedar.com and www.tenthavenuepetroleum.com

The Company's key achievements in the first quarter of 2023 included the:Achieved production average of 173 boe/d (75% Oil and NGLs) in Q1/23 an increase of 29% compared to 134 boe/d in Q4/22.Revenue in Q1/23 was $1,018,566, a 47% increase from Q4/22 revenue of $690,671 and a 40% increase from Q1/22 revenue of $728,616.The quarter over quarter increase in production in Q1/23 was related to the tie-in and completion of the 102/6-11-15-26W4 natural gas well which was placed on production January 30, 2023.Exited Q1/23 with no debt and a working capital surplus of $445,589.

The Company's average production in Q1/23 was 173 boe/d, an increase of 29% from Q4/22. On January 30, 2023, the Company placed on production its 85% working interest natural gas well 102/6-11-15-26W4, which was entirely funded from working capital. Further details of the well results were disclosed in the March 6, 2023 press release.

During Q1/23 the Company had generated Adjusted Funds Flow of $106,493 (see "non-IFRS Financial Measures") compared to an adjusted funds flow deficit of $59,454 in Q4/22, due primarily to higher production and operating netbacks per boe and lower G&A on a per boe basis.

The Company exited Q1/23 with positive working capital of $445,586 and no debt and is positioned to continue to add production and growth opportunities within its existing means.

An updated corporate presentation can be found at www.tenthavenuepetroleum.com

For further information please contact:

Tenth Avenue Petroleum Corp.Cameron MacDonald, President & CEOPhone: (403) 585-9875Email: cmacdonald@tenthavenuepetroleum.comwww.tenthavenuepetroleum.com

About Tenth Avenue Petroleum Corp.

Tenth Avenue Petroleum Corp. is a junior oil and gas exploration and production company with operations in Alberta.

We seek Safe Harbor.