Mr. Cameron MacDonald reports

TENTH AVENUE PETROLEUM ANNOUNCES THIRD QUARTER 2023 FINANCIAL & OPERATING RESULTS

Tenth Avenue Petroleum Corp. has released its financial and operating results for the three and nine months ended Sept. 30, 2023. The associated management's discussion and analysis ("MD&A") and unaudited interim financial statements for the three and nine months ended September 30, can be found at www.sedarplus.ca and www.tenthavenuepetroleum.com

The company's key achievements in the third quarter of 2023 included the following:

• Achieved production average of 142 boe/d (85% Oil and Liquids) in the Q3 2023, consistent with 143 boe/d in Q2 2023. Average production in Q3 2023 increased by 18% when comparing to 120 boe/d from the same period in 2022.
• Gross Revenues of $1,030,617 or $78.65/boe in Q3 2023, a 15% increase from $898,217 in Q2 2023 and an 8% increase when comparing to $956,331 in Q3 2022.
• The company entered into a physical crude oil agreement to hedge 50 bbls/d at a price of CAD$116.50 per barrel, resulting in a $1.87/boe increase to netbacks.
• Net production expense of $660,800 or $50.43/boe in Q3 2023, a 3% decrease from $51.95/boe in Q2 2023 and a 13% decrease when comparing to Q3 2022.
• Operating netback (before derivatives) of $19.20/boe in Q3 2023, a 245% improvement from $5.56/boe in Q2 2023 and a 61% improvement to Q3 2022.
• Generated adjusted funds flow of $60,731 in Q3 2023 ($0.00 per basic and diluted share) a 151% increase compared to a deficit of $120,205 ($0.00 per basic and diluted share) in Q2 2023, and a 1,243% increase when compared to a deficit of $5,314 in Q3 2022 ($0.00 per basic and diluted share).
• Exited Q3 2023 with a working capital surplus of $82,510 (see "Capital Management Measures").

In the third quarter, the company executed on several key objectives: a workover strategy focused on increasing oil production with high capital efficiencies, protected oil price downside by entering into its first fixed price oil hedge, added depth to its technical team, and continued making progress on reducing operating costs.

The company's current production, based on field estimates, is 150 boe/d which is still very consistent with the second and third quarter of 2023 averages. The company was able to mitigate production declines by preforming a three well workover program that commenced during the second quarter of 2023. The three well workover program at Vulcan and Murray Lake included adding perforations and performing an acid squeeze. Total cost of this workover program was approximately $269,000. The company is very encouraged by its ability to maintain consistent production levels in its core oil areas with minimal capital.

The company will continue to assess uses of the free cash flow profile given the increase in asset performance paired with commodity levels, while balancing future land acquisitions and production acquisition opportunities.

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.