Small Canadian junior (formerly Altura) recapitalized under Anthony Marino into an international acquire-and-exploit consolidator, transformed in 2025 by the NAM Offshore (NOBV) and XTO Netherlands deals into a Dutch North Sea gas producer, lifting output to ~21 kboe/d (gas-weighted) and revenue to CAD 568M.
FY2025 EBITDA of CAD 393M and net income of CAD 316M (aided by a large acquisition/bargain-purchase gain) mark the step-change year; the strategy is to consolidate mature, cash-generative offshore European gas while managing sizeable decommissioning obligations, with organic FCF turning positive and no dividend as capital is recycled into further M&A.
Its EV/EBITDA of 11.8x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 0.2% is lower than the 6.5% median, and at $25.26/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Tenaz Energy Corp. scores 48/100, strongest on growth (96/100). Sub-scores: value 31, quality 50, growth 96, risk 49 (higher = riskier).
Tenaz Energy Corp. holds approximately 0.06 billion boe of proved (1P) reserves with FY2025 production of about 10 thousand boe/d (14% liquids), a reserve life of roughly 16.3 years. Break-even: ~$45 (corporate FCF breakeven) — Low-decline mature Dutch offshore gas sold into European (TTF) hubs plus Canadian and Vietnamese oil gives a corporate free-cash-flow breakeven in the mid-$40s oil-equivalent; strong European gas realizations kept 2025 netbacks well above breakeven, funding the acquisition build-out and debt service.
For Tenaz Energy Corp., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Netherlands | 72% | 9 | Stable; Groningen shut-in, phase-down policy. |
| Canada | 18% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
| Vietnam | 10% | 42 | State-led; slow approvals, South China Sea disputes. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| NAM Offshore (NOBV) Dutch North Sea gas | Netherlands | Offshore gas | Core asset acquired 2025; multi-platform mature gas, bulk of production and cash flow |
| XTO Netherlands offshore gas | Netherlands | Offshore gas | Bolt-on offshore gas portfolio acquired 2025, complements NOBV |
| Netherlands gas gathering/transport interests | Netherlands | Gas infrastructure | Associated offshore pipeline and processing interests |
| Leduc-Woodbend / Rex (Alberta) | Canada | Conventional oil/gas | Legacy operated Canadian production, low decline |
| Chim Sao / Dua (Block 12W) | Vietnam | Offshore oil | Non-operated offshore oil interest, cash generative |
| Near-field Dutch development/infill | Netherlands | Offshore gas | Infill drilling and near-field tie-back upside to slow decline |
| European gas M&A pipeline | Europe | Acquisitions | Consolidator strategy targeting further mature offshore gas assets |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 3 | 3 | 3 | 3 | 10 |
| Proved reserves (bnboe) | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 |
| Revenue ($bn) | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 |
| EBITDA ($bn) | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 |
| Net income ($bn) | 0.0 | 0.0 | 0.0 | -0.0 | 0.2 |
| Free cash flow ($bn) | -0.0 | -0.0 | -0.0 | -0.0 | 0.0 |
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✓ FY2025 figures verified against primary sources: