Stock of this Junior Miner Moving Higher on LOI Announcement

By: Dylan Sikes – AllPennyStocks.com News

Thursday, October 3, 2024

This junior oil and gas exploration and production company with operations in Alberta is seeing some Thursday action after announcing an LOI.

Tenth Avenue Petroleum Corp. (TSXV:TPC) announced in a press release today that it has signed a non-binding Letter of Intent to acquire approximately 82 boe/d (492 mcf/d) of low decline, long-life producing natural gas assets located northeast of Brooks, Alberta from an arm's length party.

The acquisition will increase production by 88%, adding 82 boe/d, including 492 mcf/d of natural gas, while integrating without additional administrative costs. It strengthens the company’s low-decline production base, with an annual decline of 8% and long-life proved reserves. Additionally, the acquisition expands the operating area in Southern Alberta, adding 32.23 gross sections of contiguous land for multi-zone development and exploration.

Shares were trading up in late morning trade.

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Stock of this Junior Miner Moving Higher on LOI Announcement

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