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Tenaz Energy Corp. Announces Q2 2026 Results Calgary , Alberta -- ( Newsfile Corp. - August 5 , 2026 ) - Tenaz Energy Corp. ( TSX : TNZ ) ( " Tenaz " , " We " , " Our " , " Us " or the " Company " ) is pleased to announce financial and operating results for the second quarter of 2026 . The related unaudited interim condensed consolidated financial statements and management's discussion and analysis ( " MD & A " ) are available on SEDAR + at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com . HIGHLIGHTS • Production averaged 17,125 boe / d ( 1 ) in Q2 2026 , up 6 % from Q1 2026 due to organic development activity , despite major turnarounds on several facilities in the Netherlands . Q2 2026 production was more than double that of Q2 2025 , reflecting both organic development and two major acquisitions completed in 2025. Our preliminary production estimate for the month of July 2026 is approximately 23,000 boe / d ( 90 % European natural gas ) . • During the quarter , we brought four ( 1.9 net ) wells on production that were drilled in Q1 2026 and participated in the drilling of two ( 0.9 net ) development wells . In addition , we conducted or participated in seasonal maintenance on the L2 , L9 and N05 platforms , along with planned turnaround activity at the Den Helder plant . • We completed drilling operations on the K17 - FA - 103 well during Q2 2026. During July 2026 , we completed stimulation and perforation operations . During a two day clean - up flow , the well produced at a rate of 15.7 MMcf / d ( 9.4 MMcf / d net ) at a flowing wellhead pressure of 520 psi . • At our non - operated GEMS asset , operator ONE - Dyas completed drilling operations on the N05- A - 02X development well . In early July , the well was tested and brought on production at a restricted rate of 74 MMcf / d ( 25 MMcf / d net ) . This is the third successful well in the N05 - A pool , representing a 100 % success rate to date . The initial results show similar reservoir characteristics to the N05 - A- 01 well , which continues to produce at a rate of 74 MMcf / d ( 25 MMcf / d net ) . These two wells are the highest producing rate wells in the Netherlands . • Operating netback ( 2 ) for Q2 2026 was $ 69.05 / boe , a 20 % increase from Q1 2026 and a 47 % increase from Q2 2025. This improvement is primarily due to our increasing exposure to European natural gas , which comprised 85 % of our production base in Q2 2026 , compared to 71 % in Q2 2025 . • Funds flow from operations ( 2 ) ( " FFO " ) for the second quarter was $ 74.2 million ( $ 2.26 per basic share ) as compared to $ 64.6 million ( $ 2.02 per basic share ) in Q1 2026 , with higher production and commodity pricing partially offset by hedging losses . • Capital investment ( 2 ) for the second quarter was $ 58.2 million , resulting in Q2 2026 free cash flow ( 2 ) of $ 16.0 million . • Net income of $ 89.0 million was recorded in Q2 2026 , compared to a net loss of $ 111.1 million in Q1 2026. A $ 94 million unrealized gain on derivative instruments partially reversed the unrealized loss on derivatives recorded in the first quarter , along with higher operating earnings in Q2 2026 . • We ended Q2 2026 with a net debt ( 2 ) position of $ 378.2 million , a decrease of $ 11.2 million over the previous quarter as a result of positive free cash flow generated in the quarter . This debt level