$1.1B
USD
Market cap · 2026–07 · week 28
🇨🇦 Canada, Calgary
Country
Oil & Gas
Sector
Producer · Junior / Minor · Upstream · Balanced · Oil · Canada · Europe
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Overview:
Tenaz Energy Corp. is an oil and gas producer headquartered in Calgary, Canada, with operations in Canada and the Netherlands. The portfolio includes the Leduc-Woodbend field in Alberta and significant offshore natural gas assets in the Dutch North Sea, where Tenaz is the largest natural gas producer in the Dutch sector following recent acquisitions. The business model focuses on acquiring and sustainably developing international oil and gas assets, generating free cash flow, and providing returns through a growth-and-income capital-markets model. A defining competitive characteristic is the company's international acquisition strategy, which targets conventional and semi-conventional assets that larger operators are divesting, combined with operating capabilities in both onshore Canada and the offshore Netherlands. The Dutch North Sea position provides exposure to premium-priced European gas, while the Canadian assets offer onshore development depth. This combination of European gas exposure and Canadian operating flexibility underpins a value-oriented, acquisition-led model. The business remains subject to commodity-price cycles, European and North American gas-price differentials, and the regulatory environments of its operating jurisdictions.
Strategy:
Strategic focus centers on blending cash flow from current operations with transformational growth through acquisitions of conventional and semi-conventional oil and gas assets in global markets. The enterprise intends to optimize existing producing and non-producing wells, extend facility life, and tie in stranded discoveries to maximize value from acquired assets. In the Netherlands, the growth program includes operated barge workovers and the drilling of step-out locations, while in Canada growth is driven by drilling in the Rex, Sparky, Glauconite, and Ellerslie formations. Capital allocation prioritizes investments with strong free-cash-flow potential, consistent with the company's growth-and-income model. The combination of international acquisitions and low-cost optimization underpins the company's strategy of building a diversified, cash-generating portfolio. The Dutch North Sea consolidation provides scale in a premium-priced gas market, while the Canadian assets add onshore development optionality. This disciplined, acquisition-led approach is designed to compound value across commodity cycles. The Dutch North Sea consolidation provides scale in a premium-priced gas market alongside Canadian development optionality.
Management:
Executive leadership is headed by President and Chief Executive Officer Anthony Marino, who previously served as Chief Executive Officer of Vermilion Energy and Baytex Energy, bringing extensive international oil and gas experience. The 6-member Board of Directors is chaired by Marty Proctor, the former Chief Executive Officer of Seven Generations Energy Ltd., and includes 4 independent directors. The Board oversees corporate strategy through standing committees, including Audit; Governance and Human Resources; and Sustainability, HSE, and Reserves. Governance practices emphasize disciplined acquisition underwriting and proactive oversight of the company's international operations. The leadership team's track record building and operating producers in Canada and Europe supports the company's acquisition-led strategy. Board oversight of sustainability, HSE, and reserves reflects the technical and regulatory dimensions of the company's onshore and offshore assets. This governance structure keeps capital discipline and value creation central to executive accountability. The leadership team's track record building producers in Canada and Europe supports the acquisition-led strategy. Board oversight of sustainability, HSE, and reserves reflects the company's onshore and offshore footprint.
Sustainability:
The organization's sustainability framework is guided by its Code of Business Conduct and Ethics and its Corporate Social Responsibility Policy. A key environmental initiative is the N05-A platform at the GEMS project, which is powered by the Riffgat Windfarm and generates near-zero operational emissions, demonstrating the integration of renewable power into offshore production. The company is also participating in the front-end engineering and design stage of the L10 carbon capture and storage project in the Netherlands, which envisions injecting up to five megatons of CO2e per year into depleted natural gas reservoirs. These initiatives connect the company's offshore operations with lower-carbon power and carbon-storage opportunities. The wind-powered platform and the L10 CCS project reflect an emissions-management approach tailored to the company's Dutch North Sea assets. Together, these programs position the company to reduce the carbon intensity of its European gas production. The wind-powered N05-A platform and the L10 CCS project reduce the carbon intensity of the company's European gas. These initiatives position the company to lower the carbon intensity of its European production.
Structure:
Corporate development has been shaped by a series of significant acquisitions. In May 2025, the company acquired Tenaz Energy Netherlands B.V., formerly NOBV, from NAM for EUR 165 million, becoming the second-largest operator in the Dutch North Sea. In October 2025, Tenaz completed the US$244 million acquisition of Hansa Hydrocarbons Limited to secure the GEMS project. The corporate structure includes material subsidiaries such as Tenaz Energy Europe B.V. and Tenaz Energy Netherlands Offshore B.V., which hold the company's European operations. The company also holds a 21.42% ownership interest in Noordgastransport B.V., which operates a major offshore gas-gathering network in the Dutch North Sea. These transactions established the company as a leading Dutch sector gas producer while extending its infrastructure interests. The Noordgastransport stake provides the company with a strategic position in regional offshore gas transportation. Together, these moves anchor the company's European growth platform. The Noordgastransport interest provides a strategic position in regional offshore gas transportation. The European subsidiaries hold the company's Dutch North Sea operations and infrastructure interests.
Hedge:
The company uses risk-management activities to protect against unfavourable fluctuations in commodity prices, interest rates, and foreign-exchange rates across its Canadian and European operations. Hedging transactions may include fixed-price swaps, costless collars, and put options to hedge a portion of gross crude oil or natural gas production. Under this approach, commodity instruments are applied selectively to protect cash flows and the economics of the company's development and acquisition program, while interest-rate and foreign-exchange instruments manage exposures arising from the company's multi-currency operations and financing. This disciplined approach to commodity, interest-rate, and currency risk supports the company's growth-and-income model. By hedging a portion of production and managing currency exposure, the company seeks to stabilize cash flow across volatile European and North American gas markets.
Source:
Tenaz Energy Corp. - Annual Information Form - 2025
Operating · 2 projects
Netherlands Dutch North Sea
Asset
Netherlands, Dutch North Sea, North Sea
Oil Gas
Type
Operating
Status
🇳🇱 Netherlands, Dutch North Sea (North Sea)
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 51 101
Report standard:
Ni 51 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Offshore
Extraction:
Offshore
Producing wells (net):
60
Producing wells (net):
60
Description
As at 31 December 2025
Multi-field offshore natural gas development in the Dutch North Sea comprising operated and non-operated assets. Operated assets (acquired May 2025 from NAM) include six hubs and two main production areas (JDA and L02/L09 fields) across 2,415 net km2 in shallow water. Non-operated assets include the GEMS project (acquired October 2025) featuring the N05-A platform powered by the Riffgat Windfarm, plus legacy interests in K9ab, K9c, K12 and L10/L11a licenses operated by Eni. Gas is transported via the NGT pipeline network and processed at the Den Helder gas plant (operated by Tenaz) and the Uithuizen onshore gas plant.
Oil & Gas metrics
As at 31 December 2025 · 2P
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Oil & Gas inventory & footprint
As at 31 December 2025
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Reserves & resources — detail
As at 31 December 2025
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Leduc-Woodbend
Asset · Ownership 85.1%
Canada, Alberta, Western Canadian Sedimentary Basin
Oil Gas
Type
Operating
Status
🇨🇦 Canada, Alberta (Western Canadian Sedimentary Basin)
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 51 101
Report standard:
Ni 51 101
Ownership %:
85.1
Ownership %:
85.1
Operator:
Yes
Operator:
Yes
Extraction:
Conventional Oil Gas
Extraction:
Conventional Oil Gas
Producing wells (net):
33
Producing wells (net):
33
Description
As at 31 December 2025
Conventional heavy and light oil development in central Alberta producing from the Rex, Sparky, Glauconite and Ellerslie members of the Mannville formation. Production is tied into four multi-well batteries and two single well batteries owned and operated by the Company, plus one well processed by a third party. Crude oil is trucked to multiple sales points and natural gas is processed at the Company's gas plant. In Q2 2024, Tenaz acquired a gas plant and oil and gas leasehold assets in Alberta for $2.8 million, providing ownership and operating control of the gas plant and pipeline infrastructure that processes Leduc-Woodbend gas.
Oil & Gas metrics
As at 31 December 2025 · 2P
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Oil & Gas inventory & footprint
As at 31 December 2025
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Reserves & resources — detail
As at 31 December 2025
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Processing facilities · 2 projects
Den Helder Gas Plant
Asset · Other · Ownership 45.6%
Netherlands, Dutch North Sea, North Sea
Project information
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
Ni 51 101
Report standard:
Ni 51 101
Ownership %:
45.6
Ownership %:
45.6
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
Netherlands
Country:
Netherlands
Region:
Dutch North Sea
Region:
Dutch North Sea
Geological province:
North Sea
Geological province:
North Sea
Facility kind:
Other
Facility kind:
Other
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
Onshore gas plant processing roughly 50% of all gas produced in the Dutch North Sea. Consists of three systems: HiCal (23.0% Tenaz ownership), LoCal (45.6% ownership), and NOGAT (0% ownership, Tenaz is contract operator). Gas is delivered into the national gas grid, while condensate is transported to customers via inland vessels.
Processing facilities
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NGT Pipeline Network
Asset · Pipeline Gas · Ownership 21.42%
Netherlands, Dutch North Sea, North Sea
Project information
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
Ni 51 101
Report standard:
Ni 51 101
Ownership %:
21.42
Ownership %:
21.42
Operator:
No
Operator:
No
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
Netherlands
Country:
Netherlands
Region:
Dutch North Sea
Region:
Dutch North Sea
Geological province:
North Sea
Geological province:
North Sea
Facility kind:
Pipeline Gas
Facility kind:
Pipeline Gas
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
One of the largest gas gathering and processing networks in the Dutch North Sea, with nearly 500 km of pipelines. Gas transported through the network is treated at NGT's onshore gas plant at Uithuizen before entering the Netherlands national grid. Certified as fit for service in the transportation of green hydrogen.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Oil equivalent (BOE)
Oil equivalent (BOE)
-
See commodity documentation in the domain package.
Oil
Generic crude (undifferentiated)
WTI
Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.
Natural gas
Pipeline natural gas
Henry Hub
Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.
NGL
NGL barrel (mixed NGLs)
Mont Belvieu NGL basket vs WTI
NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.
Shale gas
Gas from shale / tight reservoirs
Henry Hub plus regional basis
Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.
Light oil
Light sweet crude
WTI / Brent
WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.
Heavy oil
Heavy sour crude
WCS vs WTI
Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.
Bitumen
Oil-sands bitumen blend
WCS vs WTI
Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.
Synthetic crude
Upgraded oil-sands synthetic crude (SCO)
SCO vs WTI
Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.
Condensate
Field condensate / diluent
US condensate vs WTI
Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.
Coal bed methane
Coalbed methane (CBM)
Regional hub vs Henry Hub
CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil
1 / 5
0–0.5 MMbbl/yr
0–5 MMbbl
2 / 5
0.5–5 MMbbl/yr
5–25 MMbbl
3 / 5
5–20 MMbbl/yr
25–100 MMbbl
4 / 5
20–75 MMbbl/yr
100–500 MMbbl
5 / 5
≥ 75 MMbbl/yr
≥ 500 MMbbl
Natural gas
1 / 5
0–4 Bcf/yr
0–50 Bcf
2 / 5
4–20 Bcf/yr
50–500 Bcf
3 / 5
20–75 Bcf/yr
500–2000 Bcf
4 / 5
75–180 Bcf/yr
2000–10000 Bcf
5 / 5
≥ 180 Bcf/yr
≥ 10000 Bcf
NGL
1 / 5
0–0.1 MMbbl/yr
0–2 MMbbl
2 / 5
0.1–0.5 MMbbl/yr
2–10 MMbbl
3 / 5
0.5–2 MMbbl/yr
10–25 MMbbl
4 / 5
2–5 MMbbl/yr
25–100 MMbbl
5 / 5
≥ 5 MMbbl/yr
≥ 100 MMbbl
Light oil
1 / 5
0–0.5 MMbbl/yr
0–5 MMbbl
2 / 5
0.5–5 MMbbl/yr
5–25 MMbbl
3 / 5
5–20 MMbbl/yr
25–100 MMbbl
4 / 5
20–75 MMbbl/yr
100–500 MMbbl
5 / 5
≥ 75 MMbbl/yr
≥ 500 MMbbl
Heavy oil
1 / 5
0–0.5 MMbbl/yr
0–5 MMbbl
2 / 5
0.5–5 MMbbl/yr
5–25 MMbbl
3 / 5
5–20 MMbbl/yr
25–100 MMbbl
4 / 5
20–75 MMbbl/yr
100–500 MMbbl
5 / 5
≥ 75 MMbbl/yr
≥ 500 MMbbl
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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