My Comments on Q1 Results Impressive Q1 highlighted by the TSX up listing and announcement of the all share SDX acquisition.
Further, TNZ just announced a plan to buy back up to 10% of outstanding shares following the closing of the SDX deal. This gives them the right to purchase about 4.5m shares; a huge amount for such a thinly traded low float stock. I like this plan as the stock is stupidly cheap on any metric and it will keep a bid on the stock while the deal closes.
Looking forward to Q2, TNZ should be printing cash due to 1) increased production (2 wells drilled and completed late in Q1 with another 2 being drilled mid-year); and 2) production being completely unhedged starting May 2022 with WCS prices approaching $130/bbl (CAD).
Lots to be excited about here especially with WTI futures up 4% tonight on new the EU plans to block more than 2/3 of Russian oil imports.