Tenth Avenue Petroleum Announces Appointment of New CFO & Stock Option Grant

NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES

CALGARY, AB / ACCESSWIRE / May 15, 2023 / Tenth Avenue Petroleum Corp. ("TPC" or the "Company") (TSXV:TPC) is pleased to announce the appointment of Sonja Kuehnle as Chief Financial Officer ("CFO"), effective May 9, 2023.

Mrs. Kuehnle is a Chartered Professional Accountant and Chartered Accountant, with over 15 years' experience in the energy, forestry, and accounting sectors. As well as working in the Calgary offices of the international accounting firm KPMG LLP, she served in several finance and accounting positions within Western Canada's oil and gas industry. Most recently, Mrs. Kuehnle worked as Chief Financial Officer for Calgary based Eguana Technologies Inc., a global, energy management technology company, providing residential and small commercial solar and storage solutions.

"We are delighted to have someone of Mrs. Kuehnle caliber and expertise join our executive team" said Cameron MacDonald, Chief Executive Officer. Mrs. Kuehnle diverse and dynamic background in a wide range of financial management roles will add significant depth to our financial team and organization."

Concurrent with this appointment, Mr. Charles Chebry has stepped down as the Interim CFO, after having served the Company since 2021. The Board of Directors and the executive management team would like to take this opportunity to thank Mr. Chebry for his valuable contributions in his time as Interim CFO.

Stock Option Grant

The Company has also approved its annual stock option grant of up to 1,044,000 common shares which were granted to certain directors, officers, and consultants of the Company. Each of the stock options is exercisable for a 3-year term expiring on May 14, 2026, at a price of $0.20 per common share. The options are subject to vesting provision, with one-third vesting on the date of grant, one-third vesting on the first anniversary and the remaining one-third on the second anniversary. The stock options are non-transferable and will be subject to a four month hold period in accordance with the Company's stock option plan.

For further information please contact:
Tenth Avenue Petroleum Corp.
Cameron MacDonald, President & CEO
Phone: [phone]
Email: [e-mail]
www.tenthavenuepetroleum.com

About Tenth Avenue Petroleum Corp.
Tenth Avenue Petroleum Corp. is a junior oil and gas exploration and production company with operations in Alberta.