Greenberg Enterprises
TNZ Intelligence Terminal
TSX: TNZ
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Intelligence Terminal — International Oil & Gas
Tenaz Energy Corp.
Dutch North Sea Gas  ·  GEMS  ·  TEN  ·  Leduc-Woodbend Alberta  ·  16,000+ boe/d
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TSX · TNZ
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52-Wk High
C$69.10
52-Wk Low
C$13.86
Market Cap
~C$2.1B
Production
16,000+ boe/d
FY 2025 FFO
C$120M
Analyst Rating
Moderate Buy
⚠ Disclaimer   This content is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Tenaz Energy Corp. (TSX: TNZ) is an oil and gas company with offshore Dutch North Sea operations and Canadian assets. Risks include commodity price volatility (TTF gas, AECO, WTI, WCS), elevated net debt post-acquisition (~C$345M), 9.5% senior unsecured note interest costs, contingent earn-out obligations, and offshore execution complexity. Always do your own research. Consult a licensed financial advisor before acting on any information presented here.
TNZ · Today
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Current Price (Delayed)
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Floor ~C$45 Current — Target C$70–C$90
🎓 Experts · analysts + fundamentals
70%
8 Analyst Coverage Largest NL Gas Producer 5x YoY Production Growth CEO 6.27% Insider Ownership
📣 The Street · social + news sentiment
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AI Synthesis · Not Financial Advice
TNZ is a international oil & gas growth-by-acquisition story — a Calgary-based operator that has transformed itself in 2025 from a small Canadian junior into the largest gas producer in the Netherlands. Under founder/CEO Anthony "Tony" Marino (former CEO of Vermilion Energy and Baytex Energy), Tenaz closed two transformative Dutch North Sea acquisitions: TEN/NOBV (May 2025) and GEMS (October 2025, Hansa Hydrocarbons, US$244M). Production has grown ~5x year-over-year to 16,000+ boe/d. FY 2025 net income hit C$315.6M ($11.18/share) on FFO of C$120.4M (5x 2024). Three offshore rigs and one onshore rig active in early 2026.${socialSentence}${streetDivergence} Key risk: net debt rose to C$345M post-GEMS (1.4x FFO), with a 9.5% interest rate on Senior Unsecured Notes plus ~C$73M in contingent earn-out obligations; commodity price exposure spans TTF (European gas), AECO, and WTI/WCS oil.
Coverage8 Analysts
ConsensusModerate Buy
Target RangeC$70 – C$90
CEO Insider Stake6.27% (~C$64M)
Key Catalyst Factors
GEMS Acquisition (Oct 2025) — US$244M acquisition of Hansa Hydrocarbons (Gateway to the Ems project, Dutch + German North Sea sectors). Operated by ONE-Dyas. Combined with the May 2025 TEN/NOBV acquisition, Tenaz is now the largest gas producer in the Netherlands. Substantial long-term inventory of development and exploration projects.
Production Ramp: 16,000+ boe/d — Q4 2025 averaged 15,556 boe/d (up 32% from Q3); current rate exceeds 16,000 boe/d, a 5x year-over-year increase. FY 2025 production of 9,609 boe/d was 257% higher than 2024. Three offshore rigs and one onshore rig active in early 2026 across Dutch North Sea and Canadian assets.
FY 2025 Profitability Inflection — Net income C$315.6M ($11.18/share) versus C$7.7M loss in 2024. FFO C$120.4M (5x prior year). Q4 2025 FFO C$62.1M ($2.12/share). Recent gains include C$192.2M acquisition gain (Q2 2025) and C$69.7M contingent consideration remeasurement (Q4 2025).
Tony Marino Operator Premium — Founder/CEO Anthony Marino (MBA, CFA, P.Eng) is former CEO of Baytex Energy and Vermilion Energy, with deep international upstream and acquisition experience. CEO directly owns 6.27% of TNZ shares (~C$64M) — strong management-shareholder alignment. Also Chairman of Naftogaz Ukraine.
Key Risk — Net debt rose to C$345M end Q4 2025 (1.4x FFO), with $178.9M senior unsecured notes carrying a 9.5% effective interest rate. ~C$73M contingent earn-out obligations from acquisitions. TTF (European gas) price exposure: 56% Q4 2025 hedged but only 43% in 2026, 14% in 2027. Offshore execution complexity. No dividend.
Production & Reserve Footprint
16,000+ boe/d Producing
Q4 2025 Production
15,556 boe/d
FY 2025 Production
9,609 boe/d
YoY Production Growth
+257%
FY 2025 Net Income
C$315.6M
FY 2025 FFO Growth
5x vs 2024
Production volumes per Tenaz Q3 / Q4 2025 disclosures. Reserves and resources per McDaniel & Associates / GLJ / Sproule independent engineering reports (effective Dec 31, 2024). Source: Tenaz Energy Q4 2025 / FY 2025 release, BOE Report — March 2026.
Macro Catalysts
European Gas Tightness: EU storage at 83% (lowest since 2021); high LNG import dependence; Ukraine war damage drives incremental demand
Netherlands Production Decline: Groningen field closure has tightened domestic Dutch gas supply, supporting Tenaz's market position
TTF Gas Hedging: 56% Q4 2025 at €34.21/MWh, 43% in 2026 — provides cash-flow visibility into structural deficit period
Canadian Heavy Oil: WCS differential exposure unhedged; Trans Mountain expansion benefits West Coast pricing realizations
M&A Pipeline: Tenaz strategy targets unoptimized international assets; "wide funnel" geographic screening continues
Company Snapshot
ListingTSX: TNZ
Founded (as Altura)Renamed Tenaz Oct 2021
HQCalgary, Alberta
CEO & FounderAnthony "Tony" Marino
CEO Insider Stake6.27% (~C$64M)
Employees~297
FY 2025 Revenue~C$320M+
FY 2025 FFOC$120.4M
Net Debt (Q4 2025)C$345M (1.4x FFO)
StageProfitable / Growth
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📊 Trading Activity
Social Buy/Sell Signals
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⚠ Real-time Level 2 order flow and time & sales data requires a brokerage account (Thinkorswim, IBKR, Webull). Social signals above are proxies for retail sentiment, not actual trade execution data.
⚠ Important Disclosure:   This page is for informational purposes only and does not constitute financial advice. TNZ is a pre-commercial stage company. All analysis is AI-synthesized from public sources. Always do your own research. Consult a licensed financial advisor before making investment decisions.
Greenberg Enterprises
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Privacy Overview

Greenberg Enterprises Website Privacy Policy

Last Modified: April 28, 2026

Greenberg Enterprises ("Greenberg Enterprises," "we," "our," or "us") respects the privacy of individuals who visit our corporate website at greenbergenterprises.com (the "Site"). This Privacy Policy describes the information we collect through the Site, how we use, share, and protect that information, and the choices and rights available to visitors.

This Policy applies only to the Site. It does not apply to the products, platforms, or services operated by any Greenberg Enterprises portfolio company, each of which maintains its own privacy policy.

1. Our Role as Data Controller

Greenberg Enterprises acts as the data controller for personal information collected through the Site. We determine the purposes for which, and the means by which, personal information is processed in connection with the Site. Our service providers process personal information on our behalf and act as our processors under written agreements that limit their use of personal information to the services they provide to us.

2. Scope

This Policy governs personal information collected through the Site, including:

  • Information submitted through Site forms, including contact and inquiry forms.
  • Information collected automatically through cookies, analytics tools, and similar technologies.
  • Information collected through advertising and remarketing pixels deployed on the Site to support Greenberg Enterprises marketing activities.

This Policy does not cover:

  • Data collected by or processed through any Greenberg Enterprises portfolio company.
  • Information collected offline or through channels other than the Site.
  • The practices of third-party websites linked from the Site.

3. Information We Collect

Information You Provide

When you submit a contact form, request information, sign up for communications, or otherwise interact with the Site, we collect the information you provide. This may include your name, email address, telephone number, company or organization, job title, location, and the content of any message you send.

Information Collected Automatically

When you visit the Site, we and our service providers automatically collect certain information about your visit, including IP address, browser type and version, operating system, device type, referring website, pages viewed, time and duration of visit, and approximate geographic location inferred from IP address.

Information Collected Through Cookies and Pixels

The Site uses cookies, web beacons, pixel tags, and similar technologies to support Site functionality, measure performance, and support Greenberg Enterprises advertising. Section 7 provides specific detail on the categories of cookies and tracking technologies in use.

Sensitive Personal Information

Greenberg Enterprises does not knowingly collect, process, or use sensitive personal information through the Site. Sensitive personal information, as defined under applicable state privacy laws, includes categories such as government-issued identifiers, financial account credentials, precise geolocation, racial or ethnic origin, religious or philosophical beliefs, union membership, health information, genetic or biometric data, sexual orientation, and contents of private communications. The Site forms do not request and the Site infrastructure does not capture information of these types. If you provide sensitive personal information voluntarily through a free-text message field, we will treat that information with the same safeguards described in this Policy and will not use it for any purpose other than responding to your inquiry.

4. Legal Bases for Processing

We process personal information collected through the Site on the following legal bases. Where multiple bases apply, the most relevant basis governs the specific processing activity:

Consent

Where required, we rely on your consent for specific processing activities, such as subscribing to communications and the use of non-essential cookies. You may withdraw consent at any time, though doing so will not affect the lawfulness of processing performed before withdrawal.

Performance of a Contract or Pre-Contractual Steps

Processing necessary to respond to your requests for information, to evaluate potential business relationships, or to take steps prior to entering an agreement at your request.

Legitimate Interests

Processing necessary for our legitimate interests in operating, securing, and improving the Site, communicating with prospective and existing business contacts, conducting marketing activities, and protecting our rights, property, and safety. Where we rely on legitimate interests, we have determined that those interests are not overridden by your rights and freedoms.

Legal Obligation

Processing necessary to comply with applicable laws, regulations, and legal processes.

Data Minimization and Purpose Limitation

We collect, use, retain, and share personal information only to the extent reasonably necessary and proportionate to achieve the purposes disclosed in this Policy. We do not process personal information for purposes that are materially different, unrelated, or incompatible with those disclosed at the time of collection without providing additional notice as required by applicable law.

Notice at Collection

At or before the point of collection of personal information, including through Site forms and cookie consent mechanisms, we provide notice of the categories of personal information collected and the purposes for which such information will be used, in accordance with applicable law.

5. How We Use Information

We use the information collected through the Site for the following purposes:

  • Responding to inquiries, requests, and messages submitted through the Site.
  • Delivering communications and updates that you have requested.
  • Operating, maintaining, securing, analyzing, and improving the Site.
  • Measuring and analyzing Site performance and visitor engagement.
  • Delivering Greenberg Enterprises advertising and marketing to Site visitors on other websites and platforms through the advertising pixels described in Section 7.
  • Detecting, preventing, and responding to fraud, abuse, security incidents, and technical issues.
  • Complying with applicable laws, regulations, and legal processes.
  • Protecting the rights, property, and safety of Greenberg Enterprises, our personnel, our visitors, and the public.
  • Supporting corporate transactions, including evaluation, negotiation, and completion of any merger, acquisition, investment, financing, or similar transaction.

5A. Categories of Personal Information, Purposes, and Sharing

Category Business / Commercial Purpose Recipients Retention
Identifiers
name, email, phone, IP address		 Respond to inquiries; communications; security Service providers; CRM providers See Section 10
Internet / Network Activity
pages viewed, browsing behavior		 Analytics; site improvement; advertising Analytics providers; advertising partners See Section 10
Professional Information
company, title		 Business development; relationship management Service providers See Section 10
Device Information
browser, OS, device type		 Site functionality; analytics; security Service providers See Section 10

We do not collect or process sensitive personal information for purposes other than those permitted by applicable law.

6. How We Share Information; Sale and Share Practices

We share information collected through the Site with the following categories of recipients:

Service Providers

We share information with third-party service providers who perform services on our behalf, including web hosting, analytics, email delivery, customer relationship management, and advertising platform providers. These service providers are authorized to use information only as necessary to provide their services to us under written agreements that restrict further use.

Advertising Partners

We share information collected through cookies and advertising pixels with advertising platforms on which Greenberg Enterprises runs marketing campaigns. This sharing supports the delivery of Greenberg Enterprises advertising to Site visitors on other websites and platforms.

Affiliates

We may share information with Greenberg Enterprises affiliates for the purposes described in this Policy.

Legal and Safety

We may share information when we believe in good faith that disclosure is necessary to comply with applicable law, respond to lawful requests from public authorities, enforce our agreements, protect rights, property, or safety, or investigate fraud or security incidents.

Corporate Transactions

We may share information in connection with any merger, acquisition, investment, financing, reorganization, bankruptcy, sale of assets, or similar corporate transaction, or in connection with due diligence for any such transaction.

With Consent

We may share information for other purposes with your consent.

"Sale" and "Share" of Personal Information

Greenberg Enterprises does not sell personal information for monetary consideration. However, certain state privacy laws define "sale" and "share" broadly to include the disclosure of personal information to third parties for cross-context behavioral advertising or for other valuable consideration. Under those broader definitions, the use of advertising and remarketing pixels described in this Policy may constitute a "share" of personal information for targeted advertising purposes. Residents of states whose laws provide a right to opt out of such activity may exercise that right as described in Section 8.

7. Cookies, Pixels, and Tracking Technologies

The Site uses cookies and similar tracking technologies. Cookies are small data files placed on your browser when you visit a website. Pixels and web beacons are small graphics embedded in websites or emails that record information about your visit or engagement. Tracking technologies fall into the following categories:

Strictly Necessary Cookies

These cookies are required for basic Site functionality and security, such as routing requests to the correct server and protecting against fraudulent activity. These cookies cannot be disabled without affecting Site functionality.

Analytics Cookies

These cookies help us understand how visitors use the Site, including which pages are visited, how long visitors stay, and how they navigate between pages. We use this information to improve Site performance and content.

Advertising and Remarketing Cookies and Pixels

The Site deploys advertising and remarketing pixels that allow us to deliver Greenberg Enterprises advertising to Site visitors on other websites and platforms. These technologies record information including device identifiers, cookie identifiers, pages viewed, and similar browsing information.

The Site may use third-party services such as Google Analytics, advertising platforms (e.g., Meta, LinkedIn), and similar technologies to support analytics and marketing functions. These providers may collect information as described in this Policy in accordance with their own privacy policies.

Managing Cookie Preferences

You can manage cookie preferences through the following methods:

  • Browser settings, which allow you to refuse, delete, or be notified about cookies. Disabling cookies may affect Site functionality.
  • We deploy a cookie consent management platform that allows users to accept or reject non-essential cookies, including analytics and advertising cookies, and to modify preferences at any time.
  • Where required by applicable law, non-essential cookies and tracking technologies, including advertising pixels, are not activated until a user provides affirmative consent through the cookie consent banner.
  • Industry opt-out frameworks, including the Network Advertising Initiative at optout.networkadvertising.org and the Digital Advertising Alliance at youradchoices.com.
  • Mobile device privacy settings to limit advertising identifiers.
  • Universal opt-out signals, including Global Privacy Control (GPC), which we honor as required by applicable law.

Where required by applicable law, Greenberg Enterprises provides a clear and conspicuous link on the Site homepage titled "Do Not Sell or Share My Personal Information," which enables users to opt out of such activities.

8. Your Privacy Rights Under US State Laws

Residents of US states with applicable privacy laws have the following rights, subject to verification of identity and exceptions provided by law. The states currently providing such rights include California, Colorado, Connecticut, Delaware, Florida, Indiana, Iowa, Kentucky, Maryland, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, Oregon, Rhode Island, Tennessee, Texas, Utah, and Virginia. The specific rights available may vary by state.

  • Right to Know and Access. The right to confirm whether we process your personal information and to access the categories and specific pieces of information collected, used, disclosed, or sold.
  • Right to Correct. The right to request correction of inaccurate personal information.
  • Right to Delete. The right to request deletion of personal information, subject to exceptions provided by law.
  • Right to Data Portability. The right to receive a copy of personal information in a portable, readily usable format.
  • Right to Opt Out of Sale or Share. The right to opt out of the sale or share of personal information.
  • Right to Opt Out of Targeted Advertising. The right to opt out of processing of personal information for targeted advertising purposes.
  • Right to Opt Out of Profiling. The right to opt out of profiling in furtherance of decisions that produce legal or similarly significant effects. Greenberg Enterprises does not engage in such profiling through the Site.
  • Right to Limit Use of Sensitive Personal Information. The right to limit the use and disclosure of sensitive personal information. As stated in Section 3, Greenberg Enterprises does not knowingly collect sensitive personal information through the Site.
  • Right to Appeal. The right to appeal a decision regarding a privacy rights request, where required by applicable state law.
  • Right to Non-Discrimination. The right to be free from discrimination for exercising privacy rights.
  • Automated Decision-Making. Greenberg Enterprises does not use automated decision-making or profiling that produces legal or similarly significant effects on individuals through the Site.

To exercise any of these rights, contact us using the information in Section 17. Where required by state law, we will respond within forty-five days of receipt of a verifiable request, with one extension of an additional forty-five days available where reasonably necessary. We will inform you of the reason for any extension.

If we deny your request, you may appeal the decision by contacting us at the same address with the subject line "Privacy Rights Appeal." We will respond to your appeal within sixty days. If your appeal is denied, you may contact your state attorney general.

You may designate an authorized agent to submit a rights request on your behalf, subject to verification of the agent's authority and your identity.

9. Your Choices

In addition to state-specific rights, you have the following choices regarding the information we collect:

Email Communications

You may unsubscribe from Greenberg Enterprises email communications at any time using the unsubscribe link in each email or by contacting us at info@greenbergenterprises.com.

Cookies and Advertising

You may manage cookie and advertising preferences through the methods described in Section 7.

Universal Opt-Out Signals

We honor the Global Privacy Control (GPC) signal and other universal opt-out mechanisms required by applicable law.

10. Data Retention

We retain personal information only for as long as necessary to fulfill the purposes for which it was collected, to comply with legal obligations, to resolve disputes, and to enforce our agreements. Specific retention periods by data category are as follows:

Data Category Retention Period Basis
Contact form submissions and inquiry data 24 to 36 months from last contact Business relationship management and follow-up
Newsletter and marketing subscriber data Until unsubscribe plus 12 months for suppression list maintenance Communications fulfillment and unsubscribe compliance
Web analytics data 14 months default (Google Analytics 4) Site performance analysis
Advertising pixel data Per platform default; typically 90 to 540 days Advertising delivery and measurement
Server and security logs 12 to 24 months Security incident detection and response
Privacy rights request records Minimum 24 months from request closure Compliance demonstration under applicable law

After the applicable retention period, we delete or de-identify personal information. De-identified information may be retained indefinitely for analytical purposes.

Retention periods are determined based on the nature of the information, the purposes for which it is processed, applicable legal obligations, and risk considerations, including the need to defend or establish legal claims.

11. Information Security

Greenberg Enterprises maintains administrative, technical, and physical safeguards designed to protect personal information collected through the Site. These safeguards include:

  • Encryption of personal information in transit using industry-standard protocols, including TLS for Site connections.
  • Access controls limiting access to personal information to authorized personnel with a business need.
  • Secure infrastructure provided by reputable hosting and service providers.
  • Periodic review and update of security measures.
  • Service provider contracts that require comparable safeguards.
  • Training of personnel with access to personal information.

No method of data transmission or storage is completely secure. We cannot guarantee absolute security and you transmit information at your own risk. If you have reason to believe that your interaction with the Site is no longer secure, contact us using the information in Section 17.

12. Data Breach Response

In the event of a data breach affecting personal information collected through the Site, Greenberg Enterprises will respond in accordance with applicable laws. Our response will include:

  • Investigation and containment of the incident.
  • Assessment of the scope of affected personal information and the risk to affected individuals.
  • Notification of affected individuals, regulators, and other parties as required by applicable law and within the timeframes specified by such law.
  • Remediation steps to address the cause of the breach and to prevent recurrence.
  • Documentation of the incident and our response for compliance purposes.

13. International Data Transfers

Greenberg Enterprises is based in the United States and operates the Site from US-based infrastructure. Personal information collected through the Site is processed in the United States. If you access the Site from outside the United States, your information will be transferred to and processed in the United States, where privacy laws may differ from those of your home jurisdiction.

14. Children's Privacy

The Site is not directed to children under the age of 13, and we do not knowingly collect personal information from children. If you believe a child has provided personal information through the Site, please contact us and we will take appropriate steps to delete it.

15. Changes to This Policy

We may update this Policy from time to time. When we make material changes, we will update the "Last Modified" date at the top of this Policy. For significant changes, we may provide additional notice such as a notice on the Site or by email to subscribers. We encourage periodic review of this Policy.

16. Accessibility

This Privacy Policy is available in alternative formats upon request. Individuals requiring accessibility accommodations may contact us using the information provided below.

17. Contact Us

For questions about this Policy, to exercise privacy rights, or to raise concerns about our data practices, please contact us:

Greenberg Enterprises, LLC

Attn: Privacy

Address: 41 West Highway 14, #986
Spearfish, SD 57783

Email: info@greenbergenterprises.com

Phone: (701) 203-5628